what is the reputation of your competitors?. objectives examine reputation of competitors in the...
TRANSCRIPT
What is the reputation of your competitors?
Objectives• Examine reputation of competitors in the
context of competition• Explore the impact of competitors’
reputation on your success as an entrepreneur
MacroeconomicChange
Entrepreneurial Motivation
Entrepreneurial Behavior
Industry
Condition
IndustryStatus
Opportunity Identification
ValueCurve
Competition
Learning curve
Complementary assets
Reputation effects
The Opportunity Analysis CanvasTM
Entrepreneurial Mindset
Defining reputation effects
“generally held beliefs or opinions about someone or something”
• Customers often prefer to: – buy from companies with which they have had a
successful transaction in the past, or – companies they know well via friends, family, or
branding efforts of the company.
Online reputation influencers• Amazon.com: Consumer reviews and ratings on products provide valuable, unbiased
insights into the details of likes and dislikes.• Angie’s List: Membership service that compiles consumer ratings of local service
companies and contractors in multiple cities across the United States. • Better Business Bureau: Offers consumers and businesses resources including business
and charity reviews, complaints, and a score for overall customer satisfaction.• Cnet: Professional reviews of products and services are important to assess as well. Cnet is
a popular review site for consumer electronics. • ThomasNet: If you are competing in the manufacturing or product supply space, this
directory features over 600,000 firms. It’s likely you’ll find one or more competitors here.• Yelp: Representative of the many review apps/sites (mobile and online). While retailers
and consumer services are most popular, a wide range of categories is available.
Passive competitor research• Passive searching of information on an
automated, ongoing basis is a very efficient means of monitoring competitors– Subscribe to your competitors’ e-mail, Facebook
and other social media updates– Setup Google alerts via email on competitors– Monitor Twitter, Technorati, and Competitrak for
mentions of your competitors– Consider aggregation/RSS solutions like
MySyndicaat.com
“Reputation is the measurement of how much a community trusts you”
Summary• Examine competitors’ reputations and
identify their vulnerabilities• Enter new industries and/or new markets
where the reputation of existing competitors limited or irrelevant
• Build and manage your own reputation– Personally and at the company and product levels