Wondering what the competition is better at than your company? Want to find out what drives consumers to choose another company's products? The best answer to these and similar questions is a competitive analysis.
Analysis of competitors' offerings
Analysis of outreach channels
Analysis of pricing policy and financial data
Presentation of information on operations
Analysis of the specifics of products offered by competitors
Verification of the channels to reach the potential audience
Determine the position occupied in the market by competitors
Analysis of data from official and commercial databases
Identification of the directly competitive environment
Mystery Client survey of selected competitors
Analysis of marketing activities and outreach channels
Matching analysis tools (McKinsey matrix, ADL)
What is a competitive analysis?
Competitor analysis is the process of identifying the behavior of other companies in the market. It is an indispensable service when starting a new business, expanding into new markets, introducing an innovative product or monitoring a company's current position. During it, calculations and estimations are made to estimate the market share of individual competing companies.
How will competitive analysis help you?
As part of competitive analysis, we study the offerings and marketing strategy of companies in the market - this information will later help determine the strengths, weaknesses and USP, i.e. the unique feature of your company's offerings compared to direct rivals. What else will competitive analysis help you with?
- In describing your company's target market;
- In checking your current and projected market share and sales;
- In a price comparison;
- In a comparison of customer ratings;
- In knowing your position in the market;
- In identifying trends and best practices used by competitors.
By being aware of your strengths, you can use them as your differentiators against the competition, and by knowing about your weaknesses, you can try to combat them and consistently work on them, which will translate into improved performance for your business. By comparing the prices of your competitors' products or services and how they are rated by your customers, you will learn why consumers opt for others' products and what measures you should take to keep your business ahead of the competition!
What are the characteristics of ConQuest Consulting's competitive analysis?
At ConQuest Consulting, we pay great attention to flexibility and individual approach to the client. For this reason, we start each project with a managerial consultation, during which we establish the details of cooperation, frequency of meetings and goals for the coming week to fit the unique needs of your company and allow you to monitor the progress of the work. For each project, we appoint a Project Manager, a dedicated project team and a Project Supervisor who ensures the success of the client and makes sure that the project meets all original objectives.
In the next step, we proceed to designate the companies to be analyzed. The companies can be designated by our team on the basis of a preliminary market analysis or by the client, who already at the beginning of the project has a list of potential competitors prepared.
This will be followed by in-depth desk research, a study during which our task is to gather the most important competitive information, which will be used for estimation and analysis in the final report. During the study, we use commercial databases, which are of great value due to the fact that it is expensive to gain access to them.
The final result of the work is a dedicated competitive analysis report. We will prepare for you and your company a ready-made and graphically clear material, which will be of value not only to one department, but the entire organization with all the data, which will be presented to you during the meeting summarizing the project work. On the basis of the information collected and the analysis carried out, you will receive from us a set of recommendations that have already helped hundreds of our clients.
Why should you choose ConQuest Consulting in particular?
At ConQuest Consulting, we have a number of projects under our belt that confirm our market competence and references that prove accurate recommendations for our clients. We have carried out projects for both large companies and small family businesses. What sets us apart from the competition is our years of experience combined with our attention to meeting our clients' every requirement and one of the highest NPS scores in the market, which signifies our clients' loyalty to the company.
Since 1998, we have had the pleasure of completing more than 1,100 projects, among them competitor analysis. Take a look at sample case studies including analysis of market rivals and see the benefits of projects completed by us for such companies as Bakoma and Gpi Tanks!
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