As part of Step Advisory’s external market insight offering, our competitor analysis assessment provides you and your business with the opportunity to map and size the competitive landscape, assess the strengths and weaknesses of identified competitors, analyse threats to the business and understand the business’s relative strength and position in the market. Building on this solid platform, we work with you to adjust your go-to-market and positioning strategy.

Get a clear view of your competitors

Whether a business is starting up and entering an arena with new competitors, has reached the peak of its performance among existing peers or is riding out a recession, a clear view of what makes market competitors succeed is vital. If your business is in a growth phase, you stand to benefit from a competitor analysis to help you differentiate your business from similar offerings in the market.

Understanding your competitors is essential to mitigating risk, driving a performance-focused strategy or one centred around growth through new products, channels or markets. A competitor analysis is grounded in a solid understanding of market trends, segmentation and sizing.

Competitor Analysis

Understand current and future competitors

Knowing your competitors is essential to running a business in any market. We provide you with a clear view of relevant participants in the market, enabling you to identify opportunities and gaps in the market, spot trends and areas of potential growth. You may also require insights into the share and relative strength of your current and potential future competitors. This informs both an offensive and defensive strategic context to identify opportunities, threats and capability gaps, as well as quantifying any competitor risk to your business.

How can we help your business?

Engagement for a competitor analysis project usually occurs at a strategic level, followed by a period of thorough research by our team. The analysis is a comprehensive process which involves:

  • Gaining an understanding of the market segmentation model and the need for competitor insight.
  • Mapping out the competitive landscape by identifying relevant competitors. This is achieved through the assessment of products or solutions offered, pricing strategies, channels to service and the customer profile.
  • Gathering, analysing and reviewing data related to the identified competitors, including gaps and trends in the data. Methodologies such as Porter’s Five Forces ensure a well-rounded analysis of the competitor landscape.
  • Developing a relevant criteria to compare the competitor data range in terms of financial performance, product and channel offering, as well as value propositions and strategies.
  • Analysing competitor data during which players are benchmarked according to a chosen methodology.
  • Provision of recommendations to compete effectively in the market.

Get more information on our Competitor Analysis services today.