The latest Richmond Events' business panel report on competition is now available. Please read on for headline findings and to download the full report.
Headline findings include:-
- On average, our panel’s organisations have 19.3 competitors in the UK, a further 12 in Europe and 17 throughout the wider world.
- Their most significant competition comes from close to home, with 77% of the panel saying it’s from within the UK. This is followed by the European Union and North / South America.
- The top 3 areas of competition that organisations face are on price, bigger sales / marketing budgets and quality.
- 82% of the panel agree that competition results in better products and services which in turn results in more choice for the consumer.
- 84% of the panel say in some instances their R&D programme is based on observing what their competitors are doing.
- Only 12% of the panel feel their organisations have been the victims of unfair competition. However they feel 14% of their competitors have been likewise - sometimes from themselves!
- 68% of organisations face competition from internet only businesses. One third of the panel’s organisations have successfully bought a competitor, with a further 6% trying but failing. Only 6% have been bought themselves.
- The top 2 reasons for an organisation increasing its market share over the past 5 years are taking sales from competitors and an increase in the size of the market.
You can download the full report here - http://revents.info/l/5sc
For further information, please contact David Clark