Importance of Competitor Analysis

The ultimate goal of marketing is to meet the needs of customers, but this alone wouldn’t suffice to ensure long-term success. The real challenge lies in an organization’s ability to meet the demands of their customers through better strategies than those adopted by their competitors. A detailed competitor analysis offers a starting point for the development of competitive marketing strategies in order to stay ahead of the game.

A comprehensive approach to competitor analysis, when conducted periodically proves to be the greatest asset for organizations. This is because it offers insights on- solid industry benchmarks, a better understanding of the marketing messages of their peers, and reveals new marketing opportunities.

A detailed competitor analysis starts with finding answers to the following questions:

• Who are the current and potential competitors?
• What are their strategic goals?
• What are their strengths and weaknesses?

Client’s Profile

The client- one of the leading industrial water treatment companies in the world. Headquartered in Richmond, Virginia, the client is well-known for maximizing system efficiencies through their chemical treatment programs.

Predicaments Faced

As a part of their business strategy to drive growth and stay relevant in the market, the client, a water treatment services provider wanted to view their competitor’s offerings in direct comparison with their services. Unfortunately, the water treatment company lacked adequate resources to gauge their competitor’s strategies, which is why Infiniti Research was commissioned to help them develop a competitor analysis framework.

Continue reading to know how the competitor analysis framework helped the water treatment company or Request a FREE proposal.