Competitor analysis is an essential component of practically any business, regardless of industry or size. By definition, competitor analysis in strategic management and marketing is an assessment of existing and prospective competitor's strengths and weaknesses.
A competitive analysis survey is more than a worthwhile survey tool because it provides a backdrop for developing both an offensive and defensive strategy. Among other benefits, an offensive strategy helps to identify opportunities, while a defensive strategy provides the context to identify threats to success.
Experts contend that conducting competitor analysis isn't done often enough. Many companies rely on conjectures, impressions, and perceptions heard and acquired informally, rather than through a systematic competitor analysis survey conducted from well-designed survey software. As a result, these firms open themselves up to "blind spots" due to lack of accurate competitor analysis.
In order to understand how a business is performing -- and how to improve -- it is absolutely essential to understand its position relative to other companies in its industry. Learning about your competitor's market share, their best practices, why some customers prefer your competitor over you, and what your customers and clients like and dislike about your competitor's products and services are all areas that help improve you company's blueprint for success.
Learning about customer expectations with respect to product quality, price, and services availability, to name a few, that affect their satisfaction can help any organization develop new marketing tactics and strategies that now only improve upon its strengths, but its standing in the marketplace.
Analyzing competition upfront, not only helps save money in the long run, but time as well. It provides an informed basis to develop future strategies to gain competitive advantages. Knowing about your competitor's capabilities and resources can provide valuable insight into their actions and reactions to various competitor moves, include your own. Another hidden benefit of competitor analysis surveys is that they can help you forecast returns on future investments.
A competitor survey analysis software conducted using online survey software doesn't have to be just a business competitor analysis, however that is a common use of this type of survey. Whether in restaurant, retail, or hospitality, industry competitor analysis is another application.
Competitor analysis can be large scale -- meaning an examination of a high percentage of competitors in your niche, or it can be less all-encompassing. Conducting an in-depth exploration of your company's top five competitors in market share can be equally as rewarding. Furthermore, while competitor analysis is often thought of as best used for "for profit" companies, non-profit organizations need not be left out.
That said, many organizational leaders recognize that a competitor analysis survey tool is valuable. Yet, they lack the resources and time to administer one, let alone construct one from online survey software on their own. Fortunately, that doesn't have to be the case. Arm yourself with information about your business competitor through valued research done with our help.
Understanding the competitive landscape through a competitive analysis survey can give an organization a very real strategic advantage and competitive edge.