In a competitive world, it helps to know who the competitors are.
Identifying your competitors' strengths and weaknesses can help you develop barriers to prevent competition from entering your market, and identify weaknesses that can be exploited
At JWPM we have a toolkit for undertaking competitor analysis specially designed for b2b marketing.
Our B2b competitor research tool klt...
- Competitive environment: The first thing to determine is the shape of the competitor ranking curve; are you up against a few strong players or fighting a long tail of 'rats and mice' nipping away at the opportunity landscape?
- Key players: We can provide you with a detailed analysis of the major players in the market and report on profile, revenues, profitability, visible strategies, key personnel, their brand strength, are they a "pure play" or do they compete in this industry only as an add on activity? segment focus, major product or service lines, corporate history and ownership structure.
- Kamikaze competitors: A key finding can be the existence of a 'kamikaze competitor'; an industry player who is buying every job at unsustainable rates. They can sometimes take a number of years to finally destroy themselves but in the meantime they drive industry profitability down. The effect on the market can sometimes take years to dissipate while customers' perceptions of project costings are re-educated.
- Hard to get data: Many companies are privately owned and obtaining key financial information requires more detailed investigation. We are really good at finding ways to estimate financial data and key corporate statistics and verify the information through modelling and independent third parties. Even if we have to count the number of trucks leaving the factory, we will do what it takes. We do it legally and accurately.
- Key customers: We have techniques for identifying your competitors strategic customers.
- Sales team: We can investigate the composition of your competitor's sales team and identify their star sales people.
- Pricing studies: We have also undertaken pricing studies to reveal what players in the market are charging for particular products and services.
- Competitive advantage: Identifying the competitive advantage that your competitor's are exploiting to maintain or gain market share.
- Strengths and weaknesses: Delivering a strategic summary of your competititor's strengths and weaknesses and provide our opinion on how to best compete against them.