To make informed decisions within a market, big data is needed. To need to know what competitors are doing, what they’ve done that has worked and what they’ve done that has not worked. This data provides vital insights into the market and how it responds to certain decisions. Why make the same mistake as a competitor a second time when it is easy to learn from their actions?
We provide comprehensive competitor analysis services designed to engage specific industry and ensure better understanding of exactly what is up against when launching a new product, producing a new marketing campaign or expanding your brand into new territories. Call us today to learn more about our full range of competitor analysis services and how we can present data that is useful to your decision making process.
The Strategic Benefits of Competitor Analysis
The reason competitor analysis is such an important tool and one that we highly recommend using is that it shows specifically what your competitors are doing in a number of different ways. Not only can you view the strengths and weaknesses of your competitors but which of those strengths will present themselves as threats to your business operations. This data can be presented in both offensive and defensive terms – so you can see how your competitors are prepared for actions on your part taken offensively as well. We can do this for you quickly and effectively so you can act fast.
During the profiling process, this data is presented in such a way that you can see in a single layout everything needed to create a formula to deal with your competitors in a growing space within your industry. When generating new strategies for the release of a product or service, growth of your business into a new territory or realignment of your brand, competitor analysis is vital.
Competitor Analysis Tools Used
During competitor analysis we use the following tools and metrics to provide data about your competitors:
Competitor Profiling: We will create a detailed outline of largest competitors including their financials, business background and locations, products, services, marketing strategies and facilities.
Competitor Intelligence: Insights or forecasts of competitor strategies including new products, services, marketing, USP definition and distribution strategies.
SWOT Analysis: We will identify potential strengths, weaknesses, opportunities and threats related to your competitors and their current market position in comparison to yours.
PESTEL Analysis: We will analyze competition in terms of their political, economic, social and technological standing and advantages in the market, in addition to legal status (and possible weaknesses) and environmental positioning when pertinent.
Positioning: We will provide data related to the positioning of your competitors as well as your own positioning in the market based on competitor sales advantages (or disadvantages)
Price Skimming: We will help to set initial price point and how quickly to skim to ensure optimal share in the market in relation to the methods and price points being used by competitors.
Benchmarking: We can determine industry benchmarks and visually show where you stand in relation to your competitors.