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Richmond Events' Business Panel Report - Competition


The latest Richmond Events' business panel report on competition is now available. Please read on for headline findings and to download the full report.

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Richmond Events' Bussiness Panel - Competition


Headline findings include:

  • On average our panel’s organizations have 14.7 competitors in the US, a further 14.5 in the Western Hemisphere and 17 throughout the wider world. 
  • Their most significant competition comes from close to home, with 89% of the panel saying it’s from within the US.  This is followed by the European Union and China / East Asia. 
  • The top 3 areas of competition that organizations face are on price, technology and quality.
  • 94% of the panel agree that competition results in better products and services which in turn results in more choice for the consumer.
  • 70% of the panel say in some instances their R&D program is based on observing what their competitors are doing.
  • Only 6% of the panel feel their organizations have been the victims of unfair competition.  However they feel 10% of their competitors have been likewise - sometimes from themselves!
  • 52% of organizations face competition from internet only businesses.
  • Over half of the panel’s organizations have successfully bought a competitor, with a further 5% trying but failing.  Only 10% have been bought themselves.
  • The top 2 reasons for an organization increasing its market share over the past 5 years are taking sales from competitors and a major product innovation / development.
For full report http://revents.info/l/6qt

Richmond Events' Business Panel - Brand Report


  • Marketing is the department primarily responsible for developing the brand within 71% of organizations, with a further 18% leaving responsibility to the MD/CEO.
  • In terms of influence over the brand, marketing leads the way with 44%, followed by sales 39% and the MD/CEO 15%. 15% of the panel feel all departments have equal influence over an organization’s brand.
  • 100% of the panel feel brand reputation is very important to their organization, however only 66% know they measure it.
  • Of those that do, the most popular measurement tools are customer focus groups 46%, on-going brand tracking research 38%, competitor analysis 36%.
  • The panel feels 40% of their department have high engagement levels with the brand, compared to 36% of the wider organization and 37% of their customers. It may be considered slightly worrying that the figure is higher for customer engagement than it is for their colleagues in other departments.
  • The panel also feel 24% of their department have low engagement levels for their brand, as opposed to only 19% of their customers. A potential problem?
  • 61% of the panel feel there is a slight mismatch between what their customers and what their employees think of their brand. However 76% feel their own perception of their brand is similar to their customers’ perception.
  • In terms of the importance of their organization’s brand reputation to the panel personally, 24% say it’s essential - they’ll only work for an organization with a strong brand, whereas 59% say it’s very important – a key factor as to where they work.
For full report http://revents.info/l/6qj

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