Monitoring competition is one of the biggest advantages of market research. In fact, business research legally allows gathering all the relevant information about market position of your close competitors. Admit it or not, small and large businesses are aware of the existence of their competitors. Analyzing them is a great marketing strategy for growing your business. Marketing is neither killing the competition nor winning every bet. It is about wise decisions that start with business research. Analyzing the competition is one of the basics of industry research, which makes spying your competitors easy.
Four Easy Steps to Nail Your Competitors
Competition analysis is crucial. Either do it on your own or leave it to a professional market research company. No matter which way you choose, analysis about your competition has to go in a systematic manner. A few easy things give away all the vital details about your core competitors, their products and their business strategy.
- Evaluate Actual Competition
You might have a lot more or less competitors than you think. Hence, it is important to start with searching for your actual competitors. Apart from your real competition, check the materials and tools in the market that offer similar services or products as you. It helps the entire process of market research.
- Collect All the Data
Gather all the available data. Analyze their websites, web pages, blogs, news and reviews, online biographies, advertisements, articles by and about them, broadcasts, videos and all the stuff available on the internet. Also, check out for the news articles, books, magazines, brochures and other information available in print. Go for mystery shopping for their products and find out the difference in your products.
- Analyze and Differentiate
Once you are done with collecting all the available data, analysis it. Identify the things that make your competitors succeed or fail. In either case, you will realize that they all have slightly similar marketing strategy with only a few differentiations that determine their rise and fall.
- Create Unique Product
This is the most crucial step of market research to keep a tab on your competitors. Once you are done with analysis, come up with a superior product or service. This product has to be unique and promising than what your competitors offer.
Along with careful business research, you have to create a promising new product that speaks for itself. There is nothing like it to advance your business ahead of your competitors.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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