And because of the global pandemic, even the most stubborn and old-fashioned companies can no longer resist the pressure to change.Īs a result, over the past 12 months, over 53% of businesses report significant changes in areas like digital transformation, business strategy, innovation, and more. It’s kind of a cliché at this point, but yes, the digital revolution means that marketplaces and businesses are changing at breakneck speeds. Marketplaces, businesses, and customer priorities are changing faster than ever The Five Forces will help you identify overly competitive markets and avoid them, and find competitive advantages where possible. You can’t understand the long-term prospects of a product or service without knowing your current and future competition. If you’re wondering why you should put so much effort into researching your competition in the first place, let’s bring you up to speed - 19% of failed startups specifically fail because they get outcompeted.Īnd the easiest way to let your competitors win is not knowing where you stand in an industry or marketplace. Companies use Porter’s 5 Forces to assess competitors of existing product lines, adjust their competitive strategy accordingly, explore new product ideas, and evaluate investment opportunities.
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