COMPETITION ANALYSIS & RESEARCH
Gain an advantage on the market
An essential element in Polish and foreign markets is developing its strategy to adjust its offer to competitors operating on the market. The foundation for understanding the market players is a detailed competition analysis – their activities in marketing, sales, and business model in a given area.
Thanks to the competition research, our clients have the opportunity to identify the competitive background before starting their business. Through effective analytical methods, we can provide our clients with market insights crucial in creating the company’s strategy.
Cooperating with our team will provide you with a competitors analysis rich in internal information about competitors obtained using both primary and secondary methods. Thanks to a network of partnerships and cooperation, we can assure you that all information is authentic because we get them directly from the source.
Reduce the risk of your decisions even more, and check also our Market Analysis.
about the elements that are distinguishing their offer on the market
recipient of services/products offered by the competition
When you decide to do the competition analysis, we will establish a selected team of 30 specialists working in ConQuest Consulting and the support of our over 250 network partners active in the full spectrum of various markets, industries, and specializations. Competition is one of the most critical factors that determine the success and future of an enterprise. Even a top-selling product in high demand may not sustain a business if offered cheaply and in large quantities. Therefore, competition analysis is the primary step towards starting a business and changing the profile production or the enterprise expanding.
The competition analysis and its fundamental elements
Most entrepreneurs treat the concept of competition as a synonym for a threat. The so-called “Healthy competition” is an effective motivator which ensures that the offered goods or services have high quality. Lack of a competitor usually leads to lower standards or inflating prices, which negatively affects the brand. Keeping the conditions that will help the company stay on the market and ensure its development requires maintaining a balance between its competitors. They are the ones that have the highest impact on the demand and supply mechanism in the local market. Identification of the immediate competitive environment is a process that consists of determining the number and type of companies that use local resources such as (customers or raw materials) and cash. The analysis process includes six elements:
- Competitor products and services – this area includes product quality and prices. Verification of the specificity of products allows us to determine the features that distinguish their popularity and competitiveness.
- Customers – the analysis contains the number of customers interested in products or services and their specificity – age, gender, place of residence, professional status, or education. In this field, it is also useful to analyze existing data, which allows you to evaluate changes in customers over time. Sales channels – an area that contains the essential ways of distributing products by a competitor, such as commercial representation, internet, wholesale or retail sales, e.g., discount chain.
- Target group – a category of people to whom the company’s products are directed. Thanks to the precise classification of the target group’s characteristics, the work can be adapted to the recipients’ preferences. The choices can be determined by many factors, such as age, gender, education, professional groups, or financial status.
- Competitive advantage – an element that is very difficult to study because it’s aim is to identify market niches or product features that customers will appreciate more than they understand competitors’ product
- Financing requires analyzing the competitive company’s history and determining what options have been used to achieve success. Using a proven pattern can be a recipe for your success.
- Strengths and weaknesses – SWOT analysis that is highly valued in business help determine Strengths and weaknesses. A good SWOT analysis is a condition for starting a business. Some enterprises, such as trade or service industries, require unique methods. One of them is the so-called SWOT. Its role is to play a client and find as many profitable features for competitors as possible.
Competition analysis with ConQuest Consulting
The study and analysis of all elements, including identifying the immediate competitive environment, requires using appropriate tools and the ability to collect and analyze the gathered data. We have an experienced team, but we also cooperate with 250 external experts, thanks to whom the analyzes are more comprehensive and more accurate. Existing data analysis, mystery client research, or product specificity verification are carried out professionally – in cooperation with the client. As a result, we can provide them detailed market data, which is crucial in creating its strategy.