Outsmart and outsell the competition! Outmanoeuvre your competitors with in-depth Competitive intelligence and insights.
Competitive Assessment and Competition Analysis: Better Than Having a Spy in Your Competitor's Boardroom
Knowing the competition’s next move determines how you plan your business. Your competitors will NOT stand still. They want your business and your customers. To survive and prosper, you must have a competitive market analysis, investigation, and assessment of competitors’ SWAT (i.e., strengths, weaknesses, adaptabilities and threats). It is just as important to know your competitors’ situation as it is to know your own.
Remember: ‘The only constant in the world is change’. RIGHT NOW, your competitors are thinking up ways to steal your success from you. You MUST keep them under constant scrutiny!
Knowing Your Competitors' Next Move Creates Sustainable Competitive Advantage
In growing/developing markets, competitive activity can be beneficial (with the right strategic approach). In mature or declining markets, it can be either dangerous or advantageous. Regardless, you need to know about it so you can plan to maximise your position at the competition’s expense. Opportunities always lie in knowing your competitors’ focus, moves, and plans—whether it be to take them on head-to-head, use their efforts against them, or avoid direct competition altogether.
Competitors are not just those who do the same thing as you. Competitors are anyone who distracts customers that SHOULD be yours.
Competitor Analysis Is an Essential Component in Managing Corporate Strategy
Most businesses suffer competitive damage because they rely on informal feedback, gossip, and intuition. Other organisations lose because valuable titbits of information about competitors just don’t get reported, often due to a weak corporate information collection process.
Good marketing DEMANDS formal competition and competitor analysis. Without insightful and informed information ANY company is at risk of missing dangerous competitive blind spots from a lack of focused competitor awareness.
Beat Your Competition with Marketing Intelligence and Insight
Relying on market research and marketing information management for incidental competition assessment and competitor analysis is NOT enough! You need to know what they are planning, how much they have to invest, who their targets are, why they are doing what they are doing, and when they are about to attack.
Marketing intelligence includes all marketing communications (i.e., advertising, online, personal selling, etc.), pricing, product development, brand strategy, distribution, and more. It is information that empowers you.
Competition and competitor analysis requires creativity to make sure the feedback fits your individual needs. Don’t put this off any more. Contact us today to discuss your competitor analysis needs and discover marketing intelligence about your competition.
What Does Competitive Intelligence Help You Find Out?
What do you really know about your competitors?
- Are they planning any upcoming product launches?
- Are they planning any competitive changes to their pricing strategy?
- Are they planning any major advertising soon?
- Where do they get most of their sales and profits?
- What are their best accounts, channels, and markets?
- How do they plan to compete against you?
- Who are their key staff?
- What are their latest and planned competitive strategies?
- Do you competitors have a cost advantage compared to you?
- Would your competitors be amiable to a merger?
- What has competitive market research revealed about competitive activity in your industry?
Why You Need to Analyse Your Competitors
A surprising number of enterprises perceive themselves as competitive but do not include competition in their marketing planning. Sadly, customers are not nearly as blind, and marketing strategy and planning that fails to consider and cater for competitive activity, strategies, and focus is marketing planning that cannot succeed.
Competitive Analysis Helps Thwart Your Competitors' Plans BEFORE They Can Harm You
- Uncover your competitive strengths and weaknesses
- Discover how seriously competitors can impact on your existing and future business
- Prepare for and take advantage of competitive activity
What You Need to Know About Your Competitors
- Who they are
- What their objectives are
- What their strategies are
- What their strengths and weaknesses are
- What their reaction patterns are
Competitor analysis is a valid marketing tool. True market orientation comes from knowing your competition, the wealth of information it brings, and the significant competitive advantage and sales opportunities that might otherwise be lost.
If beneficial, we can assist clients with in-depth value analysis to discover prime buying motives and competitors’ competitive advantage.