Small businesses need to build strategies that result in profitability and long-term success. One way to obtain insights that lead to the development of intelligent business strategies is Competitor Analysis. Taking an in-depth look at how your competitors are performing in the market can help to determine how your own business is positioned regarding competitors, customers, product and service offerings, and more.
Research Optimus (ROP) has over a decade of experience in providing comprehensive Competitive Analysis for small businesses:
- Honing what drives competitive advantage for small businesses.
- Creating a bespoke method of identifying the challenges unique to this business size.
- Addressing challenges effectively via our Competitive Analysis service range.
Small businesses need customized insights to help them stand out amongst the competition and offer the right products and services for their customers.
Key Benefits of Competitor Analysis
Small businesses have different needs and objectives from their larger counterparts and require the appropriate personalized approach to addressing their competition.
There’s a lot to be gained from obtaining insights regarding your competitors, and this knowledge can inform smart approaches to product launches, marketing strategies, customer-driven content, and risk management.
Through our Competitor Analysis, ROP provides small businesses with numerous benefits to help them create intelligent solutions based on accurate competitor data.
ROP’s Competitor Analysis offers a variety of targeted benefits:
- Being able to spot trends in the market.
- Studying the market from different perspectives and areas.
- Insight into the development of products and services.
- What’s successful and what’s not regarding competitor strategies.
- Creating new ideas.
- Understanding strengths, weaknesses, and opportunities.
- Determining and managing risks.
Challenges Faced by Small Businesses
Small businesses face unique challenges, and it’s critical to address these obstacles before implementing effective solutions. The progressive nature of today’s business climate necessitates identification of challenges so small businesses can be equipped with valuable information to help overcome specific obstacles.
ROP’s Competitor Analysis can help small businesses address the following challenges:
- Determining your direct and potential competition
- Spending time and resources on conducting an in-house competitor analysis
- Balancing quality and growth
- Appealing to a particular demographic or customer base
- Responsiveness to customers
- Innovating with products and services
- Utilizing their data effectively
- Better allocating resources
Choosing to work with experienced professionals at ROP can help alleviate these challenges so that your small business can move forward with accurate results.
Process of Conducting Competitor Analysis
Small businesses can receive actionable data regarding competitors so that effective solutions can be implemented. ROP’s specialized process of competitive analysis includes the following:
Which businesses are offering similar products and services? What are the most popular and successful companies in your respective market? ROP identifies your direct and indirect competition to help your business better position itself within your shared market.
Identify Your Competitor’s Customer Base
ROP obtains insights to help your business understand your competition through the eyes of the consumer, analyzing why customers are choosing to engage with your competitors.
Identify Your Most Competitive Areas
Do your strengths include media, pricing, or customer service? Where do you most stand out as a small business? ROP provides information about where your company is succeeding so that you can further develop strategies that center around your best assets.
Competitive Comparative Evaluation
ROP evaluates your business’s strengths and weaknesses per category in comparison to your competitors, enabling you to address any vulnerabilities effectively.
Sub-Categorization of Comparative Evaluation
ROP further refines the analysis parameters according to subcategories for deeper insights. If your strength is media, we sub-categorize by Facebook, Twitter, Instagram, Billboards, Print, etc.
Where is your company “weak” in comparison to your competition? Where can you improve? Is your Twitter strategy getting the number of views and traffic that sets you apart? Does your customer service strategy need to be adjusted? ROP identifies where your business can target areas for improvement.
ROP helps you determine intelligent opportunities for your small business. If you have a void in your social media strategies for your brand awareness or pricing models, an effective social media or pricing strategy can be developed.
Competitor Analysis that Supports Your Small Business’s Bottom Line
Competitor Analysis is an important means of increasing profitability, success, and remaining competitive in your market. Small businesses can plan strategies based on the insights gained from conducting Competitor Analysis, and better understand which specific areas of your business to focus on or improve.
Through a combination of intelligent technologies and detailed competitor profiling, ROP provides small businesses with the insights they need to successfully position themselves within the competitive landscape. For more information on how Research Optimus can assist you analyzing your market position concerning your competitors, Contact us today.