A critical part of any business is to really understand what your competitors are doing in the marketplace and the threat they present to your financial well-being. Using a third party to complete a competitor analysis would give an unbiased view of your competitors.
A competitor analysis will be an integral part of your overall business plan. It will allow you to establish what makes your services or products unique and therefore the USPs to promote via your sales and marketing strategy.
Pivotal Scientific would advise that a competitor review should be carried out at least once a year so you are able to keep up with the competition.
A competitor analysis can be undertaken as a standalone piece to help gauge your competitor landscape but should be used as the starting blocks for any complete Business Plan. Our analysis will look at the following:
- Main competitors (company size, certifications, products, social media)
- Conferences your competitors are attending
- Company News (news, offers)
- Supplier/Distributor review
- Your competitors’ strengths & weaknesses
- What threats do your competitors pose?
- What opportunities do they make available for you?