Competitor Analysis
Competitor analysis in Discovery Phase.

Competitor analysis focuses a lot on your direct and indirect competitors. The main idea of a competitor analysis is to help determine the advantages and disadvantages of your competitors. Which basically means you can turn what you competitors lack by focusing on that feature which in turn becomes a motivation that eventually turns to your business advantage. In conclusion these steps will allow you to gain a needed advantage towards your competitors in the market and as a business owner in general.

We are the ITdt development team, and we are involved in the precise definition of your Competitor Analysis as part of our discovery phase projects. By fine-tuning on your business, we are able to minimise the resources spent on advertising and organisational activities, as well as to optimise all the processes of your business.

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Here are key elements that are worth considering.

In conclusion these steps will allow you to gain a needed advantage towards your competitors in the market and as a business owner in general.

GEOLOCATION
OF COMPETITORS

Geo-location data provides a thorough analysis on various aspect connected to customer management. For example, data tells you what region is suitable for a product, human psychology of the region and many more. This information provides a deeper understanding of the market and your competitors as a whole.

COMPETITORS
BUSINESS MODEL

it is important to carry out a deep analysis on your competitor's business model before starting an IT project. This process allows you to gain perspective and tangible insights thereby increasing the growth potential of your IT project.

THE PRICING OFFERED
BY THE COMPETITORS

Also known as competitive pricing, this is the process whereby you carry out a deep analysis of your competitors' activities, what they are selling and at what price they are selling, in order for you to arrive at your price. It is highly advised to use data of competitors that have been in the market for a long time in order to gain a better understanding.

HOW YOUR
COMPETITORS MAKE MONEY

Apart from analyzing who your competitors are and what they do, it is essential to understand how they monetize their product. This particular step is vital as you begin the journey toward creating an IT project. Research and analyze ways in which they monetize their product and highlight their methods of monetization.