Well the best way to know how one is performing is to check competition health and wealth. In other words the best way to check ones own abilities and position is by counter checking that of the competition. As best said a competitor is not judged by size but through its offerings, strategies, strengths and weaknesses. NOVONOUS keeps a track of competition, which is also an important aspect on day to day basis.
1. Competitive Benchmarking
It is a study of any company’s performance with their immediate competitors. At NOVONOUS we do it best by understanding the entire spectrum of business parameters of the competition i.e. financials, distribution mechanism, technology, services, products, R&D, markets, geographies, partnerships and outsourcing etc.
We have built the approach on the bases of understanding competitor business model, revenue centre, cost centers and margin drivers.
2. Product Benchmarking
These studies help our clients’ product’s performance with other similar products in the industry. This is to identify the benchmarks and best practices in every industrial spectrum. We can bet our benchmarking studies can be used to gain better share and enhance profitability.
3. Competitor Profiling/Competitor Analysis
We also conduct profiling studies of immediate competitors or possible future competitors (which might include indirect competitors and substitute products). It’s a complete 360 degree analysis of competitor in all angles.