Introduction To Profiles
Competitor analysis in marketing as well as in strategic management is an examination of the strengths and weaknesses of present and also possible competitors. Competitor Profiling combines each of the applicable sources of competitor analysis into a single framework in the assistance of effective and efficient strategy development, implementation, monitoring and optimization.
A great way to keep information about your competition organized is to create a profile on each of them. This is called competitor profiling. The profile not only lists the basics such as name and location, but also your observations such as perceived weaknesses and strengths.
When it comes time to gathering information about your competition, it is a good idea to find out as much as you can. Try to compile as complete a profile as possible on each of your competitors. Doing so will not only help you understand them but it will also help you learn how to exceed them. You can also gain insight into industry trends.
Which data do you need to include in your profile? Well this will depend on a variety of factors. Examine your needs and observe the market. What information would be helpful? This is also a good time to decide how you will be organizing the data.
A key section of the company profile is one that analyzes why they are successful. What is their strategy? To determine this, understand that there are a few different kinds of strategies they could use.
You will also want to determine how your competition reacts to any market changes and include that in the profile. Their reaction may be deliberate, or it may not. Analyze the data you found to gain an understanding to this aspect of the market.
A good way to stay competitive is to determine exactly what it is you need to do in order to remain a major force in your industry. This is called your “critical success factors”.
Competitive Intelligence