The biggest companies in the world stay at the top of their industry by keeping a close eye on their competitors. Competitive Analysis is essential to obtain important information about your competitors. You can use that information to predict competitor behavior and their response to your business decisions. A competitive analysis can help you develop effective and robust marketing strategies. It allows you to make better informed business decisions by letting you know the weaknesses of your competitors, identifying the opportunities that are under served in the market like a supply-demand imbalance as well as forecasting any future additions to your competetiion and what the new additions may or may not do to take away your market share. Our analysis is complete with Competitor Profile, Market Profile, Product profile as well as the SWOT analysis.
Competitor ProfileThe first thing we do is we start gathering information about the main competitors. We go through their promotional material, their sales strategies, press releases, patent applications and anything that can give us maximum information about how they function. All this is needed to prepare ourself for their counter strategies. When you enter the market, your competitor is not going to take it sitting down. They are going to bring out the big guns in response to yours and you need to know how they go about things to be able to predict their next move so you can always be one step ahead. We need to know what their assumptions are that we might exploit. Knowing the abilities of your competetion is of prime importance so you only attack the areas where they can do little or none damage to your strategy. Based on this profile, we see what competitive advantage we have over them and how can we make the consumer aware of this advantage as well as its importance.
Market ProfileThe second step is to profile the group of customers that will be using our products/services most frequently. In the beginning, it is advisable to keep this group as narrow as possible but we have also worked with large groups and analysis has given good results for them too. We look at the market share of our competitors to find out which piece of at market share we can get for ourselves.
SWOTThis is the result of competitive analysis in its most compressed form. SWOT stands for strengths, weaknesses, opportunities and threats. It outlines all of these and makes suggestions on how to approach the new market, what to target and what to avoid. If you follow our SWOT guidelines and not get carried away, we can assure you will get the best results possible with minimum efforts.
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