Competitor analysis is the process of gathering information about competing products, services, company or brand. Its purpose is to gain knowledge that will help a company learn more about its position in the market, its strengths and weaknesses, and what competitors are offering to provide better products and services. Competitive analysis also includes analyzing customers’ needs and expectations, and learning what actions competitors can take to gain more market share.
Applying competitive analysis is the key to success both in business and in everyday life. You may not be as popular in the office, but your goal is to win customers by offering interesting products and making business deals. Entrepreneurs prepare in the same way: they identify strengths and weaknesses to increase their effectiveness.Competitor analysis involves identifying competitors and comparing their strengths and weaknesses. Competitors offer a similar type of products as you, targeting a similar target audience. Once you’ve identified your competitors, you can use the information you gather to learn about your position in the market.
There are several methods for performing competitive analysis: Public document analysis: involves reviewing documents such as financial reports, trade press, websites, business records, etc. Market research: involves conducting surveys or interviews with customers, suppliers, industry representatives, etc. Data analysis: involves processing and analyzing data, such as demographic data, sales data, market data, etc. SWOT analysis: involves determining the strengths, weaknesses, opportunities and threats for a particular company or industry. Benchmarking: involves comparing a company’s performance and activities with those of its competitors. Mystery Shopping: involves posing as a shopper at a competitor’s stores to learn about their offerings, prices and quality of service. Social Media Monitoring: involves tracking and analyzing competitors’ activities on various social media channels. Tools such as brand24 can also be used for this purpose to get results from multiple sources of competitor data.
Fieldstat offers comprehensive competitive analysis that is reliable and takes into account all aspects of the research. The company uses a wide range of survey and interview tools, including group discussions and observations. Their professional competitive researchers can help you gather data, interpret the results and draw conclusions. Fieldstat also offers support in preparing reports and presentations from the research results. If you need competitive analysis, enlist Fieldstat’s help to get the best results.
Competitive analyses are usually commissioned by companies to determine their position in the market and to obtain information on competitors’ activities and strategies. These analyses can also be commissioned by investors, investment banks, consulting and advisory firms, and governmental and non-governmental organizations.
Frequently asked questions
Competitor analysis can help companies identify their strengths and weaknesses so they can more effectively fight for survival and stay ahead of the competition.
Yes, competitive analysis can help companies understand their competitors and threats, so it can help create effective business strategies.
There are many factors to consider when doing a competitive analysis, including market size, competitor position, marketing strategies and finances.
Competitive analysis is not necessary, but it can help companies better understand the market, and help them take appropriate action in a competitive environment.
The duration of a competitive analysis depends on the size and complexity of the market and how much information needs to be collected and analyzed.
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