When you have been running your business for a while, you will probably have a clearer idea of your competitors than you had when you first started. Conducting market research and competitor assessments to gather more information may cost time, money and effort, but there are many benefits to knowing more about what your competitors are doing.
The type of competitor information that will be really useful to you depends on the type of business you are and the market you're operating in. Questions to ask about your competitors include:
- Who they are
- What they offer
- How they price their products
- What the profile and numbers of their customers are compared with yours
- What their competitive advantages and disadvantages are compared with yours
The first step in conducting a feasibility study is to understand the market size and trends that are affecting the market. In assessing markets, MHI SERVICESS looks at the current market size and what the market size might be in the short, mid and long-term. Specifically, we answer key questions such as:
- How has the relevant market size changed over the past one to five years?
- What is the projected growth of the relevant market?
- What factors will affect this growth?
In today’s global marketplace, conducting detailed competitive intelligence is critical. By uncovering the strategies of large, small and emerging competitors, critical lessons are learned. Armed with this knowledge, MHI SERVICESS is able to develop strategies for clients that avoid potential dangers and capitalize on emerging opportunities.
Once the competitors are defined, MHI SERVICESS provides detailed analyses of them, including:
- What products and services they offer and what products and services are in their pipelines
- The infrastructure and operational processes used by these firms and how this impacts their ability to succeed in the future
- Their pricing structures
- What proprietary technology (patents held or filed) the firms maintain
- Where we can expect these competitors to be in the short, mid and long-term
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