1 Conduct a SWOT analysis

A SWOT analysis is a simple but powerful tool that helps you assess your organization's strengths, weaknesses, opportunities and threats. It helps you identify your internal and external factors that affect your performance and potential. To conduct a SWOT analysis, you need to gather relevant data and information from various sources, such as market research, customer feedback, industry trends, and competitor analysis. Then, you need to organize and prioritize the data into four categories: strengths, weaknesses, opportunities and threats. Finally, you need to analyze the data and generate strategies and actions that capitalize on your strengths, address your weaknesses, exploit your opportunities and mitigate your threats.

2 Use the VRIO framework

The VRIO framework is another useful tool that helps you evaluate your organization's resources and capabilities in terms of their value, rarity, imitability and organization. It helps you determine if your resources and capabilities give you a competitive advantage or disadvantage in the market. To use the VRIO framework, you need to ask four questions for each resource or capability: Is it valuable? Is it rare? Is it costly to imitate? Is it supported by the organization? The answers to these questions will help you classify your resources and capabilities into four categories: competitive disadvantage, competitive parity, temporary competitive advantage and sustained competitive advantage. The goal is to identify and develop the resources and capabilities that give you a sustained competitive advantage.

3 Solicit feedback and input

Another way to identify your organization's unique strengths and competitive advantages is to solicit feedback and input from various stakeholders, such as customers, employees, partners, suppliers, and investors. They can provide you with valuable insights and perspectives that you may not be aware of or overlook. To solicit feedback and input, you need to use effective communication methods and channels, such as surveys, interviews, focus groups, workshops, and online platforms. You also need to ensure that you ask open-ended and specific questions, listen actively and empathetically, and acknowledge and appreciate the feedback and input. Moreover, you need to analyze and act on the feedback and input, by identifying the common themes, patterns, gaps, and opportunities, and implementing the relevant changes and improvements.

4 Benchmark against best practices

Benchmarking against best practices is another way to identify your organization's unique strengths and competitive advantages. It helps you compare your organization's performance and processes with those of the leading organizations in your industry or sector. It helps you identify the areas where you excel, where you lag behind, and where you can improve. To benchmark against best practices, you need to identify the key performance indicators and metrics that are relevant and meaningful for your organization, such as quality, efficiency, innovation, customer satisfaction, and profitability. Then, you need to collect and analyze the data and information from the best-in-class organizations, either through secondary sources or primary sources. Finally, you need to identify the gaps and opportunities, and set realistic and achievable goals and action plans to close the gaps and seize the opportunities.

5 Experiment and innovate

Experimenting and innovating is another way to identify your organization's unique strengths and competitive advantages. It helps you test new ideas, products, services, processes, and models that can create value for your organization and your customers. It helps you discover new opportunities, solve problems, and enhance your competitive edge. To experiment and innovate, you need to foster a culture of curiosity, creativity, and learning in your organization. You also need to use a systematic and iterative approach, such as the design thinking process, that involves empathizing with your customers, defining their needs and problems, ideating possible solutions, prototyping and testing the solutions, and implementing and evaluating the results.

6 Collaborate and network

Collaborating and networking is another way to identify your organization's unique strengths and competitive advantages. It helps you leverage the collective knowledge, skills, and resources of your internal and external partners, such as your colleagues, teams, departments, suppliers, customers, and industry associations. It helps you access new information, ideas, insights, and opportunities, as well as build trust, rapport, and reputation. To collaborate and network, you need to establish clear and shared goals, roles, and expectations with your partners. You also need to communicate effectively and frequently, using various tools and channels, such as meetings, emails, chats, and social media. Furthermore, you need to share information, feedback, and recognition, and resolve conflicts and issues constructively.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?