LONDON--(BUSINESS WIRE)--Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest list blog on the top five steps for performing competitor analysis.
Performing a competitor analysis is an activity that all product managers undertake at some point. It is crucial to have a solid knowledge of your competitors and their action in the industry. Competitors analysis will help you make better decisions during the strategic product planning phase. It ensures that the organization is ready to answer to their competitors and helps gauge the strengths and weaknesses of your competitors. In this blog post, we’ll take you through the top five steps for performing competitor analysis.
According to the competitor analysis experts at Infiniti, “Competitor analysis is one of the most important business exercises before starting a business or introducing a product.”
View the complete list of the top five steps for performing competitor analysis from Infiniti
Infiniti Research is a global market intelligence company offering strategic insights to help look beyond market disruptions, study competitive activity, and develop intelligent business strategies. Listed below are the top five steps for performing competitor analysis.
Top five steps for performing competitor analysis:
Define your market and customers: To build a strong competitor
analysis framework, it is crucial to know what market the company is
serving. The question should not only answer market queries regarding
geography but should contain information on other factors such as the
needs and wants the product is fulfilling, the customer segment, and
price point. There are many models available to evaluate and outline
the market and the customers, but it should answer these fundamental
- What wants, or needs is the product satisfying?
- Who will use the products?
- How much will customers spend on it?
- Which organizations are currently satisfying current needs and wants?
- Identify current and future competitors: With the aid of the questions answered before, organizations should accumulate a list of competitors who are competing in the same area. Also, it is also vital to figure out who will be competing in the same area the coming year or say five years down the line. For example, if you are selling a deodorant, then you should list out all the players selling deodorants in the market, with branded and unbranded ones. It is important to list out indirect competitors as well, for instance, people who do not use deodorant may otherwise choose perfumes, or even make do with fragrance soaps. Since using perfumes will eat up the market for deodorant, such factors should be regarded when performing a competitor analysis.
- Analyze competition and find out market share: To conduct a thorough competitor analysis, listing out competitors is not enough. The organization performing competitor analysis must understand what their competitors are doing and how big they are. A direct way to find out such information is to perform market research. But not all companies may have such massive resources, so alternatively, they can use accessible news articles, company websites, industry journals, marketing collateral, analyst reports, and company reports. Also, looking at reviews on various rating site on the competitor can give a clue of how well the competitors are doing. It is also a necessity to find out their existence in regional and local markets.
- Visit our page, to view the complete list of top five steps for performing competitor analysis
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 15+ years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.