I looked at my competitors and I thought that if they could do it, I could do it. And if they are popular and doing well, I could compete with them.
Emerging and mature companies often commit substantial resources to competitive analysis, which is often impractical for new start-ups with a limited budget. However our services make it achievable for you to obtain reliable, unbiased, competitor analysis and research at an affordable level.
Identifying your direct competition
The first step in conducting competitor analysis is identifying your competitors. We begin this process by considering the range of competitive offerings in your marketplace. Direct competitors are businesses that are offering identical or similar products or services as your business.
These are companies that customers can easily buy from instead of from you, so these companies represent your most intense competition.
Whilst the nature of competition in your industry will determine the number of major competitors you must consider in the competitor analysis, most clients identify 4-6 competitors. Those competitors will be analyzed in depth.
Carrying out competitor analysis
From the list of direct competitors we identify, we make contact with each as a potential client. We evaluate their sales presentation, gather pricing, document policies and service procedures as appropriate.
From the data we compile, we analyze the strengths and weaknesses of each as compared to your own business. Using this data we assess how they perform across key customer service areas.
Competitor analysis report
From the key data we compile a comprehensive competitor report, the information from which will enable you to present your service in a way that is distinctive from your competitors.
Our analysis will include:
- Price/fee positioning
- Customer/client service comparisons
- Identification of added value products
- Identification of competitor strategies
- Strengths and weaknesses of competitors
- Customer observation data
- Analysis of market status
- Overall view of the market
- Providing key recommendations for your business
Acting as a secret shopper to your own business
Whilst it is essential to know what your competitors are doing, it is crucial to know what is happening in your own business when you are not there.
We will agree a business scenario with you in advance, whether you wish us to present ourselves as a typical customer, or indeed a more difficult or even troublesome client. Following completion of our ‘Secret Shopper’ assignment, a detailed confidential report will be produced, outlining key areas of weakness, or indeed areas where your staff have surpassed your expectations.Where required we can also offer assistance in implementing recommendations.
Attendance at trade shows
Your competitors will be advertising their firms’ products or services. We can take advantage of this as a Secret Shopper to determine their product offerings and strategies, and how they sell themselves.
This tailored service can be carried out for companies where it is necessary to have ‘face to face’ contact.
Whilst our services are very much tailor-made to suit your requirements, we offer the following research packages:
|Identification with the client of up to 5 competitors||Yes||Yes||Yes|
|Contacting up to 5 competitors as a prospective client||Yes||Yes||Yes|
|Providing an individual report on each competitor||Yes||Yes||Yes|
|Comparison of fees in relation to your own||No||Yes||Yes|
|Comparison of other key business areas||No||Yes||Yes|
|Customer experience chart||No||No||Yes|