The best strategic plans are built on extensive knowledge of the strengths and weaknesses of your competitors. A solid competitive assessment is a critical component to any company. Competitor assessment allows an organization to focus on its direct competition which becomes useful when faced with a few potential competitors. For companies to grow, they need both a strong value proposition and an evolving sense of how to manoeuvre in their market’s competitive landscape.
Tersus Strategy’s competitive assessment enables organizations in recognizing the competitors in their market and drawing strategies to compete against them. The successful growth of a business depends on a strong competitive edge that gradually builds a loyal customer base which can be expanded over time. Tersus Strategy’s competitive assessment focuses on nurturing and retaining loyal customers.
Tersus Strategy’s competitive assessment includes:
- SWOT analysis
- Competitive situation and trends
- Market concentration and prevailing competitive intensity
- Best practices and peer studies
- Competitive spending and share of voice analysis
- Emerging market needs and challenges
- Opportunities for creating competitive advantage
- Identify resources that deliver unique and sustainable value to your organization
- Chalk out strategy to increase market share
- Determine where your company is best positioned to compete
- Weigh the client's portfolio against competitors' portfolio
- Assess the severity of competitive threats
- Respond to threats and anticipate competitors’ reactions