SYSTEMATIC COMPETITOR ANALYSIS – BASIS FOR PROFITABLE BUSINESS MODELS
Whether it is market entry, growth projects or the strategic orientation of a company: correctly assessing the competitive situation and knowing the most important market competitors and their strategies is crucial for the success of business decisions.
A systematic competitor analysis helps company leaders develop their own competitive advantages and USPs (Unique Selling Propositions), thus clearly differentiating their company from the competition. This differentiation approach can establish profitable business models even in competitive markets. MEYER INDUSTRY RESEARCH, a professional market research company in Munich specializing in in-depth market analyses for B2B and industrial companies, supports you with a systematic competitor analysis.
Competitive analysis is an essential component of any business strategy
A competitor analysis examines various aspects, such as competitors' products or services, their pricing, marketing strategies, market share, and customer reviews. Online presence and social media activities also play an important role.
By analyzing these factors, companies can better assess their market position and develop targeted measures to differentiate themselves from the competition. Furthermore, competitor analysis enables them to identify trends early and respond flexibly to changes in the market environment.
Competitor analysis is therefore an essential component of any business strategy. It helps companies to
- assess your own market position
- Better understand competitors
- to recognize your own strengths and weaknesses
- Identify opportunities and risks
- Detect innovations and trends early
- To better understand customer needs and ultimately
- to develop competitive advantages
A competitor analysis is also a component of a market analysis. A market analysis gathers information about the market (development, market potential, sub-sectors/niches), customers (information on number, structure, and development), and the competition.
Development of a competitor analysis
Methods of competitor analysis: There are various approaches to analyzing competitors, such as SWOT analysis (strengths, weaknesses, opportunities, and threats), benchmarking, or the analysis of marketing and sales strategies. Depending on the industry and objectives, a combination of these methods may be useful. It can also be helpful to have the analysis conducted by a service provider to incorporate an external perspective and broaden the results. MEYER INDUSTRY RESEARCH has been conducting competitive analyses in the B2B environment for almost 20 years and would be happy to assist you in preparing your competitor analysis.
Data sources for a competitive analysis: For an effective competitor analysis, you can use various data sources, such as competitors' websites, social media, industry reports, customer reviews, patents, or even direct conversations with customers and suppliers.
Regularity: A competitor analysis shouldn't be a one-time project. Markets are constantly changing, new competitors emerge, and trends evolve. Therefore, it's a good idea to update the analysis regularly to stay up-to-date.
Legal aspects: When collecting information, it is important to observe the legal framework. Unfair methods, such as the unlawful acquisition of confidential data, should be avoided.
Tips for creating a competitor analysis
If you want to conduct a competition and competitor analysis in-house, you should consider a few basic things:
Defining the objectives: This point forms the basis of the study. Only when you have clearly defined your objectives can you proceed in a structured and focused manner and select the right methods for data collection.
Identifying and selecting key competitors: The next step is to list the competitors to be analyzed. It is recommended to initially focus on a few key competitors when conducting a competitive analysis. It is also important to consider whether all competitors are actually known, or whether they even need to be defined in the first step. Both direct and indirect competitors should be considered.
Data collection: When collecting data on competitors, it is recommended to use as many different sources as possible. These sources should also be evaluated for the reliability (validity) of the data obtained. Ultimately, the subsequent analysis, and thus the implications for the business plan and corporate strategy, are based on this data.
Sources for competitor data can include competitor websites and online shops, social media profiles (Facebook, Instagram, LinkedIn), industry platforms, customer reviews and feedback, industry reports and market studies, press releases and news, or publications at trade fairs and conferences.
Conducting the analysis: To systematically evaluate the collected competitor data, the SWOT analysis is often used. This tool identifies the strengths and weaknesses, as well as opportunities and threats, of competitors and compares them with the company's own (benchmarking). This uncovers strengths and weaknesses relative to the competition, and also identifies risks and potential early on. However, depending on the content and objectives, the analysis can also utilize a different competitor analysis tool.
Regularity: Since markets are constantly evolving, competitor analysis should be updated regularly. Depending on the industry, cycles of three to 12 months are generally appropriate. MEYER INDUSTRY RESEARCH's portfolio of services includes not only the initial creation of a competitor analysis but also its regular updates at defined intervals.
Compliance with legal limits: Information must be collected legally and without resorting to unfair methods.
COMPETITOR ANALYSIS – POSITIONING AID FOR MARKET ENTRY
Market entry is an exciting but also challenging phase for young companies and founders. To successfully compete, it is essential to have a thorough understanding of market conditions and to align one's positioning accordingly. Competitor analysis plays a key role in this process – a systematic process that provides valuable insights into the competitive landscape and forms the basis for a differentiated market strategy (learn more about our services: market studies , market potential analyses , and market data ).
When entering a new, high-potential, and existing market, the precise environmental and competitive conditions are often unknown. This leads to significant risks upon market entry and often results in positioning that is not in line with market requirements. A lot of learning has to be done before one can realistically assess the market and competition and find one's place in the market.
When entering an existing market, startups face the challenge of asserting themselves in a market where customers are already served by competitors. It is therefore important to clearly define the target audience, their unique selling proposition, and their pricing strategy in order to differentiate themselves from established competitors. Competitive analysis helps founders not only identify the strengths and weaknesses of their competitors, identify market trends, and discover untapped niches, but also develop a successful business plan.
TYPICAL QUESTIONS IN A COMPETITOR ANALYSIS
The structured competitive analysis or competitor analysis can provide a clear view even before market entry and provide answers to the following questions:
COMPETITOR ANALYSIS FOR MECHANICAL ENGINEERING, AUTOMOTIVE AND INDUSTRIAL SECTORS
MEYER INDUSTRY RESEARCH specializes in competitor analysis in technology-driven industries. We conduct competitor analyses for clients in the automotive (OEMs and suppliers), electronics, mechanical engineering, energy, and medical technology sectors.
In more than 300 market analyses and competitor analyses conducted in the industrial sector, we have learned what is crucial here:
EXTENSIVE INDUSTRY ANALYSIS EXPERIENCE
MEYER INDUSTRY RESEARCH offers customized competitor analysis to companies in the automotive, mechanical and plant engineering, electronics, energy, and other technology-driven industries.
Customers who use our services are typically medium-sized and larger manufacturers, suppliers and service providers who are planning systematic growth in new industries, want to reduce their company's dependence on a few strong customers in a sector, or want to benefit from the opportunities in future markets.
We also routinely support demanding M&A boutiques, investors and internationally active trade fair companies with competitor analyses.
References and customer testimonials
Having successfully conducted more than 300 industry analyses, we have learned what is essential when researching, evaluating, and interpreting industry data in an industrial environment. Our satisfied clients value this experience and our personal approach. Please read more about our industry analysis references
INDIVIDUAL CONSULTING FOR YOUR COMPANY ANALYSIS
Trustful personal cooperation and the high quality and reliability of our analyses are top priorities at MEYER INDUSTRY RESEARCH.
We would be happy to provide you with an in-depth, non-binding consultation prior to a potential collaboration , including a personal on-site consultation upon request. We look forward to receiving your inquiry and will be happy to prepare a customized quote for you!