Summary
One of our clients, a Fortune 100 Financial Services firm offering investment, advice and retirement solution, was aiming to evaluate their market positioning vis-à-vis its competitors through their recent announcements and developments.
Evalueserve’s Asset & Wealth Management Competitive Intelligence team conducted a detailed benchmarking study of the client’s competitors. The study evaluated recent announcements and developments, and identified areas where the client stands out and areas for improvement. The findings were presented to the client in an integrated competitive landscape view, which enabled the client to get a holistic view of its positioning in the market, strengthen its marketing and sales strategy and identify new opportunities for growth.
The Challenge
The client needed a comprehensive competitor assessment to identify areas where they could improve their market positioning, specifically looking at the following:
- Major announcements and developments made by competitors in recent years.
- Areas where the client had excelled or was at par.
Our Solution
Our domain experts conducted a detailed competitor benchmarking study comprising of a three-step approach to help the client better understand its market positioning:
Step 1: Competitive Analysis – Analyzed recent developments and announcements of the client and top players in the retirement industry. The team scanned through company websites, newsletter repositories, and mining retirement industry databases to gather relevant recent developments.
Step 2: Competitor Matrix and Heat Map Analysis – Assimilated all the analysis done in step 1 and created a detailed matrix to compare the recent developments and announcements; identified key themes (such as new plan wins, partnerships and collaborations, product and service updates, transactions / M&A, etc. + bad press coverage) and calculated a score based on the number of announcements in each theme for the client and the competitors. Finally, benchmarked each competitors’ scores with the client’s score which helped the client to gain a holistic view of competitors’ performance and their differentiation strategies and thereby evaluate its own position in the industry.
Step 3: Key Takeaways – The final step involved providing the client with a summary of the analysis that highlighted the areas where they stand out along with identifying the areas where other players have gained competitive advantage.
Business Impact
- Market Positioning Overview: The assessment provided the client with an independent view of their market positioning, allowing them to benchmark themselves against their peers. This information was valuable for the client as it helped them to identify areas where they could improve their market position.
- Key Leading Areas Identified: The assessment also identified areas where the client was performing better or at par when compared to the industry players. This information was helpful for the client as it highlighted their strengths and areas where they could continue to focus their efforts.
- Areas of Improvement Identified: The assessment also identified areas where the client could improve. This information was valuable for the client as it helped them to identify areas where they could make changes to improve their market positioning strategy.