(warning, this page will share opinions!)
Analyzing the competitor could help you to understand where to play, how to win and who your competitors are, but often people are too busy to gather competitor data and analyze their moves. You might have even principle not to follow your “enemies” and it’s not supported strategy in the whole organization “waste of time”.
In latter cases, we completely understand why. You have probably had negative experience of typical competitive analyses from large research companies which reminds more of a copy of local yellow pages than analysis.
However, proper analysis can help you to understand how your competitors approach the business and it can help you to discover strategic areas where you want to position yourself, win the business and what products or application segments you may want to consider adding to your line-card.
- Research should contain answers to your must win battles. (Could be for e.g sales channels, contractors and why they prefer competitor instead of your solution)
- Features, services or products you are missing in your offering or portfolio
- Price list and analysis of competitor’s components will give you an idea of cost competence
- Accurate information, “long lead time, or expensive” is not accurate.
- In what other fields the competitor performs better than you.
- Ideal customer profile of the competitor
- Marketing channels (does not tell how successful the marketing is), but is it Wechat, Facebook, Linkedin, Snapchat, Tiktok etc. and understanding the marketing strategy in different territories makes the difference.
- and last but not least, how is the competitor’s customer service
We build the report that is tailored according to your needs and will let you know feasibility of the project in advance. For collecting data, we use advanced tools and we will utilize our partner network and connections to gather the information from the market.
We are currently working on the LED optic market analysis, please let us know if you are interested in the report – and give us comments what data you would be particularly interested.
Step 1: Connect
Please let us know your expectations for the result, analysis, data requirement and companies you would like to analyze.
Step 2: Review & confirmation
We will review your expectations, given companies and come back to you with proposal, feasibility of all information, time schedule and price estimation.
Step 3: Execution
After confirmation received, we will start working with the project and will call if you if we have any questions or need help from your side.
Step 4: Fulfilment
After project is complete, we will go through the project checklist and make sure all the requirements has been fulfilled. We will follow up with you after few months how the implementations has been taken to the effect.
There is a fairly large difference between the innovator (leader), implementor and pure follower. Competitive analysis helps you to understand the competitor product range including the strengths and weaknesses of your competitors, which you can use to hone your missing gaps.
Sometimes the task is easy, it could be about the website, marketing strategy, keywords (and in general SEO) or how to attract your customers with the right message, finding customer’s pain points and creating added value.
But there are many other things to consider too. One Vice man a “serial entrepreneur” Johan Sköld who spoke in general about digital innovation, and what future brings once told following:
People buy these reports expecting to discover something revolutionary, but these reports contains mostly market size, list of competitors, their turnover, few large players as a customers for the competitors (who everyone knows) and generic CEO comments.
Report might be good, if you are planning to do M&A. Some companies are even happy only seeing information that their company look better in the report compared to others, but isn’t 5.000 – 10.000 euros quite a lot of money for that?
Does the generic report really provide value? Let’s play with hypothetical idea: You prepare 5 years growth plan based on the numbers in the market or competitive analysis. You have learnt that market size is 103B $ and you prepare ambitious goal, expecting you will get minimum of at least 5% of that available market. You also know that competitor’s customer is say Acuity.
Then what? Did you got information what stones you must turn to get portion of that market size? If yes, please let us know how did you do it!