Businesses all across the globe need to position themselves and their marketing strategies to the best of their advantage. By conducting competitor analysis, businesses can gain unique insights into competitor advertising strategies, market share, products and services, pricing, customers, sales, and much more. Companies must accurately identify opportunities and create effective business strategies based on concrete analysis to lead their brand down the right path to market success. It’s about anticipating your competitor's next moves and staying one step ahead through proactive research and predictive forecasting. In a changing competitive landscape, it’s valuable to wield the weapon of intelligence and foresight against key market players on a continuous basis.
Research Optimus’s (ROP) streamlined, data driven approach to market research and flexible outsourcing service model positions us to offer premiere objective competitive analysis services to our global clientele.
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What Marketing Factors ROP Addresses with Competitor Analysis
Conducting a competitive landscape analysis is an essential part of business marketing. Not only can you identify exactly who your competitors are, but you can pinpoint opportunities, strengths, weaknesses, and threats, and ultimately assess the best approaches to developing successful marketing strategies.
- Competitor Identification Knowing who the main market players are, as well as both direct and indirect competitors (primary, secondary, and tertiary), can enable businesses to better evaluate potential market advantages and barriers. Identifying organic and inorganic competitors reveals companies who offer similar services or products, and who have similar business models and customer bases.
- Competitor Products Identifying the exact products offered by your competitors is crucial to establishing price structures, shaping new product development, and introducing new products to the market.
- Strengths and Weaknesses Obtaining a comprehensive view of competitive landscape includes identifying what the competitors are succeeding with, and what they’re struggling with. This helps businesses understand what is needed to gain a competitive edge and develop aggressive marketing tactics or business strategies based on the failures and successes of similar campaigns.
- Key Strategies Understanding what strategies your competitors are using is vital to informing and shaping your own. To this end, factors like competitor marketing tactics, lead generation content, and first-time visitor offers must be examined.
- Industry Trends Exploring industry trends related to competitors is vital to understanding the market climate and determining who is making an industry impact, current demand for product and services, and the best time to introduce or release products.
- Target Customers Delving into who your competitor’s target customers are can indicate shared customer bases, new customer demographics and prospects, how customers feel about your competitors, and evolving consumer environments. This information can help you enact superior ways of reaching existing and new customers alike.
How ROP Conducts Competitor Analysis
Drawing upon diverse industry exposure and experience, ROP approaches competitor analysis per individual client and need, relying on stringent, compliant standards for data collection and analysis to ensure clients can gain useful information and benchmarking to gain the upper hand against competitors.
- Industry Categorization Starting with a categorization of the industry according to Global Industry Classification Standards (GICS) for industry sectors, including Primary, Secondary, Tertiary, and Quaternary. This is applied towards both individual companies and stocks that assemble groupings depending on common business lines. This is distinct from the market sector, which is identified and addressed during the competitive analysis.
- Identifying Client Objectives The next step is ascertaining what the client’s objectives are, which shapes the specific data ROP’s analysts need to obtain in order to provide useful, actionable insights. For example, if a client’s end-goal is to develop a Unique Value Proposition (UVP), then ROP’s analysts would focus on identifying what attributes in the client’s offerings differs from key competitor’s offerings, how competitors are distributing and promoting similar products, deciding product elements for competitor’s customers, and what the Total Addressable Market is.
- Implementing Competitor Analysis Process In order to address client’s custom requirements, ROP’s analysts then implement the specific competitor analysis process, which may start with a SWOT analysis that will help the client classify their competitors based on strengths and weakness. This is followed by an analysis of the competitor’s marketing and social media campaigns, how they generate conversations, an exploration of SEO strategies, and an examination of financial data, including annual sales reports and overall market share.
- Analysis Reports ROP communicates analysis results and insights using a few purposeful methods. Interactive, custom data visualization dashboards, combined with corresponding written reports, provides a clear narrative for clients that communicates connections between data and ensures information can be easily understood for prompt decision making and action.
What Differentiates ROP’s Competitor Profiling & Analysis Reports
ROP goes above and beyond when it comes to competitive analysis, and digs much deeper into the complexities of industries, sectors, markets, customers, and constantly evolving competitor landscapes and recessionary environments. We support profiling and analysis with industry acumen supplied by our internal experts, utilizing the full breadth of skills from some of the top analytics talent in the industry.
ROP uses current benchmarks for research and analysis techniques and tools as a ladder from which to elevate our proprietary competitor analysis framework. This enables us to provide an end-to-end competitor analysis solution that truly targets specified and customized areas of corporate interest. Detailed profiles and analysis reports serve clients with data that intelligent strategies are built upon, and directly aligns with their current and future business objectives.
Leading Competitive Intelligence Company
Research Optimus is a world leading research and analysis organization that has provided competitor analysis research for companies in different industries all over the world. From competitor profiling, market segmentation, financial analysis, and risk monitoring, to social media analysis, market analysis, and industry research, ROP is prepared to support your organization’s research and analysis needs.
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