What is Competitive Analysis?

Competitive Analysis is a process of gathering and analyzing information about your competitors, their practices, products, strengths and weaknesses and business trends in order to assess your position in the market and improve your products and marketing strategies.

What is the purpose of Competitive Analysis?

In today’s market, you must know what your competitors are doing and what to do to stay ahead of the competition. Many businesses believe they are providing a good product to their customers, but do not have reliable information showing how customers perceive their product or how it compares to the competition.

A Competitive Analysis performed by an unbiased third party is an invaluable tool because it can help you identify ways to attract new customers, as well as keep the ones you have.

nResult ‘s Competitive Analysis can help you determine the following:

• Strengths and weaknesses: How your product stacks up against the competition and in what areas they have an edge over your product and in what areas your product is superior.
• Identify your competition: Verify who your primary and secondary competitors are.
• Improvements: How and in what areas your product, processes, and practices must be improved to meet market demands or to stay ahead of the competition.
• Marketing: What improvements you need to make in your marketing approach, and what features you want to highlight in a marketing campaign.

How can Competitive Analysis help establish my product as a market leader?

Competitive Analysis gives you a realistic view of your competition. It also gives you the opportunity to identify improvement in areas like manufacturing processes, customer services, and marketing claims. It can help you compare products prior to making your marketing and promotional decisions, thus saving you both time and money.

nResult ‘s Competitive Analysis will help you accomplish the following:

• Have a realistic view of your competition.
• Foresee market changes and demands.
• Identify ways to attract customers away from your competitors.
• Discover opportunities for improvement in your business practices.
• Identify necessary changes in your processes to meet market demands.
• Identify necessary changes in your processes to reduce costs.

What will Competitive Analysis reveal about my products?

• What products compete with yours
• What advantages your products have over the competition
• What disadvantages your products have when compared to the competition
• The readiness of a new product in the market
• A realistic view of customers’ perception of your product against the competition

What is nResult ‘s approach to Competitive Analysis?

nResult’s qVision™ works with your team to generate a custom, apples-to-apples comparison of your product with your competition. Data is collected form a variety of online sources, hands-on testing, internal data, and other sources to provide a detailed view of how your product stacks up to the competition. qVision™ presents this real time data through an easy to use web interface allowing for quick reporting, data exporting, and other analysis by your internal teams.