Competitive analysis is an assessment of strengths and weaknesses of current and potential competitors from a business perspective, which provides both offensive and defensive strategic context to identify opportunities and detect threats. Profiling competitors combine all relevant information into different frameworks to ensure there is adequate support for efficient and effective marketing strategies, formulation, implementation, and monitoring adjustments. Competitor analysis is an essential component of business strategies because it will conduct market scanning for risk of danger and competitive blind spots, it also allows strategic planners to develop matrixes for spotting unserved or underserved gaps in the market.
PMC believes that business strategies should be based on realistic information derived from data analysis and marketing metrics. This includes balancing opportunities and risks, nurturing customer relationships, enhancing operational efficiency, boosting sales performance, and effectively managing channels. To present complex ideas in a simple format, PMC uses business modeling, infographics, and dashboards, as they say, "a picture is worth a thousand words." It is crucial to provide up-to-date dashboards for C-suits to review the company's status. PMC simplifies complicated matters to provide realistic solutions that can help leverage a company's performance, from maximizing profits to minimizing risks and challenges.
PMC helps clients to set up competitive analysis, and derive and propose strategies to gain competitive advantage, by creating competitive maps to reveal competitors' activities in terms of their unique selling points, products (services), and marketing mix. Competitive analyses are commonly used in constructing competitor arrays that include defining the scope and nature of the industry, determining who the competitors and customers are, and identifying key strengths and weaknesses in marketing mix, service, logistics, inventory…etc. PMC will also rank critical success factors and key performance indicators as quantitative measurements.
Clients can have a better understanding of the market potential forecasting, preference, and behavior of targeting customers, monitor economic conditions, and track competitor's products and pricing. PMC will create new ideas along with different analyses to determine and manage risks to fill the marketing gaps that determine the company's direction and potential risks to balance performance and growth rate that appeal to data management and demographics to allocate resources effectively.
PMC's competitive analysis focuses on product development and direct competitors in terms of price, functionality, or quality. Market trends reveal different trends and spot opportunities for differentiating clients' products (services) to attract loyal counter-culture customers, especially in consumer preference and purchasing behavior. The analysis will suggest recommendations to avoid costly mistakes that could potentially ruin the business. Spot new industry trends to forecast industry changes. Another important topic is to improve the client's SEO from competitor's backlink profile by keeping track of Google Search Engine Results Page (SERP) and value propositions.