Competitive Intelligence Case Study

Turning Competitive Analysis into Profit in Fintech

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In the fiercely competitive and rapidly evolving financial services sector, companies continually strive to outpace their rivals by introducing groundbreaking and innovative product offerings. However, prior to launching these products into the market, it becomes imperative for businesses to gather accurate and tailored market intelligence. They want to uncover the answers to critical questions such as, "What strategies are our competitors implementing to gain an edge?", "How well are their products being received by customers?", and "Are there any unexplored market opportunities or gaps that we can capitalize on?"

Competitive intelligence services delivered

Laying the groundwork

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In this competitive intelligence case study, we embarked on an all-encompassing research project on behalf of a leading global fintech company. Our approach involved harnessing a wide array of resources, including customer surveys, interviews with the resellers of our client's competitors, extensive secondary research of publicly available information, and other invaluable sources. The main objective was to assist our client in identifying avenues to enhance their core offerings by introducing new features and modules. However, before proceeding, they needed a thorough understanding of the market landscape, competitor offerings, their popularity, and any existing gaps.

Implementing the research plan

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Our competitive analysis focused on scrutinizing five prominent fintech companies that directly competed with our client. We initiated the analysis by delving deep into each company's pricing strategy and features offered by each competitor. This examination involved conducting numerous interviews with partners, customers, and employees of these direct competitors. Through these interviews, we were able to glean competitor insights and accounts of customer experience with the competitors' products, as well as customers' overall knowledge of the offerings. Primary fieldwork allowed us to create comprehensive and detailed feature comparison tables, offering our client a clear understanding of their positioning in relation to their competitors.

In addition to competitive analysis of pricing and features, we conducted an in-depth examination of customer sentiment. To achieve this, we distributed a survey to 200 customers across the five competitors, with the goal of understanding various aspects of the competitor's offerings. The survey covered a wide range of topics, including the most and least appealing features, customer perception of pricing, professional services, and more. By dissecting this customer feedback, we were able to deliver competitor insights and customer insights, enabling our client to refine their own offerings taking into account the strengths and weaknesses of each competitor's products.

To provide additional competitive insight, Aqute developed a product mapping strategy for different customer segments within the financial services industry. Our objective extended beyond identifying which competitor's product held the dominant position in each segment; our competitive intelligence research also aimed to evaluate how our client's offerings could effectively compete. Through this comprehensive product mapping exercise, we provided our client with a crystal-clear understanding of the competitive landscape and of customer needs, enabling our client to strategize their product development initiatives accordingly.

How our client used the competitor research

The key insights we uncovered through our competitor research had profound implications for our client's product management team. Our competitor analysis findings were leveraged to revamp our client's pricing strategy, develop feature comparison tables that highlighted our client's unique advantages, and create compelling go-to-market materials. The sales leadership team conducted intensive training sessions for their representatives, equipping them with battlecards that emphasized the key selling points derived from our competitive intelligence.

Stronger sales and marketing

The impact of this extensive competitor analysis was nothing short of transformative. Armed with an abundance of actionable insights, including pricing details and drivers of customer satisfaction, our client's sales team was able to actively target accounts and swiftly execute strategies to win market share. Meanwhile, the marketing team prominently displayed the feature comparison tables in their materials and website content, effectively showcasing the superiority of our client's offerings.

In this competitive intelligence case study, the goal of the research surpassed the mere expansion of product offerings. It aimed to foster a deep understanding of the competitive landscape, enabling our client to make informed decisions and gaina competitive advantage. With fresh perspectives and key insights at their disposal, our client was able to refine their value proposition in the financial services software market and effectively communicate the unique advantages of their offerings to their target audience. By staying one step ahead of their rivals, our client emerged as a true leader in the industry, solidifying their position as a trusted provider of innovative financial solutions.