If you were to be asked who your biggest competition is in London could you answer?
You can understand your target market completely, but if someone else is already doing what you do, or doing what you do better, then it really doesn’t matter. Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of both current and potential competitors.
Before even starting you’ll have to understand the right questions to ask, not only about your competition but about your own company. Do you know the scope and nature of your own industry? Do you fully understand your customers, their personas and the benefits they expect from you? Do you know what factors have made other companies in your industry successful?
Once you fully understand yourself, your industry and your clients, then you’ll need to identify any companies in your target market that can be identified similarly, as well as their positioning and customer base.
Additionally, it’s important to have a full awareness of the local laws regarding pricing and competition in your target market. You’ll need to outline the price leaders in your target market, how antitrust laws affect domestic and international competition, and the industry conditions regarding collusion and cooperation.
We understand that going into new markets without this information can mean failure, particularly for startups and Entrepreneurs. That’s why, at Accelerate-IT we can give help you understand the competitive market that you’re looking to expand to, and the benefits and disadvantages that it brings. We’ll do a full competitive assessment that will inform where you should be placed in the market and how you should position relative to the competition, and help set you up so that you’re never flying solo.