How can you develop a competitive advantage strategy that prioritizes speed?

1 Identify your speed drivers

The first step is to understand what drives your speed in the market. This can include factors such as your product development cycle, your delivery time, your customer feedback loop, your innovation rate, and your agility to adapt to changes. You can use tools such as SWOT analysis, value chain analysis, and customer journey mapping to identify your speed drivers and assess how they contribute to your value proposition and differentiation.

2 Benchmark your speed performance

The next step is to measure how fast you are compared to your competitors and your customers' expectations. You can use metrics such as time to market, time to value, time to respond, time to learn, and time to change to evaluate your speed performance and identify gaps and opportunities. You can also use tools such as competitive analysis, market research, and customer surveys to benchmark your speed performance and gain insights into your strengths and weaknesses.

3 Prioritize your speed initiatives

The third step is to prioritize your speed initiatives based on their impact, feasibility, and alignment with your goals and vision. You can use tools such as the Eisenhower matrix, the Kano model, and the OKR framework to prioritize your speed initiatives and decide what to do, what to delegate, what to delay, and what to drop. You can also use tools such as the lean canvas, the business model canvas, and the value proposition canvas to validate your speed initiatives and test your assumptions.

4 Implement your speed strategy

The final step is to implement your speed strategy and monitor its results. You can use tools such as the agile methodology, the scrum framework, and the kanban board to implement your speed strategy and collaborate with your team and stakeholders. You can also use tools such as the balanced scorecard, the dashboard, and the feedback loop to monitor your speed strategy and measure its outcomes and impacts.

By following these steps, you can develop a competitive advantage strategy that prioritizes speed and delivers value to your customers and your business. Speed is not only a matter of efficiency, but also of effectiveness, relevance, and sustainability.

5 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?