Competitor analysis involves assessing not only the strength of current competitors, but their weaknesses as well. It even involves looking at potential competitors who may come into the picture sometime in the future. The purpose of competitor analysis within the market research field is to develop defensive and offensive strategies. It is about identifying threats and available opportunities.
We will use all of the relevant facts we gather and organize them into one logical and clear framework. This framework will include a strategy about how you can best implement and adjust your plan to meet the market needs.
Corporate strategy is not complete without the element of competitor analysis. Many firms and companies are actually not systematic enough in their approach to this particular type of analysis. Rather than coming to professionals who specialize in competitor analysis, many companies rely on conjectures, informal impressions, and small bits of information about their competitors. This leads to an understandable blindspot which could keep these companies from successfully understanding their market and getting the upper-hand on competitors.
Alternatively, there are a number of important advantages which come along with understanding your competitors. When you have knowledge about the objectives and missions of competitors it will help you to formulate your own plan accordingly. Understanding competitors' turnover and other operations will allow you to develop sales targets that are realistic and beneficial. You will be able to counter the strengths and/or weakness in competitors' products or services by implementing your own improvements to to these areas.
Powerful but simple, competitor profiling is one of the main logical components to business success. Competitive advantage is key in the free market, and is gained through superior knowledge about the details of rivals. Competitor offerings defines customer value, which is one reason why it is so vital to have an understanding of your competitors.
Of course, aside from the other benefits, one of the most obvious things that competitor analysis will help you to achieve is positioning your prices correctly within the market in order to have the best advantage. This will allow you to offer discounts and payment terms to give you more of a competitive edge.
When you know your competitors' distribution channels you will be able to adjust your direct sales policies. Based on how your competitors and their products or services are viewed by their customers, you will be able to strengthen your own services as well as your marketing strategy. In response to competitor messages you will be able to formulate the best marketing communications plan.
We will take a look at your particular industry and then from there identify your present and future competitors. At this point we will work to identify your needs and the different areas which need the most focus. Our effective and efficient approach to market research and competitor analysis will allow us to give you the most relevant data you need. We present all important information to you in a concise and easy-to-understand manner in order to give you the best solutions for your business or company.