The strategic planning process is an important function of any business vying to attain competitive edge on their arch rivals in the marketing arena. Competitor Analysis helps in planning marketing strategies and acts as a driving force for the marketing department of an organization.
Surface level knowledge about competitors is inadequate in competitor analysis. Competitors should be analyzed systematically to achieve maximum insight into each detail of their strategy. Evidently, firms practicing systematic and advanced competitor profiling have a significant advantage. To earn a ticket into the competitive arena, one must have already started to analyze their rivals. As such, a complete profiling capability is fast becoming a core competence required for qualification into the arena of competition.
Business Competitor Analysis:
Competitor analysis has a critical importance in strategic planning. Some of the important factors behind conducting such an analysis:
To help the marketing team understand their competitive advantages/disadvantages with respect to the competition.
Detailed understanding of competitors' historical, present and future marketing plans and strategies
Analyze the manner in which the competitors package their product and services and how they customize them for different customers
To provide a platform to develop strategies and achieve competitive advantage in the years to come
To study the competitors' response to any new strategy in place (e.g. how will competitors respond to a new pricing strategy?
Competitor Analysis from Informatics Outsourcing:
Competitor Analysis facilitates the strategic objectives of a firm in many ways. Competitor profiling will expose strategic weaknesses of the rivals that an organization may make the most of. The competitor profiling will allow the firm to foresee the response of their rivals to the firm's planned strategies, the strategies of other players and changes in the market as a whole. This particular knowledge will give the firms agility in strategy matters.
Business Competitor analysis from Informatics Outsourcing will give an organization the following insights which would be a 360 degree analysis.
History - Events in chronological order
Offices of the competitor across the globe
Products and services:
Brand portfolio - in case of products or FMCG
Level of CRM maintained for the services offered
New product line, historical product line
- Basic marketing strategy - Push or pull marketing?
- Means by which the promotional strategy is applied
- Advertisement strategy
- Marketing budget allocated and its effectiveness
- Key personnel in the company
- Human resources strategy
- Benefits, perks and compensation of the key personnel
- Difference makers (predominantly in marketing and operations)
- Balance sheet, PE ratio analysis
- Performance of shares in the market
- Dividend policies - historical study
Outsource Competitive Analysis:
Informatics Outsourcing has PhD and management graduates in our ranks to carry out competitive business analysis projects professionally. Our quality competitive analysis and business research professionals will provide you with the requisite knowledge and skills in the projects. Feel free to CONTACT US with your competitive analysis requirements.