Competitive Analysis


What we do

In highly-contested markets, the fittest business survives. When it comes to either direct or indirect competition, being able to analyze and gather information on your competitors is key. We at Joey can help compile a comprehensive analysis useful for evaluating your competitors and understanding how to get a leg-up in your market. 

A competitive analysis is a step-by-step process, and critical part of your marketing plan. The competitive analysis assists in differentiating your product or service from competitors. A competitve analysis can provide you with an understanding of how your existing and potential customers rate the competition, a positive identification of your competitor’s strengths and weaknesses, and a mechanism to develop effective competitive strategies in your target market.

During our meeting, you will ask yourself, "Who are my top three competitors?" "On what basis am I able to compete?" "Are their products or services aimed at satisfying similar target markets?" "Are my competitors profitable?" "Are they expanding? Scaling down?" We work with you to answer those questions, and comapre your customer's ratings against your comeptitors based on price, quality, durability, image/style, value, name recognition, customer service, customer relations, location, convenience, and other

We gather information on your competitor's: 

  • Advertising - Not only does advertising copy tell you a competitor’s price and other product information, it provides an indication of your competitor’s entire promotional program and budget. When reading a competitor’s advertisement be sure to note the following: publication, frequency, special offers, product features and benefits highlighted. 
  • Sales Brochures - Sales brochures provide a wealth of product information. You can learn how your competitor is positioning their product and company and what features and benefits they’re using to sell their product. Try to obtain all new sales brochures and literature your competitor publishes. Significant changes in the content will indicate that new strategies are being employed.
  • Newspaper and Magazine Articles - Articles in newspapers and magazines are a source of information you can use to get an idea of what your competitor is planning for the future, how their organization is run, and what new product information or innovations they have. Journalists may also uncover and reveal unflattering information about your competitor that may prove valuable to you. 
  • Reference books and Databases - You can examine Governement and Commercial data sources. Not only do they make their pertinent statistics easy to find, but they often permit you to download data so you can combine it with other data to produce your own statistics.
  • Annual Reports - If your competitor is a publicly-held company, many of its reports to the U.S. Securities and Exchange Commission are available on the SEC-Edgar Web site. Annual reports provide financial information, including sales volume, revenue increases, and their total market share. 10-K reports provide still more detail, and are supplemented by the quarterly 10-Qs.
  • Other Employees - Your current employees interact with others in their industry area and often learn what your rival is doing or hear gossip and rumors; Former employees of a competitor can provide you with insight on: your competitor’s new products, marketing strategies, how-to improve productivity and employ other resources more effectively, and what your competitor’s general working environment is like.
  • Direct Observation - You can act as a prospective customer; ask questions. You can learn about their selection and service and compare it to your own. If you produce a product that is distributed to retail outlets, visit the store locations and note the following: how much stock is present versus your competitor’s, the placement of your product on the shelves versus your competitor’s, and if your competitor is supplying any point-of-purchase display materials
  • Your Competitors - You can garner a great deal of information through a simple, friendly conversation. People like to talk about themselves and share their success stories and concerns with business associates. Assign someone to check the competitions’ Web sites regularly for pertinent changes and news. (And take a good look at your own: Do you say anything there that you’d just as soon not have your competitors see?) 

After collecting the competitive data, we will work with you to analyze your benefits against your competitors, understand your competitive position, provide ways to differentiate your products and services from the competitors. 

We will create a report based on your business competitive advantage, and the data collected on your competitors. The deliverable for this analysis is a well-formated 3-5 page report in PDF format that we review with you, detailing strategies and tactics that will help with your market share.

 


How we do it

  • Phase 1
    • Schedule Collaborative Session With Client
  • Phase 2
    • Conduct Collaborative Session With Client
    • Gather information about competition
    • Gather information about client's competitive edge
  • Phase 3
    • Produce Competitive Analysis Report
  • Phase 4
    • Schedule Competitive Analysis Review
  • Phase 5
    • Conduct Competitive Analysis Review
    • Discuss follow up deliverables
  • Phase 6
    • Recap Competitive Analysis Review
    • Provide any additional deliverables and information


Why choose Joey

Every day, we note the top contenders to our clients on social media, on print advertising, in commercial distribution and video advertising. We also look at their customer approval and see if what they are doing is working. We learn what works and doesn't to benefit you. Joey has its finger on the pulse of businesses in a wide range of markets and that information can be very valuable to our clients.


Our philosophy

You can't go to battle without knowing the terrain, and no marketing initiative should ever begin without a thorough and detailed look at the other players in your market.  Joey will be your marketing guardian angel who can guide you through the choppy waters of public opinion. Joey is an experienced sea captain who can see the currents that you can't. 

 

 

Requirements

Cancellation/rescheduling may be subject to charge.  Information may not be available on all competitors. This session includes publically available information. Additional trade secrets and other types of information can be sourced at an extra charge.

Let Us Help Your Business Thrive .

Schedule A Consultation