A competitor analysis is a strategic tactic used to identify and evaluate competitors, to determine the competitor’s strengths and weaknesses relative to your own product and business.
What is competitor analysis?
A competitive analysis is an assessment of your competitors’ products, services and sales tactics, evaluating their strengths and weaknesses relative to your own. It’s good business practice to conduct a full competitive analysis at least once a year.
What is the purpose of a competitive analysis or research?
A competitive analysis will help you see your own unique advantages as well as any potential barriers to growth so you can strengthen your marketing and business strategies. It also keeps your business proactive instead of reactive. Many entrepreneurs operate based on preconceived ideas about their competitors and market landscape, but those ideas may not be accurate or may be out of date.
What does competitor analysis in particular can help you with?
– Helps you identify your product’s unique value proposition and what makes your product different from the competitors’, which can inform future marketing efforts.
– Enables you to identify what your competitor is doing right. This information is critical for staying relevant and ensuring both your product and your marketing campaigns are outperforming industry standards.
– Tells you where your competitors are falling short
– Which helps you identify areas of opportunities in the marketplace, and test out new, unique marketing strategies they haven’t taken advantage of.
– Learn through customer reviews what’s missing in a competitor’s product, and consider how you might add features to your own product to meet those needs.
– Provides you with a benchmark against which you can measure your growth.
Types of competitor analysis that can be useful for your business
Identify your competitors This sounds straightforward, but in fact there are different kinds of competitors to consider. They include:
- Direct competitors: These are the businesses that offer similar products and services and target the same customers in the geographic area that your business serves.
- Secondary/indirect competitors: These are the businesses that offer different products and services and target a different clientele, but are in your same general category (e.g., a winery and a brewery are secondary competitors because they both sell alcohol).
- Substitute competitors: These are businesses that offer different products and services but target the same customers in your geographic area.
Gathering information about competitors in the UAE
What type of information you can collect through competitor research. Once you’ve identified your competitors, evaluate them in terms of the “four Ps” of the marketing mix:
Product: Compare their products to your own, ideally by purchasing and trying them out yourself. How is the quality? What features do you like or dislike?
Pricing: How are their products and services priced? Do their prices vary for channel partners and customers? What is their discount policy? Can you estimate their cost structure?
Place: What is their geographic reach or service area compared to your business?
Promotion: What marketing tactics are they using to interact and engage with their customers? What is their presence on social media Since it was invented, the concept of the “four Ps” has developed as well, so now we can also add:
Positioning: Review their websites, social media, product documents, brochures and catalogues. Who are their target markets? What is their unique selling proposition?
Reputation: What are people saying about your competitors’ products and services online and on social media? How do the reviews compare to those for your business?
People: How big is their organization? What is the general profile of the people they employ?
Partnerships: Who are their suppliers? How long have they been working together.
The result of competitor analysis UAE
What should you expect after conducting of competitor analysis:
- Understanding industry standards so that you can meet and exceed them
- Discovering untapped niche markets
- Differentiating products and services
- Fulfilling customers’ desires and solving their problems better than competitors
- Distinguishing your brand
- Standing out in your marketing
- Measuring your growth
When it comes to analysing competitors, the importance of being proactive rather than reactive is vital to your business success. Here at Accurate Middle East, we are always looking for growth opportunities whilst keeping an eye on our competitors, and this is where an effective competitor analysis can work.
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Typically, a business plan includes detailed overview of business model, market analysis (based on research), business & marketing strategies and financial plan (cost & revenue projections / profitability). Tentatively, a business plan is 20-35 pages depending on the complexity of the business and takes 4 weeks to complete.
The cost of a business plan services in Dubai varies depending on the scope of work, number of consulting hours and nature of fieldwork, in case market research (i.e. survey & interviews with consumers) is required.
A business plan takes typically 4 weeks to complete. In some cases, a business plan can be completed within 2 weeks timeframe as well.
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Our Founder & Director – Waqas Hassan is based in Dubai since 1992. Prior to setting up Research Konnection, Mr. Waqas worked in senior management roles in Dubai as well as supervised Academic Research for Business Graduates in the region.
Mr. Waqas brings heap of experience and knowledge of the Gulf market and is passionate in assisting business owners and companies in setting up or expanding business ventures in Dubai, UAE and the Gulf Region.
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