Competitor Analysis Archives - Page 2 of 5 - Business Intelligence

Tag: Competitor Analysis

Business Forecasting

Top 3 Ways Competitive Intelligence Can Drive Your Marketing Strategy

In a transitional world, brands are defined by the content they create and understanding what content is resonating with your competition is critical to the success of your business. Moreover, having a solid understanding of your competitors and how you differentiate yourself and your business paves the way to success. Being cognizant of your similarities is very important, especially when it comes to your marketing strategy and your consumers. This is where competitive intelligence helps. It acts as a key to sound market research and helps identify your niche. Competitive intelligence enables you to fine tune your content on what works for your market based on the successes and failures of your competitor’s content. Furthermore, it provides insights and intelligence on what is needed to thrive in the ever-changing world in which we work and live. In this article, we have talked about some of the effective ways competitive intelligence can drive your marketing strategy and boost your ROI.

How can competitive intelligence drive your marketing strategy?

#1. Competitive intelligence helps in analyzing the content that resonates

If there are too many players in your marketplace, there is a lot of information that you can tap into to create a solid marketing strategy. Competitive intelligence helps you to identify what works for your target market. It helps in researching your content and makes your experiment more focused and the learning curve less steep. It also aids in unveiling the content that drives the most engagement. This way you can design your marketing campaign better. 

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#2.  Competitive intelligence aids in examining the pricing that adds value

Competitive intelligence helps you understand the pricing regime in your industry which allows you to deliberately pitch yourself as a credible alternative. By knowing what the top players in your industry charge vs their services vs customer loyalty, you canGet More Info gain actionable insights into what the market values are and their existing business models.

#3. Competitive intelligence assists in formulating sales strategy that works

Sales strategy is perhaps the most crucial aspect to the success of any business. Competitor intelligence helps you to understand what your competitors are offering. This further paves the smooth way of engagement with the existing customers in your industry. This is also sometimes called a competitor displacement strategy. Acquiring new customers will also be easier if you spend time studying the successes and failures of your competitors.


Want to know how Infiniti’s competitive intelligence services can help you gain smarter insights and take real-time decisions? Contact us now!

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Market Entry Strategies

3 Questions You Must Answer Before Undertaking Competitor Analysis

Competition is a part and parcel of business. But the challenge here for companies is to identify the right strategies to go for the gold. Forward-thinking organizations must always keep a close watch on their peers in the market. Ignoring competition will result in problems that will be manifested through declining market share, lower sales, reduction in the number of customers, and to top it all cash-flow problems. These complications will consequently become elements of destruction for the business. Competitor analysis is the solution to prevent companies from being bowled-over by such mishaps. In this blog, our industry experts discuss three questions that companies must find answers in order to reap the benefits of competitor analysis:

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#1: What is competitor analysis?

Competitor analysis is a strategic assessment of the strengths and weaknesses of the current and potential competitors in the industry. Mere knowledge about the company’s competitors in insufficient in competitor analysis. Rather, businesses must undertake a systematic analysis of their competitors by gathering a wide array of information so that it is easier to make well-informed strategic decisions.

#2: What does competitor analysis do?

The first and foremost criteria that companies must fulfill before undertaking competitor analysis is to understand its purpose and the solution it provides. Competitor analysis primarily aims at Identifying the company’s competitors and evaluating their strategies to determine the strengths and weaknesses relative to those of youContact USr own. It is a strong step toward building a competent and dynamic marketing plan. Competitor analysis not only helps understand the competition, but it also helps enterprises evaluate what makes their company unique in a saturated business climate.

#3: How to conduct competitor analysis?

Competitor analysis is a great approach to undertake a comprehensive SWOT analysis of your company as well as the other players in the market. For this, it is essential to identify all the companies in the industry that could qualify as a potential competitor for your products and services. This can include both direct and indirect competitors to the business. Once the list is compiled, the next step is to group each of these competitors based on their degree of competition with your business. Some of the relevant questions to ask here include:

  • What is the scope of the competitor’s market share? 
  • What are their previous and current marketing strategies?
  • What are the potential threats that these competitors pose to your business?

 

Not sure how to find answers to these questions? Get in touch with us to know more.

Infiniti Advantage:

The need for competitive intelligence will continue to evolve given the ever-increasing competition across  industries. Infiniti Research is a leading provider of actionable competitive intelligence solutions that help global organizations compete and triumph in their respective industries. With over 15 years of expertise in helping clients from across the globe, our competitive intelligence team follows highly tailored and proven methodologies to analyze the market competition. We also provide succinct solutions for business decisions in areas including market opportunity assessment, emerging market planning, benchmarking, value-channel analysis, and customer segmentation.

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5 Steps to Create the Perfect Competitor Analysis Model for Startups

Understanding your competition and what they are doing is very essential from a marketing perspective for any successful business. Conducting a competitor analysis often offers an opportunity to glance at your competition with a detailed eye on their marketing efforts and provides useful insights that can be used to make the marketing strategy of your startup achievable. Essentially, a competitor analysis framework does two very important things – it identifies the strengths of your competitors by determining their best performing areas and their focus point and helps determines their weakness. It is very important to know what your competition is doing, how they are reaching their customers, where they are marketing, and what they are providing, especially if you are a startup. This knowledge facilitates you to see where your competitors are falling short in their approach to marketing and there you can highligContact USht the benefits of your own services or products. Here we have formulated a few easy steps to help you to create the perfect competitor analysis model from three different perspectives, marketing, pricing, and product.

