Being informed about competitors provides a crucial advantage in the market and represents the key to take strategic business decision.
Let’s see together main steps to follow for evaluate a competitor:
1.Step one:
The primary aspect to evaluate is the economic situation of the competitor, in order to have a clear idea of how its business is going.
Having access to its financial data allows making some useful considerations, for example if it has grown over the years, or if its activity is improving or not, determine if it represents a threat to our business and what is its market share.
Another useful information, evaluating another player, regards its corporate structure. Knowing if its business has other branches, offices or headquarters is important to delineate its range of action.
The more appropriate tool to have all the details about its company structure is still the Credit Report, combined to the KYC Report able to understand shareholders and ownership.
3.Step three:
Finally, in the analysis of the competition it is necessary to keep the situation of our competitors under control, in order to be always able to foresee their possible actions, anticipate their moves and take proper business decisions.
This operation can be easily done activating the more suitable Monitoring Solution for your needs.
