Published date : 3 Mar, 2023
Why Should A Company Evaluate Its Competitors?
How Can You Identify And Track Your Competition When You Can Run With It?
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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