Competitor analysis offers the insights you need to identify the relative strengths and weaknesses, risks and opportunities, that will allow your organisation to get ahead.
“If you know the enemy and know yourself, you need not fear the result of one hundred battles.”
So said Sun Tzu in The Art of War, and his words continue to ring true 2500 years after they were written, particularly on the battlefield that we call business.
At Growth Partners we utilise a combination of the most innovative and proven competitor analysis strategies, in concert with our own proprietary technologies, to help businesses gain an incredibly deep understanding of their position in the market, and how to improve it.
A competitor analysis isn’t a quick browse of a competitor’s price list or social media presence. It’s the process of gathering the sort of thorough intelligence that you need if you are to craft a strategy that allows your business to outdo its competition. This intelligence revolves around your competitors’ companies, products and marketing strategies.
The reason that many organisations conduct limited business analysis, or don’t really bother at all, is that it is an imposing proposition. The questions that need to be answered - How did they secure $1 million in funding? Why did their ad campaign work so well? Why has their C-suite had such high turnover? - can be difficult to both define and get the answers to.
But worthwhile things are rarely easy. Truly valuable competitor analysis may be a challenge to conduct, but the rewards of doing so are incredible. And at Growth Partners, we turn this complexity into something that is far more easily digestible.
At Growth Partners we understand that knowledge is power, so we take a data-driven approach to competitive analysis. We use both quantitative data (the hard numbers) and qualitative data (surveys, interviews and customer reviews) to get a sense of your and your competitors’ respective positions, before drawing insights and offering recommendations.
What should you expect from the process? We will:
Committing to conducting competitive analysis, and developing a strategy based on the insights gained, offers a wealth of benefits, including:
At Growth Partners we offer a full suite of competitor analysis services, allowing you to either focus in on a single aspect of your business, or gain a more complete view of your market position.
With the standard customer journey now being made up of six to eight touchpoints, and each customer taking a different path to conversion, the sales funnel has in some ways turned into a sales labrinth. We’ll decipher this maze, then compare the sales processes and results of your organisation against those of your competitors, granting you a clear picture of your position.
How does the reach and engagement of your marketing compare to that of your competitors? Through thorough analysis, we’ll compare your efforts with theirs, and identify the areas where you can get ahead.
How does your Google ranking compare to that of your competitors? What is the reason for the result? Where do the opportunities for improvement lie? After gaining an understanding of how Googleable you are against your competitors, we’ll identify underserved keywords and optimisation strategies that will see you rise above.
Are you making the most of pay per click advertising? Gaining insights from the hard data, we will identify the most effective keywords for paid search, and understand what the most engaging SEM materials look like.
We will conduct a comprehensive competitive analysis, arming you with a clear, holistic and insightful view of your current market position, and the ways in which it can be improved.
You’re competing with more businesses than you probably realise. Almost every business has obvious direct competition, but there’s another category of rival that many won’t think about - indirect competition.
Think of Weight Watchers. If you were asked to name a competitor, you’d probably reply with a business like Jenny Craig. But the truth - and one that Weight Watchers customers might be unwilling to admit - is that McDonald’s is also a competitor. In fact, a customer might face an internal struggle between a Weight Watchers ready meal and a Big Mac every single night.
Understanding your own indirect competitors - those that may not necessarily have the same type of business as you, but who compete for the attention of the same type of consumer - is a key part of competitive analysis. At Growth Partners we’ll identify those indirect competitors, and offer tangible ways to mitigate their impact on your business.
Competitor analysis is never ‘complete’ - it is a process that should be revisited regularly.
Various aspects of competitor analysis warrant different frequencies. Perhaps the most regular of these is price comparison, as this is the most tangible and easily identifiable difference between offerings for the consumer. This becomes all the more important if you’re in a market that offers deals and promotions regularly.
In the ever-accelerating age of the internet, your marketing should also be the subject of regular competitor analysis and review.
Broader overviews of the market are great for generating ongoing insights, and also for benchmarking performance against a competitor set. These don't require attention as often as the marketing and sales analysis, but should be conducted at a frequency that ties in with your KPIs and business objectives.