what is the reputation of your competitors?. objectives examine reputation of competitors in the...
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What is the reputation of your competitors?
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Objectives• Examine reputation of competitors in the
context of competition• Explore the impact of competitors’
reputation on your success as an entrepreneur
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MacroeconomicChange
Entrepreneurial Motivation
Entrepreneurial Behavior
Industry
Condition
IndustryStatus
Opportunity Identification
ValueCurve
Competition
Learning curve
Complementary assets
Reputation effects
The Opportunity Analysis CanvasTM
Entrepreneurial Mindset
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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.
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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.
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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
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“Reputation is the measurement of how much a community trusts you”
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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