Competitor Analysis Framework: Why is it important?
Formulating business strategies that ensure long-term success is not an easy task, and while doing so, businesses should consider the strategies adopted by their competitors in the market. While in a highly fragmented market space, the moves of a single peer group may seem to be of less importance; in a highly concentrated market, such as the transportation industry, ‘competitor analysis’ becomes a fundamental aspect of strategic planning.
A framework is generally built around the four key aspects of a competitor:
Need for an Industry-specific Competitor Analysis Model
It’s imperative for any industry player to analyze the competitive forces in the market while devising a strategic business plan. To succeed in doing so, it is necessary to build a competitor analysis model that analyzes every perspective of a business plan; thereby, empowering businesses to spot under-served markets, track market trends, and implement strategies that distinguish them from the global peer groups.
Implementing a general competitor analysis model tends to limit the ability of an individual firm, but an industry-specific competitor analysis model can drastically transform their abilities and change the impact of competitive forces on business growth.
The client is a top transport and logistics company that specializes in serving transit agencies, schools, and healthcare firms worldwide.
Continue reading to know about the scope of this engagement or request a free proposal for comprehensive solution insights.
In a bid to drive growth across economies, the transport and logistics company wanted to establish a systematic method to expand into complementary market segments. Owing to their inability to comprehend the growth strategies of their market competitors, the client approached Infiniti Research to adopt a suitable competitor analysis model.
The transport and logistics company was more inclined at understanding how their peers served the needs of consumers so as to quantify each element of the value chain and build a future-proof competitor analysis model.
The competitor analysis framework was developed using primary data gathered from 1000+ channels and secondary information from varied sources within the transport and logistics segment. The competitor analysis experts at Infiniti Research further leveraged such data to gauge the market size and growth rate. It also enabled the transport and logistics company to assess the competitive landscape, govern customer needs, and analyze the economic prospects of the global value chain.
As a result of our solutions and recommendations, the transport and logistics company was able to gain comprehensive acumens in their strengths and weaknesses, relative to the competitiveness in the market. This aided the development of a framework to leverage their potential strengths and augment the efficacy of their service offerings.
To know more about the importance of competitive intelligence and its role in creating precise frameworks, contact our market research experts.