Services - Competitor Analysis

COMPETITOR ANALYSIS

Competitor Analysis is the process of identifying and researching about a brand’s major competitors to assess our position in the realm of businesses and to optimise our strategies to develop and grow our business.

SWOT ANALYSIS
An immensely useful technique used in competitive analysis is SWOT analysis. This is used to carefully assess competitors in the initial stages of business development. This is important because it can help in the long run to achieve a business vision or objective.

SWOT stands for
● STRENGTH
● WEAKNESS
● OPPORTUNITIES
● THREATS
STRENGTH – Goed can assess the characteristics of a competitor company that gives it an advantage over others.
WEAKNESS – Goed can assess the particular characteristic of a competitor that gives it disadvantage over others.
OPPORTUNITIES – Goed can analyse the elements of a business that it could exploit it to its advantage.
THREATS – These are shortcomings that exist in a company or organisation that can potentially cause trouble in an organisation.
These analysis can help a company to effectively stand out against its competitors.

CASE STUDY
MR.X owns a coffee shop in the central part of the city where there are a lot of other coffee shops nearby. X wanted our help to effectively evaluate other competitors so that it will enable him to strategize a business plan that will stand out against them.
Goed conducted a preliminary SWOT analysis to find out our competitors strengths and weaknesses to use that to our clients gains.
We found out that no other coffee shops serves high grade coffee shop like Mr. X and hence we wanted to push our advertising plans according to it, making high grade coffee our USP.

This generated a lot of recurring customers into his coffee shop making it an instant success.