Since the Internet is flooded with everything from methodology to outsourcing of competitive analysis and market research, we will examine why they are related
and how to use them to your advantage. Analyzing what a competitor or competitors are doing in relation to your product or service, is vital to your ability to “stay ahead” of the curve, to get out in front of the market instead of lagging behind. Whether your product or service is doing well or not achieving the goals you set for it, knowing what your competitors are doing in terms of promotion, pricing, and positioning, can reveal why they may be gaining more market share. A great deal of information is available on the Internet, from reviewing their websites, checking their promotions in the media, checking their impact at trade shows, and many more, depending on what you are interested in finding out about them.
As for market research, knowing whether the markets they are focusing on are dynamic, growing, or static can tell you even more. It can even identify new markets that previously had not been considered. Checking out the benefits of their products or services can cast a large shadow on their success or failure. Why? When everything else is fairly equal, price, market share, etc., benefits usually wins the day. Not only benefits of the specific product or service, but of the company and its operations. For example, financing terms, round the clock support, or webinars that educate the buyer to new maintenance methods, or how to get higher productivity rates, etc. This steady stream of support can make a huge difference in the potential buyer’s mind to buy from you or not.
The results of these in-depth studies can indicate how to cope with competitive ideas, and how to pass them with new features that you can incorporate into your products.
Mini surveys of your audiences to ascertain what they are looking for or would like to see in your product, can go a long way toward increasing sales and ultimately your market share.
Competitive analysis and Market Research should be a part of your overall marketing plan. It can help set direction and focus.
Franklin Cooper © 2021