What is a Competitive Strategy?
A competitive strategy is a plan developed to help companies gain an advantage in their respective industry. It is designed to give the company an edge over competitors, increase profits, and help them stay ahead of the competition. A competitive strategy can include tactics such as cost-cutting, product differentiation, and strategic alliances.
What's included in this Competitive Strategy template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Competitive Strategy template for?
The Competitive Strategy Template is designed to help business leaders and teams develop strategies to differentiate and stay ahead of the competition. It outlines key objectives and provides actionable steps to help achieve those objectives. The template also includes tools to track progress and measure success.
1. Define clear examples of your focus areas
The Competitive Strategy Template provides a framework for outlining focus areas. A focus area is a broad category that outlines the goals of the strategy. Common focus areas include increasing innovation, improving efficiency, and enhancing customer experience.
2. Think about the objectives that could fall under that focus area
Objectives are specific goals that support the focus areas. These objectives should be achievable within a certain timeframe and should be measurable. Examples of objectives could include increasing customer satisfaction, reducing time to market, and developing unique products.
3. Set measurable targets (KPIs) to tackle the objective
Key Performance Indicators (KPIs) are metrics used to measure progress towards the objectives. These should be specified with an initial value, a target value, and a unit of measurement. Examples of KPIs include reducing lead time by 10%, increasing customer engagement by 10%, and identifying 3 unique product features.
4. Implement related projects to achieve the KPIs
Projects, or actions, are specific initiatives that will help achieve the objectives. These projects should be related to the KPIs and should be measurable. Examples of projects could include researching market trends, identifying key differentiators, and automating processes.
An example of a project related to Increase Innovation could be: Research Market Trends.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
The Cascade Strategy Execution Platform is a comprehensive tool designed to help business leaders and teams develop and implement effective strategies. It provides a framework to create and track objectives, measure progress, and ensure success. It also features a range of features to help teams foster collaboration and ensure alignment across teams.