What is Competitor Analysis?
When formulating a new strategy, a competitor analysis is a crucial element in your research and planning phase. It is used to determine the strengths and weaknesses of the competitors in your market to reduce the risk of your new strategy. Businesses that don’t regularly review their competitors have very little to go on other than assumptions. Unfortunately in business when assumptions are wrong, they can be very costly.
Benefits of Competitor Analysis and Benchmarking
If done well, competitor analysis can potentially expose unique new business opportunities by spotting a gap in the market. Similarly, it can be used to determine the feasibility of an existing idea, by establishing what competition is already in the market.
When you have a clear understanding of the market and your competitors, you will have a clear view of your own strengths and unique offering. This will leave you in a position where you can start to maximise on these strengths, by focusing on them in new marketing strategies.
As well as identifying your current strengths, proactive companies will use competitor analysis and benchmarking to improve their offerings. Some companies may use the information to help them with their business planning, for example, monitoring the development of competitor new product launches may give you more of a realistic idea for your own product development. You may also use this information to ensure that your offering is first to market or an improvement on your competitor’s new offering.
Let Rooster Marketing Do Your Competitor Analysis Research For You
Rooster Marketing can provide you with information that will give your business a distinct competitive advantage and provide you with an understanding of how your existing and potential customers view the competition.
Our competitor analysis will review:
- Your company’s key competitors
- Competitor product or service summaries
- Competitor strengths and weaknesses
- The strategies used by each competitor to achieve their objectives
- The market outlook