Competitive Landscape Analysis: How does it help shape markets to your advantage?
Conducting a competitive landscape analysis may seem like an exhaustive process. Mainly because of the time required to gather market data, share insights, and act upon those insights by integrating them into your business strategy. However, on the flip side, getting into your competitor’s head can help you gauge the competitive landscape by offering you […]
Conducting a competitive landscape analysis may seem like an exhaustive process. Mainly because of the time required to gather market data, share insights, and act upon those insights by integrating them into your business strategy. However, on the flip side, getting into your competitor’s head can help you gauge the competitive landscape by offering you a holistic yet impactful overview of the market.
No company is an island- this particularly holds true in today’s competitive markets. And particularly so in the current business environment. Businesses that perceive the competitive landscape as it is are likely to succeed in the future and gain an edge when compared to their peers. Infiniti’s approach to competitive landscape analysis focuses on analyzing the competitive scenario through an in-depth analysis of your competitors’ strategies, business processes, and the market in general. We adopt a holistic approach that moves beyond the usual market trends analysis and competitor mapping. Evidently, the rewards of adopting such an approach are huge- fewer surprises from your competitors and enhanced ability to tap into new opportunities to shape markets to your advantage.
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Given the current business scenario and the complexities of making a move, it isn’t easy to analyze the competitive landscape mostly because every competitor and their decision-makers are not alike. Irrespective of the market in which they operate, every business leader has different assets, resources, and market positions to leverage, safeguard and build upon. This implies that businesses within the same market might have to adopt different strategies to thrive in the long-run. What’s more, even a competitor with similar service or product offerings might have to create unique strategies to achieve the goals that their decision-makers wish to achieve. So if you want to anticipate rather than react to your competitors’ strategic moves, you must analyze the competitive landscape at two different levels- market-level and organization-level.
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How Competitive Landscape Analysis Can Help Businesses
- Focus on the competition and identify new opportunities
- Evaluate competitors’ performance
- Create performance benchmarks
- Assess the future of the market and identify those well-positioned to succeed
Breaking Down The Approach to Competitive Landscape Analysis
At Infiniti, we adopt a holistic approach to help our clients analyze the competitive landscape and build effective strategies to meet their business needs.
Phase 1: Competitive Market Research
The initial phase focuses on conducting an in-depth market study to understand the competitive landscape by assessing your competitors’ strategic objectives.
- Identify opportunities to position your brand across geographies and market segments
- Gain insights into your competitors’ focus areas and brand strategy
- Find areas where you and your competitors are winning and losing
- Leverage market data to identify the untapped market opportunities
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Phase 2: Benchmark Performance Based on Research Findings
The objective is to create visual scorecards that offer a comprehensive view of the competitor’s performance. Our clients’ performance is then compared with top-tier companies to gauge their competitive positions within the industry.
- Scorecards based visual analysis techniques to help you identify brands that are well-positioned to succeed in the future
- Interpretation and sharing of large data sets in easy to access formats
- Identify performance gaps based on KPIs
Phase 3: Strategic Competitor Landscape Analysis
The aim is to analyze the competitive scenario to identify strategic weaknesses and potential risks relative to your positioning, customers, and strategy.
- Access to product or service-specific data and insights
- Track your competitor’s moves and anticipate their strategies
- Find new opportunities to drive brand reach
Integrating competitive insights into business decision-making must be an ongoing process aimed at supporting the strategic plans and business goals.
You’re just a click away from gaining competitive market insights. Request a free brochure now!