In today’s global marketplace, conducting detailed competitive intelligence is critical. By uncovering the strategies of large, small and emerging competitors, critical lessons are learned. Armed with this knowledge, Growthink is able to develop strategies for clients that avoid potential dangers and capitalize on emerging opportunities.
The first step of competitive analysis is for Growthink to distinctly define our client’s competitors as any service, product or company that a customer can use to fulfill the same need(s) as the client fulfills.
This definition includes firms that offer similar products, substitute products and other customer options (such as performing the service or building the product themselves). While using this broad definition results in more competitors to analyze, it results in improved strategies and decreased chances of being blindsided by competitive actions in the future.
Once the competitors are defined, Growthink provides detailed analyses of them, including:
The result of this assessment is a comprehensive list of competitors that also includes each competitor’s strengths and weaknesses and prospects for the future. Growthink then uses this information to identify opportunities and create strategies that will result in sustainable competitive advantage.