What is a competitor assessment?
The competitor assessment gives an in depth look at your competitors and their approach to the market.
Why do a competitor assessment?
To better understand the drivers of their behaviour in the market and likely future actions and behaviours. Without this kind of work competitor behaviour can seem strange or illogical. With the output of this process your business is better able to understand what the competition is up to and how to counter it.
Who would benefit from a competitor assessment?
Any business that wants to have a clear understanding of their competitors and their drivers. This is a useful tool to use when change has occurred in any of the key players in a market.
How long does it take?
A competitor assessment of an individual market takes approximately 8-12 weeks.
What is included?
The main elements of a competitor assessment are:
- Overview of competitors
- Financials (where available)
- Market coverage and product offers
- Key locations and capabilities
- Competitor strengths and weaknesses
- Competitive dynamics
- Leadership and strategy
What is the process?
We start the process with a scoping discussion and a written scope document. Prior to starting the job we provide a letter of engagement, setting out the terms of the engagement. You will need to sign this document on behalf of your business and return it to Competitive Insights. Putting the document together requires access to internal financials and documents. In addition we will need to interview a small number of people who hold key positions in the business. We update with the key contact or group on a weekly basis and are available for discussion on completion of the document.
What do you get?
The output from this process is a PDF document that is suitable for electronic sharing or printing. In addition to the document there are weekly progress/debrief sessions during the engagement as well as presentation/discussion when the final document is delivered.
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