Know your enemy and know yourself; in a
hundred battles you will never peril. - Sun Tzu
Innovative and traditional Competition, Competitor Analysis and Competitive Assessment to improve your competitive advantage
Competitive factors are crucial in determining how you plan your business, building competitive advantage with superior competitive intelligence.
Your competitors will NOT stand still. They want your business, and your customers. In a competitive market analysis, investigation and assessment of competitors' SWAT (strengths, weaknesses, adaptabilities and threats) is just as important as your own.
Remember: "The only constant in the world is change"... which means your competitors are thinking up ways to steal your success from you. You MUST keep them under constant scrutiny!
Analysis of business competition helps develop Sustainable Competitive Advantage
In growing/developing markets, competitive activity is usually beneficial. In mature or declining markets it is dangerous. Regardless you need to know about it, so you can plan to maximise your position at their expense. Opportunities always lie in knowing your competition's focus, moves, plans... whether it be to take them on head-to-head, or avoid direct competition altogether.Competitors are not just those who do the same thing as you, they are anyone who distracts customers who SHOULD be yours.
Competitor analysis is an essential component in managing corporate strategy
Most businesses suffer competitive damage because they rely on informal feedback, gossip, and intuition. Other organisations lose because unreported valuable titbits of information about competitors just don't get reported because management don't have a corporate information collection process.
Good Competition Assessment and competitor analysis includes a SWAT
Good marketing DEMANDS formal competition and competitor analysis. Without insightful and informed information ANY company is at risk of dangerous competitive blind spots from a lack of focused competitor awareness.
Relying on market research and marketing information management for incidental competition assessment and competitor analysis is NOT enough!
Competition and competitor analysis requires creativity to make sure the feedback it fits your individual needs. Don't put this off any more, contact us today to discuss your Competitor Analysis and assessment needs.
Wise Words on Competition Analysis
Know your enemy and know yourself; in a hundred battles you will never peril. - Sun Tzu
A surprising number of enterprises perceive themselves as competitive, but do not include competition in their marketing planning. Sadly, customers are not nearly as blind, and marketing strategy and planning that fails to consider and cater for competitive activity, strategies and focus, is marketing planning that cannot succeed. Learn more...
Competitive Analysis is defence against business competition
- Uncover your competitive strengths and weaknesses
- Discover how seriously competitors are, and will, impact on your existing and future business and
- Prepare for, and take advantage of, competitive activity.
Companies need to know about their competitors:
- Who the competitors are
- What the competitors’ objectives are
- What their strategies are
- What their strengths and weaknesses are
- What their reaction patterns are
Competitor Analysis is a valid marketing tool. True market orientation comes from knowing your competition, the wealth of information it brings, and the significant competitive advantage and sales opportunities that might otherwise be lost.
If beneficial, we can assist clients with in-depth Value analysis to discover Prime Buying Motives and competitors' competitive advantage.
Using art AND science, Launch Engineering is the next best thing to product launch insurance. So let us help you, Contact us now!
Understanding competitive factors is vital to planning & empowers you to:
You need to know your competition as well as you know yourself: So you can...
- Find a Unique selling proposition to secure sustainable competitive advantage
- Avoid non-profitable price competition
- Take market share instead of losing it
- Prepare for the unexpected
- Know when to invest
- Retain existing customers and gain new ones.
- Build and hold great staff
- Make great decisions
- Call a buyer's bluff
- Discover new opportunities