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Analysis of the market and competition

Market and competitor analysis
Market and competitor analysis
If you have not already analysed the market and your competitors, it’s high time to do so. An analysis of the market and your rivals is an absolute must if you are to get a clear picture of the competitive environment.

Why is it important to analyse the market and competition?

An analysis of the market and competition provides you with vital information on your industry, customers and rivals. You not only obtain a complete picture of your market environment, you also have future market developments on your radar. What is more, a thorough analysis of the market and competition allows you to identify the strengths and weaknesses of your business model, as well as those of your rivals. This is a constructive step towards minimizing risk and allows you to recognize market potential early and benefit from it.

A rigorous analysis of the market and competition often demands considerable effort. But it is worth investing time in this. To make things easier for you at the beginning, Helvetia has put together an overview of the five most common methods.

Methods for market and competition analysis

PESTEL

A PESTEL analysis consists of observing a company’s environment and identifying the external forces that have an influence on it. The letters in the acronym stand for the forces being investigated – Political, Economic, Social, Technological, Environmental and Legal.

Porter’s Five Forces

The classic method used to analyse an industry is the Five Forces model developed by Michael Porter. This method entails measuring the attractiveness of an industry by investigating the five key forces in that industry. Tip: The borders between different industries today are becoming increasingly fluid. This is why it is advisable to factor in developments in other industries as well.

Key market indicators

Besides relying on methods of a more strategic nature, you should definitely also look at the numbers behind your market. Calculate parameters such as market size, market potential and market growth. Such figures are relevant for investors in particular.

Insurance for start-ups

Protect yourself and your business partners against potential risks. Helvetia offers young business owners a 50% discount on different types of insurance.