Competition plays a direct role in the success or failure of any business. Whether it’s the level of pricing pressure, the pace of innovation, or the services and benefits manufacturers are expected to offer, competitors place a stake in the ground that others must at least acknowledge if they hope to hold—let alone gain—market share.
Healthy competition can even inspire your business to new levels of capability. An in-depth study of other players could also uncover gaps in the marketplace that you are uniquely positioned to fill.
And yet, few companies take the time to perform a comprehensive evaluation of their competitors. Ignoring these blind spots can be an invitation to disaster; an MRC-led competitor analysis provides the knowledge you need to protect yourself.
This analysis should be a critical part of your own marketing strategy. Just as you make an effort to forecast your profitability, examine distribution, and marshal other resources, having an up-to-date understanding of the headwinds that exist in the marketplace is a vital part of that planning.
During the discovery phase, we begin with a review of the competitors you would like to benchmark. These can be the cross-town rivals you face on a daily basis or more aspirational competitors that currently own the strategic high ground. Once identified, we gather information on each company’s:
- Size (employee/revenue)
- Revenue growth trend
- Primary SIC/NAICS codes
- Mission Statement
- Positioning/Branding Emphasis
- Core Competencies
- Industries served
- Path to Market
- Web Presence
- Website Performance/Analytics
- Social Media Analysis
These elements help us to answer an all-important question: why a customer might select one company over another. Is it a matter of quality? Are there core competencies that place one rival beyond the rest? Together we put ourselves in your customers’ shoes to find out what you do well and recommend areas for improvement.
At the end of the analysis process, we deliver solid intelligence—real-world data you can use to inform your strategic business planning.