Competitor analysis is not only a strategic process but also a way for businesses to grasp the breath of the market. As small and medium-sized enterprises strive to climb to the top, information from competitor research will become a compass to guide the way. Large enterprises such as Vinamilk clearly understand that if they want to maintain their position, constantly comparing and evaluating competitors is indispensable.
What is Competitor Analysis?
Competitor analysis is the process of collecting and analyzing information about competitors in the market in which a business operates. This includes product research , marketing strategies , SWOT analysis , and how they build their brands . From there, businesses can make strategic decisions to optimize their competitive advantage .
As a companion , Competitor analysis helps businesses clearly identify who is on the same path, who is leading and who can become formidable competitors in the future.
Why is competitor analysis necessary?
1. Better market understanding:
The market is like a vast ocean, where business boats have to face big and small waves from market trends . Competitor analysis helps businesses grasp this trend , thereby adjusting their journey.
When competitors are pioneers, analysis helps businesses better understand the market , answer the question of why they are successful, and from there build a suitable roadmap for themselves. Researching competitors not only helps businesses avoid pitfalls but also helps them anticipate trends , even create new trends .
2. Identify your competitors' strengths and weaknesses
Every competitor has its own strengths and weaknesses . Like a painting, competitor analysis helps businesses see different colors more clearly - from bright areas of strength to dark areas of weakness .
By understanding the weaknesses of competitors, businesses can take advantage of opportunities to attack those gaps and gain market share. Conversely, by knowing their strengths , businesses can learn , improve, and even surpass their competitors.
3. Help define new strategies for the future
The market is always changing, and competitor analysis is key to shaping future strategies . When businesses understand what their competitors are doing, they can adjust their strategies more effectively. This not only helps businesses optimize their current strategies, but also helps them develop long-term plans to stay one step ahead of their competitors.
Basic Competitor Analysis Steps
1. Make a list of competitors in the market
The first step in competitor analysis is to make a list of competitors operating in the same field. This is not just a list , but also a process of identifying direct and indirect competitors . For example, in the dairy industry , Vinamilk may have to compete with TH True Milk , Dutch Lady , or even other imported products .
Listing goes beyond just naming competitors, and includes categorizing them based on size , market share , and the customer segments they serve. This helps businesses focus on the most important competitors .
2. Determine the competitive landscape – Classify competitors
Competitor classification is the next step after having a complete list. In this stage, the business needs to analyze and classify competitors according to different levels of competition .
What is a Competitor?
Competitors are other businesses that offer products or services similar to what your business is offering. They are competitors that have the potential to take away your customers or pose a major challenge to your business growth .
What is direct competitors?
Direct competitors are businesses that offer products or services that are identical or similar to yours. They target the same customer segment and are often the same competitors you face in the marketplace . For example, in the soft drink industry, Coca-Cola and Pepsi are direct competitors .
What is indirect competitors?
Indirect competitors offer different products or services that satisfy the same customer needs . For example, Starbucks and McDonald's can be considered indirect competitors in the coffee industry, because although their main products are not the same, they both compete in attracting customers who prefer fast and convenient coffee.
3. Collect information about competitors
Once you have identified your competitors , the next step is to gather information . This is a comprehensive research process , from financial reports , marketing strategies , to customer feedback on social media channels.
This information gathering needs to be done systematically and in detail . Businesses can use competitor analysis tools such as SEMrush , Ahrefs , or Google Analytics to analyze metrics and compare with competitors.
4. Create a competitor analysis table
Finally, all the information gathered needs to be compiled and presented in the form of a competitor comparison table . This comparison table will be a powerful tool for businesses to evaluate and compare important factors such as price , product quality , marketing strategy , and distribution channels .
A good competitor analysis will help you see opportunities for improvement and adjust your strategy to better suit the market .
Conclude
Competitor analysis is an important and indispensable element in the process of building a business strategy for any enterprise. Through careful research and analysis , enterprises can not only grasp opportunities in the market but also avoid potential challenges .
Competitor analysis not only helps businesses maintain their current position but also opens up new directions , helping businesses overcome competitors and dominate the market sustainably.
