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:
- What products and services they offer and what products and services are in their pipelines
- The infrastructure and operational processes used by these firms and how this impacts their ability to succeed in the future
- Their pricing structures
- What proprietary technology (patents held or filed) the firms maintain
- Where we can expect these competitors to be in the short, mid and long-term
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.