What is competitor monitoring and benchmarking research?
Competitor monitoring and benchmarking involve the ongoing tracking of competitors’ activities, analysing their strategies, strengths, and weaknesses, and benchmarking competitors against own and industry standards to inform strategic decision-making and maintain competitive advantages. This encompasses:
- Competitive analysis: Assessing competitors’ strengths, weaknesses, strategies, as well as how competitors are positioned in the market to identify gaps and opportunities for differentiation.
- Product and pricing analysis: Monitoring competitors’ product offerings, pricing strategies, and promotions to help guide strategic decision-making.
- Marketing campaign and brand reputation analysis: Evaluating competitors’ marketing campaigns, messaging, and channel strategies, and tracking competitors’ brand reputation.
- Trend analysis: Monitoring industry trends and competitor activities to anticipate market changes and stay ahead of the competition.
Some of the main benefits of competitor monitoring and benchmarking are:
Gain insights into strategies for informed decision-making
Identify gaps and opportunities to differentiate and outperform
Anticipate and respond to competitive threats effectively
Benchmark performance against competitors to enhance positioning
Inspire innovation and creativity by learning from competitors
Key questions that are answered by competitor monitoring and benchmarking
Competitor monitoring and benchmarking aim to answer a number of questions to aid decision-making:
- How do our competitors’ strategies compare to ours, and where are they gaining market advantage?
- What are our competitors’ key strengths and weaknesses, and how do they position themselves in the market?
- What new products, services, or initiatives are competitors launching, and how do they impact our business?
- How do competitors’ pricing, promotions, and customer offerings compare to ours?
- What marketing tactics and channels are competitors using, and how effective are they in reaching their target audience?
In On Africa’s competitor monitoring and benchmarking services
Understanding the competitive landscape in a particular industry is crucial (see our competitor intelligence consulting services), but continuously monitoring this landscape to see where your company stands against others is an entirely different endeavour. With over 15 years of experience across Africa, In On Africa (IOA) is adept at bridging this gap. Our extensive knowledge enables us to provide comprehensive competitor monitoring and benchmarking research, ensuring that your business stays ahead in fast-paced markets.
Every market on the continent has its unique characteristics and dynamics. For example, a financial services institution operating in the insurance sector in South Africa will have different needs compared to one in Kenya or Nigeria. Despite these differences, all organisations share a common objective: to keep their finger on the pulse and stay ahead of the competition. IOA’s tailored approach considers these unique conditions and provides insights specific to each region’s competitive environment.
Combining various research methodologies with on-the-ground expertise, we ensure an accurate view of performance. Our team of full-time analysts evaluate objectives from a holistic perspective, while our network of consultants and partners on the ground across Africa gathers granular details that are only obtainable through in-country presence. This dual approach allows us to offer detailed and actionable insights that are vital for strategic decision-making.
At IOA, we understand the importance of aligning our research with stakeholders’ needs. This focus enables us to guide and provide feedback effectively, leveraging our extensive experience across Africa. We offer continuous competitor monitoring and benchmarking through weekly, monthly, quarterly, or bi-annual reports, ensuring that our clients have up-to-date intelligence to inform their strategies and maintain their competitive edge (also see industry, sector and market intelligence).
Competitor monitoring case study:
Ongoing competitor research and benchmarking for South African insurance client
Client:
Multinational financial services company
Country:
South Africa
Methodology:
Ongoing desktop research, in-depth interviews and mystery shopping
IOA has provided one of South Africa’s leading insurance companies with ongoing competitor monitoring over the past several years, including the development of quarterly reports covering all of its key competitors in the market, as well as new entrants such as new insurtech companies looking to disrupt the industry.
On a quarterly basis, this research includes in-depth desktop and primary research (interviews and mystery shopping) that assesses competitor marketing positioning, pricing, digital strategies and other key areas of focus.
Key project outcome:
IOA provides the client with regular detailed, analytical reports on the findings of the research which help to inform the client’s overarching business strategies, CVPs and marketing, and guides the client on potential threats and opportunities in the market.
Find out more about how IOA can help you monitor and benchmark against your competition.
Read more about IOA’s various service offerings and examples of our past work.
