Business Consultancy

Competitor Analysis

It's easy to focus only on the day-to-day running of your business but it pays dividends to think about longer-term and more strategic planning and there are many benefits to knowing more about what your competition is doing. The type of competitor information you will need depends on the type of business and market sector you are operating in. You need to consider:

  • who they are
  • what they offer
  • how they price their products
  • the profile and number of their customers compared to yours
  • what their competitive advantages and disadvantages are compared to yours
  • what their reaction to your entry into the market or any product or price changes might be.

There are three main ways to find out more about your competitors:

  • What they say about themselves - sales literature, advertisements, press releases, shared suppliers, exhibitions, websites, competitor visits, company accounts.
  • What other people say about them - your sales people, customers, local directories, the Internet, newspapers, analysts' reports and market research companies.
  • Commissioned market research - if you need more detailed information you might want to commission specific market research.

When an organisation takes competitor intelligence seriously, it becomes focused on outmanoeuvring its competitors. Consequently, its market and economic performance almost always improves, sometimes significantly. Many organisations try and compete with only a basic understanding of their competition. Pierce can help you understand the benefits of robust competitor intelligence, outline the necessary steps to analyse competitors rigorously and examine the implications for your business strategy.


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