Every business firm aims to earn profit and try to fulfill customer’s satisfaction so it becomes very important to track the competitor’s behavior. For this purpose a company starts the process of profiling of competitors. In short it allows informing the insight about competitors.
Unlike competitor analysis which provides an overview level look at the nature of your competitors and what you need to be concerned about in relation to their specific strengths and weaknesses. Here competitor profiling showcases important data points about your competitors.
To extrapolate this data and ensure you have the most accurate models possible with which to make your decisions we use the following tools and metrics:
Benchmarking: We can identify and define various benchmarks which are key value drivers in your industry, measure your competitors and provide a visual representation of your performance against those benchmarks.
Executive Profiling: Who is running the competition, what strengths do they have and what weaknesses have they displayed in the past?
PESTEL: Through PESTEL we will identify important factors related to political, economic, social, and technological standing in the market of your competitors, along with legal and environmental concerns and how you compare.
SWOT: We identify key strengths, weaknesses, opportunities and threats in field as they relate to the competitors and provide detailed outlines of how best to respond to them.
Barriers to Entry: If you are launching a new product or service in your market, what barriers while entering exist and how your competitors have already handled these barriers (or are they even necessary?), and how you set the barriers for your competitors and make their entry challenging.
Competitive Intelligence: We will gather key data about your competitors related to their products, marketing strategies, USPs and more.
Positioning: Using the data gathered in the competitor profile, we identify places where you can position yourself effectively against their products and services.