Your competitors will NOT stand still. They want your business, and your customers. To survive and prosper, you must have a competitive market analysis, investigation & assessment of competitors' SWAT (strengths, weaknesses, adaptabilities and threats). It is just as important to knows your competitors' situation as it is to know your own.
Remember: "The only constant in the world is change"... RIGHT NOW your competitors are thinking up ways to steal your success from you. You MUST keep them under constant scrutiny!
In growing/developing markets, competitive activity can be beneficial (with the right strategic approach). In mature or declining markets it can dangerous or advantageous. 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, use their efforts against them, or avoid direct competition altogether.
Competitors are not just those who do the same thing as you. Competitors are anyone who distracts customers that SHOULD be yours.
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, often due to a weak corporate information collection process.
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! You need to know what they are planning, how much they have to invest, who their targets are, why they are doing what they are doing, and when they are about to attack: Marketing Intelligence includes all Marketing Communications (advertising, online, personal selling, etc.), Pricing, Product Development, Brand Strategy, Distribution, and more: It is information that empowers you.
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, discover marketing intelligence about your competition.
What do you really know about your competitor?
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...
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!
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