Competitor Analysis Service Price List
Below is a price list for Competitor Analysis services . Please note that prices may vary depending on the scope and complexity of each project as well as the specific needs of the client.
|
Service |
Describe |
Implementation Time |
Estimated Cost |
|
Fundamental Analysis |
Research direct competitors, gather basic information about products, prices, and marketing strategies. |
5 - 7 days |
10 - 15 million VND |
|
In-depth analysis |
Detailed analysis of business strategies, strengths, weaknesses, SWOT, and market share assessment of competitors. |
10 - 14 days |
20 - 30 million VND |
|
Industry Competitor Analysis |
Comprehensive research of key industry competitors, including assessment of market trends, competitive position, and future strategy recommendations. |
15 - 20 days |
35 - 50 million VND |
|
Competitor Comparison Report |
Create a detailed comparison table between your business and key competitors, analyzing factors such as price, product, and marketing strategy. |
7 - 10 days |
15 - 20 million VND |
|
International Competitor Analysis |
Evaluate international market competitors, analyze cultural differences, legal regulations, and market entry strategies. |
20 - 30 days |
50 - 80 million VND |
|
Competitor SWOT Analysis |
Detailed SWOT analysis, identifying opportunities and challenges from competitors, thereby proposing strategies to improve the business's position. |
10 - 14 days |
25 - 35 million VND |
|
Market share analysis and development trends |
Research and forecast market development trends, determine current and potential market shares of competitors. |
15 - 20 days |
30 - 45 million VND |
|
Competitor Brand Analysis |
Evaluate your competitors' brand building and maintenance strategies, and propose strategies to enhance your business's brand value. |
10 - 15 days |
20 - 30 million VND |
|
Distribution channel and supply chain analysis |
Research competitors' distribution channels and supply chains, evaluate effectiveness and recommend improvements. |
12 - 18 days |
25 - 40 million VND |
|
Analyze competitor pricing strategies |
Evaluate and compare competitors' pricing strategies, recommend optimal pricing strategies for your business. |
7 - 10 days |
15 - 25 million VND |
Note:
- The above costs are for reference only and may vary based on specific customer requirements.
- Project lead times may vary depending on complexity and size of project.
- Customers can request consultation and detailed quotation for special request services.
Brand Manager Specializing in Providing Consulting Services on Competitor Analysis
A Brand Manager is not only the person who oversees a brand’s image and message, but also plays a strategic role in helping a business identify and outperform its competitors . With a deep understanding of the market, a specialized Brand Manager can provide effective competitor analysis consulting services , helping a business not only survive but thrive in a challenging business environment.
The Role of Brand Manager in Competitor Analysis
- Discover Your Competitors' Strengths and Weaknesses:
Brand Managers are the first to recognize the opportunities and challenges that businesses face through competitor analysis . They conduct in-depth research on competitors’ strengths and weaknesses , thereby identifying factors that the brand can exploit or needs to improve. With experience and expertise , Brand Managers help businesses find suitable strategies to strengthen their competitive position .
- Brand Strategy Shaping:
Brand Managers play a key role in shaping brand strategies based on competitor analysis . They not only compare and evaluate current strategies but also suggest adjustments so that businesses can lead the market. With the help of competitor analysis tools , Brand Managers can make important strategic decisions that help brands differentiate and create their own mark .
- Optimize Marketing Strategy:
In analyzing competitors , Brand Managers contribute greatly to optimizing the marketing strategies of businesses. They use information from market research to make decisions about pricing , distribution , and advertising . This helps businesses not only keep up with , but also surpass , competitors in attracting and retaining customers .
- Long-Term Brand Building Support:
Brand Managers not only focus on short-term strategies but also aim to build a sustainable brand . They ensure that the brand always reflects the core values and meets the needs of customers in the long term. Through SWOT analysis of competitors , Brand Managers help businesses develop long-term strategies to ensure sustainable growth .
Why Do We Need a Specialized Brand Manager?
- Extensive Professional Knowledge:
A specialized Brand Manager not only has a deep understanding of brands but also has specialized knowledge of competitor analysis . They master modern analytical tools and methods , helping businesses obtain accurate information and optimal strategies to deal with challenges from competitors.
- Practical Experience:
Practical experience is an important factor that helps a Brand Manager become an expert in competitor analysis . They have implemented and dealt with many fierce competitive situations in the market, so they are able to predict and handle problems that businesses may encounter. This helps businesses optimize strategies and achieve better results .
- Strategic Thinking:
A specialized Brand Manager has a high strategic thinking ability , can see potential opportunities and risks in the market. They know how to analyze and evaluate data from competitor analysis to create creative and effective strategies , helping businesses increase their competitive strength .
- Flexibility and Adaptability:
Specialized Brand Managers are flexible and adaptable to constant changes in the market. They not only react quickly to fluctuations but also proactively create new strategies to lead the business. This is especially important in the modern business environment , where competition is increasingly fierce and complex .
A specialized Brand Manager is an important factor in helping businesses optimize their competitor analysis strategies and build strong brands . With their knowledge , experience , and strategic thinking , they not only help businesses deal with current challenges but also lead businesses to long-term success .