Value of a 3rd Party General Competitor Analysis
Businesses, and all kinds of organizations including associations, can often get stuck by looking at their business and the overall market through their own lens and opinion. This can prove to be a substantial mistake. It is for this reason that NAASE entered into an engagement with International Growth Solutions ( https://international-growth-solutions.com/ ), for IGS to conduct a competitor and marketplace analysis for our Association’s Executives.
After approximately 2 weeks, IGS provided an excellent overview of the relevant Association “space”, which included the following in the Table of Contents of their report:
Means/Methods of Research and Data Points
Appendix including a Competitor Overview
There were several highlights of the Report and the findings. There was an excellent analysis and explanation of “blind spots”. From the report:
Observation of companies’ strategic moves suggests that flaws exist in some competitive analysis. These flaws or blind spots result from a company’s mistaken or incomplete view of its industry and competition, inaccurate managerial perceptions, or ineffective organizational processes.
Some of such blind spots are particularly serious: (1) misjudging industry boundaries; (2) poor identification of the competition; (3) overemphasis on competitors’ visible competence; (4) overemphasis on where, not how, rivals compete; and (5) faulty assumptions about the competition. These blind spots can cause the selection of the wrong strategy. Flawed competitive analysis, resulting from these blind spots, weakens organizations’ ability to seize opportunities, ultimately leading to an erosion in the company’s market position and profitability.
The report then continued with some in-depth points on each of the 5 items noted above.
Mapping the Competitive Landscape
An excellent graphical representation of our competitive landscape was included, which mapped out Indirect Competitors, Direct Competitors, as well as Potential Competitors based on Resource Similarity & Market Commonality. The key outcome here is that businesses need to be fully aware of the multitude of INDIRECT competitors which can effect their success; there are typically many more indirect competitors than direct.
Appendix/ Listing – all in one place
The report included an extensive listing of “all” the direct and indirect competitors, with organization names, hyperlinks, sizes, age of business, main purposes, # LinkedIn Followers, location of HQ, and other data points listed. Moving forward, this is great to have all in one easy location, for a reference.
Stepping back, to Step Forward
This report was the kind of assistance needed to help build further success, especially for a small or medium business. Irregardless of any original or updated business plan, and/or current profitability. International Growth Solutions offers candid business and marketing research, on a time-sensitive basis- at an affordable rate.