How to write a competitor profile

In this article, we will endeavour to show you how to write a competitor profile, but first of all lets suggest what we think what is a competitor profile is?

What is a competitor profile?

A competitor profile is a summary document to give you a basic understanding of one of your competitors. It is a baseline document which is also written before a war game to help prepare the players to understand their role int he game better. So a competitor profile should contain a brief overview of the company, insights on their strategic direction, SWOT analysis, and the latest press releases.

How to write a competitor profile

You will be able to find a mountain of information about your competitor, but it is wise to understand what to include within your profile. Take a look at your needs and the market you are playing in. What information will be helpful, what’s needed to know and what would be nice to know? Here is a list of some of the information you may want to put in your competitor profile:

Contact information

  • Brands
  • Trade names
  • legal name,
  • address,
  • phone number,
  • website

Structure

  • How is the business structured? Limited Company, sole trader etc
  • Is the company public or private?
  • Who owns the competitor
  • What’s their mission statement, philosophies, vision and beliefs?

Nature of competition

  • How much of a threat are they to you?
  • Are they a direct or indirect competitor?
  • How much of a threat are they to you?

Finances

  • What can you find out about their finances?
  • What are their assets?
  • Their profits?
  • Are there any trends and patterns in their current and past financial information?

Their brand

  • What does their branding consist of?
  • How do consumers identify with them?
  • What are they saying to the market?
  • What’s their tone of voice?

Product/Service 

  • Firstly, list their product/services.
  • Then, what support do they give their product or service?
  • And do they provide a quality service
  • How do customers perceive their quality?
  • Do they have satisfied customers?
  • Why are they better than you?
  • Also, why are you better than them?
  • Finally, how loyal are their customers?

Product development

  • What’s happening in the product development process?
  • Are new products in the pipeline?
  • Do they have a product team?
  • What’s their product teams background?
  • What patents and trademarks do they have?
  • Can you develop something similar or better?

Customer service

  • What can you find out about their customer service?
  • How do customers perceive their customer service capabilities?

Resources

  • What resources do they have and how powerful are they?
  • Do they subcontract?
  • What are their team like and what skills do they possess?
  • Also, what qualifications would you need for a position in their company?
  • What are they recruiting for?
  • And what’s the background of their key players?
  • Also, what types of equipment do they have available to them?

Sales

  • So, what’s their revenue?
  • Can you break their income down by product and market?
  • How do they compare in the market?
  • What’s their sales team like?
  • How big is it?
  • How do they sell?
  • And how can you compete against them?

The market

  • What’s their target market?
  • What are their expansion plans?
  • Also, what’s their market strategy?
  • And their pricing strategy?
  • Whom do they consider their direct competitors to be?
  • What’s their perception of the market? How does it compare to your thoughts?
  • Do you share the same customers?

Distribution

  • How do they move their product?
  • Where do they send their product? Nationally, locally, international?
  • What’s their distribution channel?
  • Who are their suppliers?

Decisions-makers

  • Who the real decision-maker in the company?
  • Is it an individual or a board?
  • What skills do the decision-makers possess?
  • What’s the decision-makers background?
  • Are there plans to change or add to the management?

Finally

It’s a good idea to find as much information you can about your competitors. Try and compile a profile on each of your competitors and keep it updated. It will help you understand them more and also learn their strengths and weaknesses. Once you have a picture of your competitors will also offer you the opportunity to gain more industry-wide insights and trends. In this article, we endeavoured to show you how to write a competitor profile. We suggested looking their finances, products, sales teams, their market, distribution and the resources open to them. 

 

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