The final step in the 3C analysis is to analyze your company.
Think about your company's position and how it can compete with the market and customers.
A useful tip for cayman islands cell phone number conducting a 3C analysis is to use a framework called SWOT analysis. In a SWOT analysis, a company's strengths, weaknesses, opportunities, and threats are broken down into four categories for analysis.
As an example, let's consider a fictional coffee shop chain.
item
SWOT Analysis
Strength
Weakness
Its menu development capabilities are weaker than those of other companies, and it is unable to provide new value to customers.
Opportunity
Food delivery services like Uber Eats have become commonplace, making it possible to provide products to customers who cannot come to stores.
Threat
There is a risk that they will lose customers as eat-in options expand at supermarkets, bakeries, etc.
A SWOT analysis will help you to determine where your company should stand.
Key points for 3C analysis
Now that we have explained the basic method of 3C analysis, we will introduce some points to consider when actually conducting the analysis.
Don't neglect to gather information
The key point in conducting a 3C analysis is to gather valid information about the market and competitors.
For market and customer data, statistical data published by government agencies and think tanks can be useful. In addition, if necessary, it may be necessary to collect primary information through surveys and interviews.
When it comes to competitors, it's also important to use corporate websites and financial statements.
Thinking Between the Three Cs
Be sure to also be aware of the relationships between the three Cs established in your 3C analysis.
The key is to think of it as follows:
Relationships
Relationships in 3C Analysis
Relationship between the market, customers and the company
What value (benefit) is the market and customers looking for? Also, what benefits can your company provide?
Relationship between our company and competitors
What are your company's advantages over your competitors? Also, can you really see them as competitors competing for the same market and customers?
Relationship between competitors, markets and customers
What do the market and customers value about your competitors? And is that value something that your company can provide?
In this way, by being aware of the three Cs in the 3C analysis, the relationship with customers and competitors will become clear. By keeping these points in mind, you can conduct a deeper analysis.
Points to note when conducting 3C analysis
There are some things to keep in mind when conducting a 3C analysis.
There are two main points to keep in mind:
・Collect the right information
Don't spend too much time gathering information
I will explain each point one by one.
Gather the right information
One thing to keep in mind when conducting a 3C analysis is to be sure to collect all data on the three Cs: "market/customers," "competitors," and "your company."
If any of the three are missing, a valid 3C analysis cannot be performed.
In addition, be sure to collect accurate information from reliable sources when using 3C analysis. Whenever possible, try to collect data released by reliable sources such as government agencies and listed companies.
Don’t spend too much time gathering information
When conducting 3C analysis, it is important not to spend too much time collecting information.
Customers, market trends, and competitors' movements are constantly changing even while you are gathering information. If you perform a 3C analysis based on outdated information, it will be difficult to derive an effective strategy.
It may be difficult to do this while also collecting all the information, but once you have gathered the data you need for analysis, be sure to perform a 3C analysis as soon as possible and take the time to formulate your strategy.