As markets mature and keep evolving, the intensity of competition only becomes more rigorous and dynamic. From a strategic planning perspective, a competitive analysis is critical for organizations of any size.. The goal of competitive analysis is to facilitate an understanding of a company's competitive advantages or disadvantages in relation to its competitors. A competitive analysis therefore aims to generate awareness of the strategies and tactics that a company's competitor implements or will implement in the future, and also gauge its strengths and weaknesses.
Who Needs this Service?
- Companies seeking to launch new products or services
- Any company seeking to enter into new markets
- Start-ups and consultants
- Large companies as well as SMEs
- Any company seeking to conduct strategic opportunity assessment for (re)defining its position
Market Competition Rigor is applicable to any company in any vertical
To design an effective competition strategy, one needs to understand and evaluate competitors on the basis of various parameters. Analyzing competitors based on limited parameters may not provide the right direction for planning a competitive strategy.
With its expertise in conducting 360 degree competitive and independent analysis, infoAnalytica can assist you in this critical aspect of your strategic planning process. By presenting a holistic view of your competitive environment, we provide a thorough base for developing your strategies to beat existing and future competition. You can accordingly plan your future investments and competitive strategies to realize your company's vision and management objectives.
Through our "Market Competition Rigor" package we seek to answer the following questions for your company:
- Who are your competitors? Are they direct or indirect competitors?
- Where do you stand (today) in comparison to competition?
- Why is your key competitor the leading player in the market? Uniqueness of its offering - is it the brand that sells or is it the product features and qualities?
- How has the competitor grown over the years? Financial Reviews?
- What is the influence of the management style on the overall growth and revenue generation - management vision?
- How does the market perceive the competitor? Is the competitor weak in its offerings? - this can be an opportunity for a new entrant/client
Components of iA's Competition Rigor Package:
- The input factors
- Competitor Detection - who are they, direct or indirect, criteria for qualifying a company as a competitor
- Competitor Profiling - will include company history, management profile, company's objective/vision/value proposition, what customer needs and preferences is the competitor trying to meet
- Competitor's Financial Review - revenue trend, market share, compare the client's financials and the competition
- Competitor's strategies - marketing, product, pricing, customer satisfaction, growth, and so forth
- Competitor's Innovation - R&D in process, launch of new offering - reasons and impact to identify opportunity
- Competitor's Market Perception
The above input parameters will be used for analysis of a competitor's strength, weakness, and threats. We conduct an in-depth analysis of the similarities and differences between your product/services and pricing and the competitor's products or services, pricing, tactics and strategies.
Output: Competitive Opportunity. Identify and recommend opportunities for your company to help you design a competitive plan. Recommendations such as:
- Building on the weaknesses of the competitor and outdoing their strengths, how, when, what?
- Offer better quality services
- Lower prices
- More support
- Easier access to services
- How are you uniquely suited to compete with them?