Competitor Analysis Template: How does it benefit an organization?
The best way to determine a brand’s competitive advantage is through a well-defined competitor analysis template. Developing a brand voice that stands out amongst other businesses in the same marketplace can be highly advantageous for your firm’s bottom line and in maintaining customer loyalty. This makes it essential to see how you stack up against the competitive forces and emerge as a winner.
What is competitor analysis?
The analysis of competitors deals with an in-depth review of a wide range of market data and its interpretation that reveals your competitors’ strategies and tactics, as well as their strengths and weaknesses in comparison to your own product/service offerings.
Client’s Profile[spacer height=”10px”]
The client- a well-known, private equity firm in North America.
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Predicaments Faced[spacer height=”10px”]
Our client, the private equity firm found that several potential investors were researching and analyzing the ability of a company prior to investment. To carve a niche for their firm in the global landscape was challenging, considering the competitive pressures globally.
To overcome this challenge the private equity firm was looking to collaborate with a research firm that could help them analyze the competitive market forces by developing a competitor analysis template. To gain a competitive advantage, the client wanted to study the competitor’s customers and identify potential investment opportunities based on the insights.
Our Approach[spacer height=”10px”]
A competitor analysis framework forms the basis for analyzing the competitive forces in a market. We adopted a systematic approach, the initial phase of which revolved around the identification of the competitors, after which we analyzed a range of parameters by implementing extensive research methodologies.
Business Impact[spacer height=”10px”]
The devised competitor analysis framework also helped the private equity firm gained a better understanding of the strengths and weaknesses of their competitors. An in-depth competitor analysis helped them accomplish their main objectives while keeping track of their competitor’s developments.
In addition to a detailed competitor analysis and company profiling the competitor analysis framework provided insights on the following aspects:
- Competitor’s offerings
- Developing competitive marketing strategies to win potential customers[spacer height=”5px”]
To gain a winning edge in today’s complicated marketplace it is essential to develop a competitive strategy, for which in-depth insights on industry trends, critical strengths and competitor’s weaknesses, and a sharp understanding of the market landscape is crucial.
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