If you’re an online business owner, coach, or course creator looking to up your game when it comes to increasing your revenue growth potential, then let me introduce you to a total badass: the competitive dashboard.
Now I know what you’re thinking- another tool we need to learn and use?
But hear me out -competitive dashboards are SO much more than just a “tool.” They’re the equivalent of a personal GPS navigator that will guide and direct you on the path towards uncovering insights into how your competitors are succeeding in their marketing efforts and potentially even growing faster than you! In this article, we’ll explore how these powerful dashboards can give YOU an edge over your competition as well become an income growth badass!
What is a competitive dashboard and why it's important for your business
A competitive dashboard is an incredibly important tool that businesses should be utilizing to stay ahead of their competitors. (And I don’t usually use the word “should,” so if I’m using it, I know that it’s important!)
It’s basically a streamlined way to keep tabs on what your competition is doing—their pricing, products, and promotions.
Being aware of the business practices of your competitors helps you adjust your own. You can even use it for inspiration or insight for emerging trends so you can stay one step ahead—keeping up with the Joneses, if you will!
Being in the know and being aware of what’s out there in the market are essentials for success in any industry. Competitive dashboards are absolutely key for staying relevant and keeping your business growing.
90% of Fortune 500 Companies already use Competitive Intelligence to Gain a Competitive Advantage (Source: Emerald.com)
Strategies to build effective competitive dashboards
Building effective competitive dashboards starts with understanding what you want to track.
Taking a step back and thinking through the questions you really want to answer, then picking metrics that will give you answers, is key. It helps ensure your dashboard is as lean and focused as it can be – packed with insight and not clogged up with data.
As a starting point though, focus on monitoring the performance of your business, your competitors and the market overall.
Cross tabulating the data into dynamic visuals adds an extra dimension to how useful, insightful and actionable your dashboards are.
“If you dont have a competitive advantage, don’t compete.”
How to use competitive dashboards to monitor performance, measure progress, and identify opportunities
When you’re trying to stay ahead of the competition, competing dashboards can be invaluable.
These innovative tools allow you to keep an eye on your rivals without expending too much energy. With competitive dashboards, you can access performance metrics, measure progress over time, and identify opportunities that could give you a little extra oomph in the business landscape.
By frequently monitoring key performance indicators for each competitor, you get a snapshot of how well they’re doing at any given time. It’s like having a superpower!
“In business, competition is never as healthy as total domination.”
Best practices for leveraging competitive dashboards to improve revenue growth
Key performance indicators are essential for any business looking to improve revenue growth, and competitive dashboards are definitely a tool worth leveraging.
These dashboards reveal how well competitors in the same industry are doing, which is a wealth of insight that can be used to help develop smarter strategies and determine the right course of action.
The best practice is to monitor competitor dashboards frequently, as well as customer feedback, to stay on top of what’s working in your sector and use that information accordingly. Schedule days of the week and month to do your reporting, gather your info and input it into your dashboard.
Highlight outliers and trends you notice that are starting, stopping or changing. Make note of things that make you ask further questions. Spend some time reviewing things and write down ideas it sparks for you.
You never know when something you didn’t think was important changes suddenly – with effective dashboard usage, you can stay ahead of the curve!
Using competitive intelligence, 56% of executives keep an eye on their potential competitors and make plans to conquer new markets in the following three years. (Source: PwC)
Examples of successful companies that have used competitive dashboards to their advantage
Companies in every industry are increasingly aware of the value of having a competitive dashboard on hand. It’s an invaluable tool that can help them identify weaknesses, recognize trends, and develop strategies for success.
Take for instance Netflix – thanks to their competitive dashboard, they were able to discover gaps in customer satisfaction, enabling them to know what competitors were doing better and faster than them. As a result, their subscription rates skyrocketed and the streaming giant is now one of the most recognizable companies in the world.
Another example of a company who used dashboards successfully is Coca Cola – by monitoring all other beverage brands’ competitive activities they could stay ahead of changes in the market, helping it maintain its leading position as one of the most popular drinks around the globe.
Dashboards can help any business reach their potential – if only more companies would embrace them!
57% of companies state that gaining a competitive advantage is one of the top 3 priorities in their industry (Source: Forbes)
Tips on how to keep your competitive dashboard up-to-date and relevant
Keeping your competitive dashboard up-to-date and relevant can be tough, especially when the business landscape is always changing.
A great tip to stay on top of things is to rely on automation. Automating your processes ensures that the data you collect is timely and consistent, while also freeing up time for human analysis.
If you’re not sure which process should be automated, start with automating data collection from key sources such as surveys, interviews, or public forums. Then gradually move towards automating deeper levels of analysis such as sentiment tracking or relevance scoring.
“What gets measured, gets managed.”
With automation keeping your competitive dashboards humming, you can devote more time to building new insights that continuously keep your competitive advantage ahead of the game!
Competitive dashboards offer business owners the ability to stay ahead of the competition and keep their organizations running smoothly.
With a comprehensive dashboard created with clear objectives and an up-to-date data set, executives can have an accurate look at where their competitors are positioned in the market to strategically inform decisions that will drive growth and profitability.
Ultimately, the key takeaway is that investing in a competitive dashboard is a smart business move. Besides offering valuable insights into the market and helping you stay one step ahead of your competition, it’s also incredibly valuable for making crucial decisions about product development, customer experience, marketing performance, and strategic business moves down the line.
It pays off to create a competitive dashboard for your company—and keep refreshing it as frequently as possible!
