Companies are often good at looking internally and highlighting areas of the business with potential for improvement: Yearly sales forecasting, profitability, resource allocation and internal SWOT analysis form the bases for the Marketing Strategy. However, it is also important to look at rival companies and carry out a Competitor Analysis report to to identify the current and potential competition. This will assist in making knowledgeable decisions about their own marketing strategies.
This is a strategic technique used by us to evaluate outside competitors. The analysis seeks to identify weaknesses and strengths that your company’s competitors may have, and then use that information to improve processes within your company. Our effective analysis will first obtain important information from competitors and then based on this information predict how the competitor will react under certain circumstances.
It is advised that this should be an annual review (as a minimum) of your competitors and their products. It will identify:
- New products & formats
- New marketing activities
- New opportunities and threats
- Existing and new market developments
Every few years it is also worth getting a detailed review of your company and core products and services from an independent source. The advantage of using a company outside of your organization is that they will bring a fresh eye to proceedings and give you insights you may not have spotted in your annual review.
With our wealth of experience within the International Life Sciences industry Pivotal Scientific can help you understand your competitors, to enable you to focus on driving your business forward.
A FULL REVIEW
We will complete a full review of your business and your 2 main competitors:
- Overview & Profile
- Competitive advantage
- Market Share
- Marketing Strategies
- Key Product & Services
- Pricing & Costs
- Distribution Channels
Once complete you will be able to understand what makes your products and services unique and what you need to focus on to ensure growth in these areas and how to protect your company against your competition.
COMPANY HEALTH CHECK
As business managers we get very insular when looking at ways to ensure that our business is successful today and into the future. All businesses have weaknesses and strengths, if you want to sustain and grow your business, it is vital that these issues are addressed before they threaten your chances of long-term success. Having a third party complete a Business Health Check can be a key part of this process.