Importance of Competitor Analysis
The ultimate goal of marketing is to meet the needs of customers, but this alone wouldn’t suffice to ensure long-term success. The real challenge lies in an organization’s ability to meet the demands of their customers through better strategies than those adopted by their competitors. A detailed competitor analysis offers a starting point for the development of competitive marketing strategies in order to stay ahead of the game.
A comprehensive approach to analysis, when conducted periodically proves to be the greatest asset for organizations. This is because it offers insights on- solid industry benchmarks, a better understanding of the marketing messages of their peers, and reveals new marketing opportunities.
A detailed competitor analysis starts with finding answers to the following questions:
Who are the current and potential competitors?
What are their strategic goals?
What are their strengths and weaknesses?
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Client’s Profile
The client- one of the leading industrial water treatment companies in the world.
Predicaments Faced
As a part of their business strategy to drive growth and stay relevant in the market, the client, a water treatment services provider wanted to view their competitor’s offerings in direct comparison with their services. Unfortunately, the water treatment company lacked adequate resources to gauge their competitor’s strategies, which is why Infiniti Research was commissioned to help them develop a competitor analysis framework.
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Our Approach
The experts at Infiniti Research adopted a step-by-step, engineered approach to competitor analysis, which proved to be a valuable, stand-alone component of the client’s market research objectives. Primary and secondary market data gathered from nearly 400+ channels across the market were assessed to gauge the competitive landscape and devise appropriate strategies.
Based on the findings of this engagement, the competitor analysis framework helped the water treatment solutions provider to profile the global competition, identify marketing strategies used by their peers, and detect key market opportunities to capitalize on.
Business Impact
With the help of the devised competitor analysis framework, the water treatment solutions provider gained detailed insights into the importance of competitor analysis. The findings further revealed that technology was an attractive option to invest, thereby prompting them to enhance their service capabilities.
Additionally, given the success of this engagement the water treatment company has now made competitor analysis an integral part of their market research and innovation management process. Also, they have been able to successfully replicate the adopted approach in similar projects.
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