Measures make Competitive Analysis Predictive #IN @SpeedSynch
2010/10/26 2 Comments
Competitive analysis is typically backward facing as it relies on measures and stories that happen in the past, but there are ways of making competitive analysis predictive.
Predictive measures are those that help you anticipate and exploit future events, much easier said than done, and very much on the minds of executives mostly as a way to mitigate risk. However, there are simple ways that it is possible to identify future opportunities and the measures that indicate where and when they might happen.
Measures and Relationships
In business there are two broad types of measures used–measures that indicate
GOALS or objectives
DIFFERENCES between goals and outcomes
While comparing these two measures is very simple it is the detail that provide us with the greatest opportunity to understand what happened or how we may adjust along our path towards our objectives. The detail in measures is provided by three significant relationships.
PROCESS or Work
Relationships and Predictive Analysis
Understanding the relationships of people, content and process related to each goal allows us to understand when things change with our customers and prospects. Quickly adjusting to market changes then permit our estimates and goals to be tuned as we go to market and help shape future options for our customers and prospects.
Measuring carefully or rather letting your customers and prospects adjust your measures and future goals provides a unique element to your competitive analysis, it becomes predictive.
Predictive Analysis and Resonance
We typically skip the market analysis part of this relationship because we prefer to take the customer or prospect perspectives of measures and content requirements. This approach is simple and employs the concept of Resonance which has recently been championed by Twitter in their Advertising model.
Resonance is a simple concept as employed by Twitter, if content is popular it is Tweeted and Re-Tweeted. If content stops being popular then it ‘dies’. Essentially Twitter is a ‘market space’ where the Twitter community ‘votes’ and where it is easy to see if and when members of the Twitter community ‘spam’.
Resonance and Spam
One of the significant impediments to adding a predictive element to competitive analysis is spam, simply because spam distorts analysis by placing artificial importance to products or people which is difficult, if not impossible, to compensate with traditional or social media analytics tools. We use SpeedSynch Resonance Maps to augment competitive analysis and provide a predictive value based on persona behaviour.
Contact us if adding a predictive element to your competitive analysis may help you.