Homework and first things first, so industry and competitor research is critical. Thorough and honest analysis of your business will help immeasurably for targeting and positioning. First we establish your purpose, your current position and then we start to review how you meet customers needs.When we are across the core facts, we are now in position to begin competitor analysis. The overarching and guiding framework for this is obviously data on the industry and sector as a whole with a clear view on where you and your competitors currently fit.
We will help do the same analysis of competitors to gain a thorough understanding of who they are what they do and as far as can be ascertained, how they do it. We’ll help you do to the research to understand who the players are, what their objectives are and their resultant strategies as well as their capabilities. We apply traditional competitive position analysis to understand where possible power and opportunities lie.
This process of industry and competitor research will help to determine which strategies we should pursue for your business and even help to identify possible gaps in met needs, read possible opportunities in unmet needs.
MARKET PENETRATION TOOLS
Businesses must identify the people for whom their product should be a first choice. You find them then they see you!
Planned and organised targeting takes time and commitment but is very much worth the investment to set your brand apart in your audience’s perception. This is an opportunity to show the needs and wants that only your offering can meet in a particular way. Defining your business’ purpose and identity provides a psychological hook for target customers with how your business can meet their specific needs. It allows you to make a promise that emotionally as well as rationally connects you to your audience.
Summary of industry and competitor research
Business environments and brand status aren’t static. It is absolutely necessary to understand the industry and how it is changing. You need to put yourself in a position to make informed decisions about the direction in which the business should go and to understand your positional possibilities in the competitive landscape. These issues and more are the purview of industry and competitor research. The fundamental value in this process is learning enough to determine not just the strengths and weaknesses in your business but where the opportunities and threats are and even whether there are opportunities in the threats. Are there changes you can adopt may yield robust returns?
Changing tastes, influences and lifestyles mean everything is a moving target.Good strategy is dependent on good data thoroughly analysed, properly interpreted. To launch new products or brand, or even new communications strategies, industry and competitor analyses are necessary to get clarity on what, who and where you should be targeting. To understand past and current trends in your industry and to help to anticipate demand and lifestyle trends and changes in your operating and economic environment. These act as a basis for decision making for long range planning and business strategy. These are complex processes and it makes sense to get help with it, especially skilled and independent parties to review sector and industry reports, paying attention to the currency and relevancy of the data and profitability factors. It may be necessary to test or validate the data.
We can help you undertake competitor analysis allows you to review you competitors and their objectively definable competitive strategies and analyse their strengths and weaknesses to help you pinpoint where your possible uniqueness lies or what needs to be changes in your product, ofFer, benefits and or message to stand out and be more competitive. Porter’s 5 forces is one of the key tools we use in this process. Competitor analysis helps to expose, using a wide lens the general assumptions and objectives as well as the limitations of competitors and can act as a guide to predict their behaviour – this is important to know how they will respond to your advances and incursions on the market. Kit Needham’s guide gives a good view the process outputs.