How To Make A Competitor Analysis Part Two

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Through The Eyes of The Manufacturer/Provider 

Trying to look at the product or service from the point of view of its manufacturers, helps you to do a SWOT analysis from a different angle: better consider the shortcomings of the product and service, how these deficiencies are compensated, and their tactics. 

Analysis of PEST 

PEST is an acronym for Political Economic Social Technological variables. After doing SWOT research, you're going to analyze your opponent's internal framework.

You take a snapshot of this and list the pros and cons. Although this could not always be enough. In such situations, the PEST analysis will come into the equation. You may detect deficits by testing their responses to any changes in the following subjects. 

  • Whenever there is a social transition, how fast and how can the competitor keep up? 
  • What would you do if it doesn't catch up with you? 
  • Is this a change of opportunity or a challenge to them? 
  • How are you going to take advantage of this situation? 

Competitor Array 

Another way is to construct an array for the competitor. This basic approach is based on the logic of defining and giving those statements to the opponents. You can build this list in a couple of steps: 

  • Establish the industry 
  • Identify the competitors 
  • Identify your clients 
  • Define key performance indicators 
  • Calculate the weight of the indicators 
  • Calculate the score of the competition 

It's a good way to rank your competitors in the market. The key point here is to set your scoring to a certain standard and apply it to all competitors in the same way. 

Competition analysis is not a one-time process, just like a Business Plan or Market Research, but it is a process that needs to be updated continuously. And it requires detailed and data-based answers rather than simple and short answers.

For this reason, getting support from a management consultant and company registration agency and brainstorming with people who helped many companies like you in the establishment phase would be a much more objective and realistic step.