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A competitor analysis is a type of organizational assessment that helps determine how a company’s products compare to the offerings of its competitors. In general, competitor analysis is important to any organization because it gives the business access to relevant information about competitors, such as their strengths and weaknesses, in order to make decisions about how their own business can stay competitive.

In today’s post we’ll talk about what a competitor analysis actually does and why it’s important for profitable growth in any organization. The remainder of the post will take a closer look at some specific elements that may be included in a competitor analysis report.

What does competitor analysis do?

Organizational assessments have a variety of benefits in business, but perhaps the most widely-known is that they help a company understand its strengths and weaknesses when compared to competitors. A competitor analysis can also help a business to identify its target audience and examine how customers identify with the products or services offered by the business. It’s also important for a competitor analysis report to examine how customers interact with the company, especially when it comes to changing trends in technology or how users communicate with one another online. A competitor analysis report may also include interviews from current customers of the company in order to identify overall flaws or issues that could be improved upon.

A competitor analysis report can also help an organization be aware of how it is viewed by its competitors. A competitor analysis report can be used as a benchmark for the company to compare itself to its competitors as well as to analyze how it is viewed in the marketplace. Some common research tools that could be included in a competitor analysis report include online reviews, media coverage, and user surveys.

Why is competitor analysis important?

A competitor analysis serves a number of purposes for any company, but perhaps the most important use for a business is setting goals and creating a strategic plan based on what potential customers want from the company’s products or services. A competitor analysis can also be helpful for a company in avoiding costly mistakes that could be caused by a competitor with a stronger market position. It can also help a company to stay ahead of its competitors and anticipate future trends and customer demands.

Competitor analysis report elements

A competitor analysis report will vary depending on the type of industry, but there are some elements that are common across all analyses. A competitor analysis may include an examination of existing products, services, revenue streams, and cost structures. It’s important for a business to review key competitors (those who pose the greatest threat) and determine how the company stacks up against them when it comes to specific areas such as market share or price point. A competitor analysis report may also include popular metrics that are used to compare these factors, such as assets or market share.

A competitor analysis is also valuable for helping an organization identify its short-term and long-term goals, especially when it comes to developing marketing campaigns or deciding what types of new technologies to develop. When choosing which competitors to study in the analysis, it’s important to pick competitors who pose a threat to the business so that it can stay competitive. For larger organizations that have access to more research tools, an in-depth competitor analysis can include information about smaller businesses that are “up and coming” in order to see if they represent a significant threat in the future.

Why do some companies choose to outsource competitors analysis?

In some cases, a company may find it more cost-effective to have a third party conduct a competitor analysis rather than doing it themselves. There are many professional services that specialize in competitor analysis, including larger consulting firms that offer unique services such as being able to offer custom research for competitive analyses. In addition, having a professional conduct the assessment may be the most efficient way for an organization to handle this type of research as companies may not have the specialized expertise required to complete the assessment properly. In most cases, though, a company can save time and money by hiring someone from within its own organization to complete the competitors analysis on its behalf.

Summing Up

A competitor analysis is an important part of any management strategy that helps organizations to understand how they stack up when compared to competitors. By having a thorough competitor analysis, a business can set goals and create a strategic plan based on its strengths and weaknesses. Major companies such as IBM, Microsoft, and Intel all use competitor analyses in order to ensure their strategies are effective in staying competitive. As you can see from the information above, outsourcing a competitor analysis might be an option for smaller or mid-sized businesses that may not have the internal resources or expertise to complete the studies themselves.

Hire the best Competitor Analysis specialists in 2,900+ industries

Fintalent is the invite-only community for top-tier M&A consultants and Strategy talent. Hire global Competitor Analysis consultants with extensive experience in over 2,900 industries. Our platform allows you to build your team of independent Competitor Analysis specialists in 48 hours. Welcome to the future of Mergers & Acquisitions!

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Frequently asked questions

Most frequent questions and answers

What clients usually engage your Competitor Analysis Consultants?

We work with clients from all over the world. Our clients range from enterprise and corporate clients to companies that are backed by Private Equity or Venture Capital funds. Furthermore, we work directly with Family Offices, Private Equity firms, and Asset Managers. Most of our enterprise clients have dedicated Corporate Development, M&A, and Strategy divisions which are utilizing our pool of Competitor Analysis talent to add on-demand and flexible resources, expertise, or staff to their in-house team.

How is Fintalent different?

Fintalent is not a staffing agency. We are a community of best-in-class Competitor Analysis professionals, highly specialized within their domains. We have streamlined the process of engaging the best Competitor Analysis talent and are able to provide clients with Competitor Analysis professionals within 48 hours of first engaging them. We believe that our platform provides more value for Corporates, Ventures, Private Equity and Venture Capital firms, and Family Offices.

Our Hiring Process – What do ‘Community-Approach’ and ‘Invite-to-Apply’ mean?

‘Invite-to-Apply’ is the process by which we shortlist candidates for the majority of projects on our platform. Often, due to the confidential nature of our clients’ projects, we do not release projects to our whole platform but using the matching technology and expertise of our internal team we select candidates who are the best fit for our clients’ needs. This approach also ensures engagement with our community of professionals on the Fintalent platform, and is a benefit both to our clients and independent professionals, as our freelancers have direct access to the roles best suited to their skills and are more likely to take an interest in a project if they have been sought out directly. In addition, if a member of our community is unavailable for a project but knows someone whose skill set perfectly fits the brief, they are able to invite them to apply for the role, utilizing the personal networks of each talent on our platform.

Which skills and expertise do your Fintalents have?

The Fintalents are hand-picked and vetted Competitor Analysis professionals, speak over 55 languages, and have professional experience in all geographical markets. Our Competitor Analysis consultants’ experience ranges from 3+ years as analysts at top investment banks and Strategy consultancies, to later career C-level executives. The average working experience is 6.9 years and 80% of all Fintalents range from 3-12 years into their careers.

Our Competitor Analysis consultants have experience in leading firms as well as interfacing with clients and wider corporate structures and management. What makes our Competitor Analysis talent pool stand out is the fact that they have technical backgrounds in over 2,900 industries.

How does the screening and onboarding of your Competitor Analysis talent work?

Fintalent.io is an invite-only platform and we believe in the power of referrals and a closed-loop community. Members of our community are able to invite a small number of professionals onto the platform. In addition, our team actively scouts for the best talent who have experience in investment banking or have worked at a global top management consultancy. All of our community-referred talent and scouted talent are subject to a rigorous screening process. As such, over the last 18 months totaling more than 750 hours of onboarding calls, of which only 40% have received an invite-link after the call.

What happens if I am not satisfied with my Competitor Analysis consultant’s work?

During your initial engagement with a member of our Fintalent talent pool with no risk. If you are not satisfied with the quality of your hire for any reason then we are able to find a replacement at short notice. There is no minimum commitment per project, but generally projects last at least 5 days and can last 12+ months.

Interested in our invite-only community of tier-1 Competitor Analysis experts?

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