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How Does Competitor Analysis Framework Help Businesses?

Markets change – Businesses must keep a close watch on these changes and adapt accordingly.

Competitor analysis definition

Competition is an inevitable part of a business. As the number of entrants into the market are gradually skyrocketing, an effective competitor analysis framework has become a necessity for modern-day businesses. Competitor analysis is a critical part of the marketing plan using which companies can establish what makes their products or services unique when compared to the peers in the market. This can be achieved by placing competitors in strategic groups depending on how directly they compete for the market share.

How is competitor analysis done?

 Competitor analysis or competitor research is ideally carried out by listing out the products or service of each competitor or strategic group, their profitability, marketing objectives, growth pattern, organizational cost structure, and their current and past strategies. Some of the key questions to be answered by businesses here are:

  • Who are your key competitors?
  • What are the products and services that they deal in?
  • What is their market share?
  • What are the potential threats that they pose?

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Top 4 Benefits of Competitor Analysis That Can Help Energy Sector Companies to Flourish

The US energy sector is facing unprecedented challenges like unpredictable government policies and regulations, growing competition, the aging workforce, modernizing grid infrastructure, and cyber-attacks. The target and policy measures agreed by the governments of many countries to reduce CHG emissions are exerting pressure to move away from fossil fuels consumption. This is resulting in an immense increase in the competition among the companies, especially in the US energy sector, and new research unveils that this competition is going to be even fierce in the years to come.

Increasing competition demands for more efficiency. It can become a roadblock for the entry of new players in the market. Additionally, it can also hinder the growth of a company if it is not able to analyze the competitors’ strategy. Therefore, the companies need to have a proper competitor analysis framework in place to gain actionable insights on current market position, end-consumers, and key competitors, and the credibility of their partners and associates.

At Infiniti Research, we understand the pain that companies in the energy sector face in the process of competitor analysis and competitor profiling.  So, to help companies identify and profile the competitors in the target market while evaluating their strategies to determine the strengths and weakness of the services rendered, our team of experts has listed four crucial benefits that competitor analysis offers in the energy sector.

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Benefits of Competitor Analysis for Companies in the Energy Sector

#1: Competitor analysis guide inaccurate forecasting of competitors’ move

Competitor analysis help companies to analyze and assess the next move of their competitors, which helps in better brand positioning. It helps companies in the energy sector to:

  • Find new markets to enter or increase the presence
  • Predict competitors’ actions
  • Improve product development
  • Beat competitors to market
  • Improve and personalize consumer interaction
  • Give consumers what they want and increase market share
  • Find new products and tech that will disrupt the competitive landscape
  • Identify political or legislative issues
  • Stand out from the crowd with a distinct corporate identity and tone of voice

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Business Forecasting

3 Ways Competitive Marketing Intelligence Can Help Your Business

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 marketing intelligence helps. It acts as a key to sound market research and helps identify your niche.

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

Competitive marketing 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 marketing intelligence can drive your marketing strategy and boost your ROI.

How can competitive marketing intelligence enhance your marketing strategies?

1. Helps in analyzing the content

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.

competitive marketing intelligence

2. Aids in price benchmarking

Competitive marketing 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 can gain actionable insights into what the market values are and their existing business models.

3. Assists in formulating robust sales strategies

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.

competitor analysis model

Vegan Food Industry : On the Path to Faster Growth and Expansion With Infiniti’s Competitor Analysis Model

Importance of Competitor Analysis Model

The competitor analysis model helps firms to gauge historic and current market data to redefine their corporate objectives and devise effective strategies to take advantage of the dynamic and emerging competitive landscape. Every sector has its own version of competitor analysis model whose function is ultimately the same i.e., to line your offerings with others in the industry to identify where your offerings are superior or falling short.

Furthermore, the importance of competitor analysis model lies in determining a brand’s competitive advantage. A detailed understanding of the competitive landscape is crucial as it helps identify competitors and succeed in the market. Moreover, analyzing the importance of competitor analysis model is crucial to succeed in the market.

Vegan Food Market Analysis

Americans’ increasing concerns about health issues have contributed to a booming population of vegetarians. Thus, the vegan food industry has gone from being a relatively niche market to fully mainstream and the retail giants have spearheaded the move towards vegan options in supermarkets. The vegan food industry growth is not only driven by vegetarians, but also by a large number of meat and dairy reducers, flexitarians, and people, especially the millennial demographic, who enjoy non-meat food. However, while the market demand for vegan foods are expanding, the rising consumer preference and upsurge in population is sure to challenge the vegan food industry growth. Thus, vegan food market players need to stay renewed on vegan food industry trends and competitor offerings to stay ahead of the global competition.

About the Client 

The client is one of the leading vegan food manufacturing firm established in the US.

How does Infiniti’s competitor analysis model benefit your business? Request a free proposal.

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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