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Step-By-Step Guide to Successfully Conducting a Competitor Research

Considering the ever-increasing market competition, keeping tabs on the competitors is a crucial business activity for any modern business. Competitor research has become so important for most companies that some even hire external professionals to track competitors and assess the competitive landscape on a regular basis. However, developing a competitor research template need not always be complicated, time-consuming, and an expensive process, given the new wealth of data that can be assembled using the Internet. Here’s how your business can benefit from competitive research, how to develop a competitor research template and the most productive competitor research tools:Request Proposal

Step 1: Identify the source of research

The first step in developing a competitor research template is to determine whether to gather information in-house or hire a professional firm or consultant. One of the key benefits of hiring a consultant includes that they may have more expertise in gathering information and other intelligence data when compared an in-house research team. However, this does not mean that you completely rule out the advantages of having an in-house competitor research team. They would be able to understand the business better and easily establish the competitive factors they want to track. Businesses must undertake a pros and cons evaluation of both the methods and choose the one that is best suited for their business.

Step 2: Create a framework

Creating a framework is an essential step in gathering the required data for competitive research. It is important to carry out a SWOT analysis of the company and includes the key brand differentiators (What are the messaging, product/service offerings that set the business apart from their competition?). It also includes defining the company’s mission and vision. All these factors help to identify the goals of the company and how they want to differentiate themselves from other players in the market.Get More Info

Step 3: Select targets

It might prove helpful for companies to think of your competition in terms of options that their customers have i.e. where else can customers go to purchase the products and services that they are offering. That can include identifying the direct competitors (those who sell the same thing as you do) and indirect competitors (those who sell other products and services that serve the same purpose).

Step 4: Understand competitor tactics

Apart from using competitor research tools to identify what competitors say about themselves, it is equally important to know if and how they deliver on those promises. However, this data could prove to be a little challenging to uncover. Apart from undertaking secondary research, one of the ideal ways to do this is to ask the customers. This is one of the best ways to identify the alternative your target customers would choose and why they would do so.

Step 5: Gather and update information

Once a comprehensive overview of the competitive landscape is created, companies must constantly update the data collected. This includes identifying new products, services and/or pricing in the market, new geographies for operation, and new advertising or other outbound communications strategies.


Know more about Infiniti Research’s competitor research solutions

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3 Ways in Which Competitor Analysis Can Help Companies in the Packaging Industry to Expand Consumer Reach

Undoubtedly, the packaging is one of the most lucrative industries with immense growth potential. But the market share is not evenly distributed, and smaller suppliers are usually struggling to compete with larger suppliers due to their wider reach and presence across a wide variety of sectors. This helps them to undercut on products without having to compromise on their overall profit margins. Therefore, it can be said that it is a tough, competitive landscape for smaller packaging companies but, nonetheless, there are various competitor analysis tools that can help them take on the big players in the industry. This is where developing a competitor analysis framework plays a very significant role. Packaging companies, With the aid of competitor analysis, can adjust their own prices Get More Infoaccording to industry standards, boost brand loyalty, and identify up and cross-selling opportunities. In this article, we have explained the three ways packaging companies can improve their customer relationships with competitor analysis.  

Benefits of a Competitor Analysis Framework  

Adjust your prices accordingly

In today’s competitive market, even the smallest difference in price can turn a loyal customer into the competitor’s new acquisition. Packaging is a cost-driven market and customers in this industry are in the dollar seat. If there is news that one particular supplier is offering cheaper goods elsewhere, customers will undoubtedly move on. Therefore, without the right competitor analysis framework to help you assess the buying behavior of customers, your response time will become slow and you’ll lose your customers. So, it is very important to take complete advantage of technology to gain greater insights into the health of your business to make you act decisively and fast.

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cosmetic packaging

4 Compelling Reasons Why Competitive Analysis is Important

What is competitive analysis?

Competitive analysis, also termed as competitive research, refers to a strategic research process that specializes in the collection and analysis of information about a company’s competitors in the market. Competitive analysis framework is an essential tactic to identify what the competitors are up to and the potential threats that they can pose to the company’s well-being.

Top players in the market have already realized the potential of competitive analysis in marketing and selling their products. Today, using new software and technology, marketers, and business owners have the ability to know more about their competition than ever before. Regularly keeping track of the rivals in the market helps organizations stay ahead of the curve. Here are four reasons why competitive analysis in marketing is highly essential:Request Proposal

Encourages differentiation

Competitive analysis framework helps companies identify where there stand in the market and what the competitors are doing. This would prompt companies to take the extra step to offer something more. Competitive analysis in marketing and sales helps identify the areas of improvements with that of the competitors’ brands. Changes can be made accordingly and communicated to the customers by highlighting the key benefits of choosing your products or services when compared to others in the market.

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