Competitive-IQ develops a comprehensive analysis of your primary competitors (competitor profiles) so that the information can be used as a tool to develop competitive business, sales and marketing, product development and management, merchandising, and service and support strategies and programs that will strengthen your overall market position and enable you to gain market share. These studies follow a set methodology and produce a set of deliverables that provide data and analysis for the client.
Competitive Analysis Factors Reviewed
We develop thorough competitor profiled...The steps in the process that we follow include developing a comprehensive profile of each of the competitors and their offers, as well as a market assessment. The profile analysis typically covers the following areas, but may be altered depending on the client's industry:
- SWOT Analysis
- Key sell-against strategy points
- Sales figures for the past 1-2 years (depending on availability of data)
- Key customers
- Recent wins 3-year plan
- Customer satisfaction
- Consulting, service and support
- Technology platforms, manufacturing processes
- Product marketing
- Offering strategy
- Pricing strategy and practices
- Product feature and functions
- Value proposition
- Messaging about themselves
- Competitor's messaging about the client International presence
- Key markets Key points of differentiation
Competitive-IQ combines primary and secondary research and information from both internal and external sources. The first step in the project is developing a detailed list of factors/characteristics that will be the used in the analysis. This list is submitted to the client for revisions and approval.
Upon approval, we will begin collecting data from a variety of sources including: annual reports, Dun & Bradstreet, Hoovers Online, company sales and marketing collateral including their website, advertising, social media, educational associations and organizations, industry publications and government agencies.
Where possible, we will interview/survey the client's customers, prospects (both wins and losses) that the client is able to provide. We normally like to access to the client's CRM system to determine what data on competitors may be stored there. We interview/survey the client's sales executives and review sales account plans that may have information on competitors. We will also interview industry experts and analysts. If the client has a list of experts and analysts that it has relationships with, we'd want to have that list.
All the data is then collated and indexed with any links and commonalities highlighted so that any new information found can quickly be tied to the existing data. During this phase, we identify the operating and marketing practices, including: marketing strategies, advertising and promotion, pricing (where possible), product development and delivery channels.
The last step will be to interpret, analyze and present the findings in the form of a report and supporting database.
The analysis includes: a profile of each competitor; an assessment of the competitors and the client's strengths and weaknesses along with a ranking of those factors; how well each organization is prepared to deal with threats and opportunities within the marketplace; each organization's overall new customer acquisition and retention strategies; business and marketing practices; competitive trends; and a financial analysis and comparison (where data is available).
It identifies potential weaknesses in competitors' strategies and strategies and programs that the client can capitalize on and identify points of vulnerability within the client's business model, strategies and programs with recommendations for corrective actions that could be undertaken.
It will also identify customer perceptions vis-a-vis the marketplace and each of the organizations in the study.
- Provides client the information to develop effective sell-against strategies
- Enables client to develop more precise positioning and value propositions for their products and services
- Gives client the data needed to determine and prioritize product features and functions
- Enables client to adjust / fine-tune their product road maps
- Enables client to adjust / optimizing their pricing
- Allows the client to make better informed "buy" versus "build" decisions
- Gives client the tools to explore alternative technology architectures and infrastructures
- Provides client with tools to evaluate quality metrics against their competition
- Better enables the client to determine appropriate investments in staffing and training
Competitive-IQ is a packaged solution, offered at packaged fixed price. Pricing includes conducting the analysis, producing and presenting all final reports. Package pricing will vary depending on the size and complexity of your business.
Starting At: (Call for quote.) Pricing Example: 5 products, 3 competitors, 1 geo: $30,000 - $35,000)
To find out more about our products and services, click here or call us today at (651) 315-7588.
Special Offer: FREE Intellicomp CIS Software
With the purchase of a completed CompetitiveIQ project. The client will receive an installed version of Intellicomp CIS Software with the findings of the competitive analysis loaded onto the application. This software maybe installed on the clients own server or a cloud service provider hosting service. The software license, server license and data upload are included in the package.
Software License Price: $2,995
Note: 3rd party service provider hosting and software support services are not included.