It is officially April and spring time should be just around the corner., I am in my third week of the internship at Symplify. I am still in the process of unravelling Symplify as an organisation, diving into my assignments, but also getting into the nitty and gritty about the actual system, it is a staggering lot of information to process. 

Getting to know and understanding a new workplace takes time, we will probably only be acquainted at the end of this internship. But still, I am positive that it is more than sufficient for now.

This week I have dug myself into the world of competitive analysis, not just the subject in itself, but also the understanding of what the employees need in a competitive analysis for it to be as valuable and efficiently useful as possible to use in their daily work. Just as any other initiative for development, I want to enter the assignment with a research based approach.  

I asked ChatGPT about the definition of a competitors analysis, I think it gave a very accurate and summarising description:

“A competitor analysis is a strategic examination of the strengths and weaknesses of current and potential competitors in a market. It involves gathering and evaluating information about competitors’ products, services, strategies, market share, and performance to gain insights that can be used to improve one’s own business strategy.”

As Symplify is operating among a great sea of other SaaS companies there are many reasons equally as important as to why the competitors’ analysis is beneficial and vital for a company. Here are some of them: 

1. Identifying your direct and indirect competitors.
2. Revealing our strengths and weaknesses.
3. Understanding our market positioning. 
4. Stimulating innovation and product development.
5. Ensuring a fine tuned pricing strategy.
6. Ensuring customer satisfaction.

Of course, there might be differences in our approach towards the purpose of the competitors’ analysis. Our purpose might be guided by innovation, your purpose might be chartered towards evolving and refining your SEO strategy. What does your organisation want to evolve into? Are there gaps that your competitors are yet to overcome in their offerings? Can we gain a competitive advantage by offering what the others don’t?

As Symplify is growing day by day, and to keep Symplify growing, we need to remain up to date and sustain our curiosity and consciousness about what other SaaS companies are offering. By contemplating a comprehensive analysis of the competitive landscape we will be able to pinpoint what future growth requires in the development of our offer, and in the shaping of future strategies. 

Since I am keen to involve and highlight the importance of customer insights, I would also like to push you to make a thorough assessment of  your customer satisfaction ratings. Add it into your analysis by checking out your own and your competitors’ reviews. Customer insights might be a pathway to discover some new perspectives that are yet to be discussed and delved into. What are the actual needs of your customers? And what do they actually think of you?

• A competitor analysis can be a great way for you as an intern to get to know your new workplace. Check if there is one available for your review