When preparing to enter a new market with a product or service, its good to know exactly what are up against. What alternatives do prospective customers have, how do competitors sell their products and what will they do to compete when necessary? These are all questions that can be answered through competitive business analysis.
The Inherent Value of Competitive Business Analysis
One of the reasons this form of research is so important to business is that it provides a direct insight into the way competitors are already presenting their products in a crowded marketplace. Nothing is more effective than looking at a field of prospects and seeing what your competitors are doing to reach them.
More importantly, this form of analysis will show you exactly how those competitors will respond to entry into the market. What are their offensive strengths, their defensives weaknesses and how have they responded to competition in the past. Information that would otherwise take hundreds of hours to compile can be yours quickly when you hire us to handle your competitive business analysis.
How We Analyze Your Competitors
Competitive business analysis is done to identify both offensive and defensive opportunities within your industry so you can develop a sound strategy and take advantage of possible opportunities, while dealing with threats in any sized market space. We help you do this with the following:
Forward and Backward Integration: We analyze how competitor firms control their inputs, supplies, and distribution.
Competitive Edge: What competitive edges do competitors have We present a detailed report you can use to address own weaknesses.
Economies of Scale: How does competition handle the process of scaling output to match their particular needs in the market and what can be learn from their methods?
Strength of the Competitor: The specific strength, as defined by important KPIs, in industry.
Strength of the Supplier: Their supplier strength, what you can take from that and how yours compare (or whether you can use those same suppliers).
Strength of Buyer/Consumer: The market itself should be measure in terms of relative strength and its ability to support further competition.
Competitor Profiling: We will profile your competition according to factors like finances, services offered, products, customers and more.
Competitor Intelligence: We will dig deeper to gather details and forest things like marketing strategies, USPs, and financial outlook.
SWOT Analysis: The cornerstone of business analytics, we will perform a SWOT analysis to determine the relative strengths, weaknesses, opportunities and threats of your competitors in relation to business.
PESTEL Analysis: How do competitors stand out in the market in terms of political, economic, social, technological, environmental and legal factors?
Positioning: How is competitor positioned against in the industry and how the position can be improved?
Competitive Advantage: What specific advantages over the competitors and, more importantly, how to create new competitive advantages?
Price Skimming: We will help you determine where to set initial price points and how to start cutting down prices without under or overvaluing your services or products.
Benchmarking: We will identify key benchmarks in your industry according to competitor performance and show you measurements of your performance based on those benchmarks.