Competitor Intelligence

Published date : 24 Nov, 2024

Why Should A Company Evaluate Its Competitors?

When you work in an industry brimming with brands offering similar products and services, how do you identify your strengths over competition to frame break-through strategies. You not only need to follow and understand the market trends but to cater the customer needs you need to be ahead, always a step ahead of your competition. That’s when you need to identify, track, and move ahead your competition
To place yourself ahead of your competition you need to identify their activities and understand their intentions. The key is to be able to identify strengths, threats, opportunities, and white spaces to build trend-based strategies that put you above your competition to give you an upper hand in the industry.

How Can You Identify And Track Your Competition When You Can Run With It?

There are innumerable sources of data on the internet; a surface level being the basic web search. But are we sure this is going to help us move head and form a strategy by analyzing our competition? A superficial web search can give you an overview on who your competitors are but what’s available to us would be raw data and non-directional information. To process this data into strategic information we need unidirectional market intelligence.
A market intelligence firm such as The Business Research Company helps you to not only identify, track and stay ahead of your competition through our competitor research studies but also outperform your competitors by understanding their current and planned activities and analyzing their strategies.
There are many tools and methods such as PESTEL analysis, a BCG matrix, Competitor Analysis, featuring 4 corners, observational research, mystery shopping and more. A deeper search should include views into regional analysis, historic revenue generation, M&As, impact of the latest market trends on the industry, change in management and more.

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The Business Research Company talks about the three best practices one must inculcate while evaluating their competition.

1. SWOT Analysis – To make informed decisions

TBRC’s client in chemicals, pharmaceuticals, and information technology market wanted a competitive analysis on two competitors, Natus Medical Incorporated and Semler Scientific to understand their Strengths, Weakness, Future Opportunities in the market and Threats they might face from these two competitors.
The methodology followed by TBRC to provide the client with the required solution included a detailed secondary study to mine information followed by a progressive primary research of conduction interviews with executives in the business and other relevant people.

2. Competitor Monitoring - To build market trend-based strategies

One of India’s fastest growing education sector companies was facing issues in filling student seats in locations such as Hyderabad, Mohali, Bangalore, and Visakhapatnam. To understand the attitudes and behavior among potential customers in these locations they wanted to monitor their competition’s marketing, branding and service offering to ensure an alignment with customer needs and concerns. They also wanted to understand perceptions and mind-set among SEC A+ parents in the target locations.
The methodology followed by TBRC to provide the client with the required solution included a two-phased approach to obtain the information required by the client – In-Depth Interviews and quantitative CATIs for random samples within the target population, in order to gain a representative response reflecting the attitudes and concerns of the client’s parent group.

3. Competitor Monitoring – To Always Stay a Step Ahead

The client wants to understand the current market competitor scenario of glycine market. The client was interested to gain the following information – historic and forecast market sizing current market scenario key competitors services offered pricing analysis trade balance and export and import analysis and various other aspects of the market
Research findings were delivered to the client as a custom report covering – market characteristics trends, drivers, restraints historic and current market size, trade balance export and import, analysis on competitor, competitor pricing analysis conclusions and recommendations

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