What is competitor analysis?
While comprehensive market research lays out the landscape of your industry, it doesn’t go deeper than competitor identification. Occasionally, perceptual maps or competitor S.W.O.T. analyses will be employed, but, even then, these are intended to provide a holistic overview rather than macro insights.
Competitor analysis addresses primary threats – companies who share similar market segments and have similar products or services. Done right, it uncovers actionable information and identifies probable marketing tactics through scrutinising former actions. These may include past campaigns, press releases, digital and physical content, social media, changes in brand positioning and more. Ultimately, the goal is to uncover the key strengths and weaknesses of your significant competitors, as well as affording insights into possible future directions.
Why do you need competitor analysis?
Not all companies require competitor analysis. It’s an expensive investment, and money that may well be better spent on market research. Typically, we recommend it for companies who:
- Have a clear primary rival
- Are considering expansion into a new location or market segment
Competitor analysis is never useless, but it’s often a luxury that tight budgets don’t permit.
Competitor Analysis Pricing
Our competitor analyses are a bespoke service, so we don’t offer fixed pricing. To discuss your company’s needs and how we can help you, contact us at firstname.lastname@example.org or 1300 617 334.