DO YOU KNOW HOW YOUR COMPETITORS ARE REALLY DOING?
It's important to continually analyse competitors—no matter what type of enterprise you're running. Competitor analyses and intelligence collection involve accumulating data, analysing it, and then applying it. You need to know every detail about your competitors' products and services, their pricing strategies, and their customer base. This information will aid you in making critical business decisions.
If you'd like to learn more about competing organisations, down to the details, here are just a few reasons why you should outsource your competitive analysis to Traffic:
- Traffic's team of expert statisticians, analysts, and domain experts are well-versed in competitive intelligence
- We eliminate bias in your competitive analysis. Competitive analysis is often more effective when carried out by external experts
- Competitive analysis should never stop. Traffic takes care of everything, short-and long-term, preventing you from having to hire full-time employees
Your company will benefit from our detailed insights about the products and services your competitors offer. Traffic provides information that will help you improve your bottom line.
WHAT WILL COMPETITIVE ANALYSIS DO FOR YOUR BUSINESS?
A solid business plan goes deeper than intuition alone. Your ideas have to be supported by intelligence from market research. Investors need facts in order to have confidence in your understanding of the market. Research is on your side.
All business plans require careful attention to the following:
Traffic can help you establish just how large your industry is. We do research on revenue and the number of players in the game, and we keep up with current trends in technology, culture and buying habits in order to complete this section of your business plan. Our team will search high and low through industry sources and current news and identify trends that affect your industry.
You already know who your competitors are, but what else do you know about them? This part of your plan should include an analysis of key competitors, including how they market their services/products, how their brand is differentiated through marketing and advertising, and what their market share is. Our team can help you gather intelligence on the competition, whether they're in the United Arab Emirates or international.
TARGET MARKET ANALYSIS
Your plan has to identify and prioritise target markets. This is another important part of your business plan and good research is essential. You should consider questions like: What are your target audiences' demographics? What's the best way to reach them? What are their problems or concerns? What kind of marketing and selling techniques do they respond to the most?