Identifying the competitive landscape of a solution is crucial to achieving a significant breakthrough that outperforms the competition. By understanding customers’ preferences, identifying market opportunities, differentiating offerings, and optimizing pricing and positioning, this can be accomplished.
Competitive analysis plays a role in the guiding design
Overview
How can businesses achieve breakthroughs?
At Mindflares
We identify strategic opportunities by analyzing competitors comprehensively
To gain valuable insights and stay innovative, we analyze direct, indirect, local, and international competitors holistically. Monitoring competitors, businesses, trends, and other factors can fuel innovation and allow businesses to stay ahead of changing market dynamics.
How is Competitive Analysis conducted?
Identify work frame
By determining which competitors to research, what features and products to study, and what tactics and criteria to use.
Gather Information
Inspecting competitor offerings from a variety of perspectives, including experience, features, products, services, usability, content strategy, cost, and others, depending on the industry.
Analyze/ Compare
An analysis of the information gathered is performed, and the results are compared with the offerings of the business. This is done to identify areas where competitors have a competitive advantage.
Insights and Action
Based on the analysis, insights are drawn to help in making informed decisions and formulating strategies to improve competitiveness.
Deliverables
Comprehensive reports that summarize the research activities, the results, the findings, the insights, and most importantly, offer actionable recommendations or plans that can take the experience to the next level.
“We’ve got some fantastic competitors and it keeps us on our toes.”
— Bill Gates —
Co-founder of Microsoft