Times are tough, and the competition is tougher. You are looking for understanding beyond your media metrics and marketing performance. There are any number of questions keeping you up at night:
- What are the emerging trends in your industry?
- Who are the trend-setters?
- How will your competitors react to economic changes over the next year?
- How can you anticipate competitor pricing or product changes?
- Are there gaps in competitor behavior that you can capitalize on?
No one has a crystal ball, but Ones & Heroes does have some best practices in competitor research and analysis to help answer some of those big questions.
Competitive research and data
Effective competitive research involves studying their marketing communications, product & service, release and update schedules, etc. When you bind this competitor information to industry data, you can start to form an understanding of how all the players are positioned.
We can help you collect data on your competition through a combination of discrete (i.e. public data and product schedules) and modelled data (i.e. reverse engineering marketing budgets and spend behaviors). We’ll pull it all together in an easy to understand format that gives you the information you need to develop a business strategy for yourself.
“If the enemy leaves a door open, you must rush in.”
– Sun Tzu
Once you have all that data, we can start to understand what it all means. Are certain behaviors premeditated, or are your competitors reacting to a situation or circumstance? Are there patterns in competitor behavior that should be factored into your business strategy?
Perhaps can we predict how competitors will react to actions and decisions you make by analyzing their past actions. If so, can we use those predictions to ensure the success of your business strategy?
Game theory is math for business
There are plenty of best practices and common approaches to game theory, but the art of it is in fitting the theory to practical real-life scenarios. Our use of game theory in competitor analysis and intelligence is a [we think] a differentiator amongst other agencies.
Building the right strategy starts with having a good understanding of your business and what your competitors are doing. If you’re interested, we’d be happy to help with that.
Let us nerd out on your competitor data and help you build a market-winning strategy.
