4 Benefits of Conducting Competitive Research Never underestimate your competitors.
Yes, there are many important factors involved in building a successful brand – but perhaps one of the most important is keeping an eye on competing businesses.
Why?
You want to be able to differentiate yourself from rival companies to assure existing customers and prospects will choose you as their top choice.
Doing competitive research can help your team understand what makes your brand special so that consumers will come to you. In turn, you can use this information in your marketing and sales materials to encourage more business to come your way.
There are many competitive research advantages — most of which we’ll discuss below.
1. Keeping a Pulse on Your Competition
Competitive market research is especially helpful when conducted consistently.
When done on a recurring basis, competitor research lets you track rival brands. From this you can get many types of information, which will help in promoting your business.
Key insights from competitor analysis include:
- Product Type
- service type
- Pricing
When you are keeping an eye on these points with competitors, you are better able to strategize your company’s goals.
In addition to providing strategic insights, this type of market research also keeps you abreast of industry trends.
When a business is given trend knowledge from competitive intelligence (CI), you can look at potential competitive threats rather than be surprised by them.
The Key Takeaway: Competitive assessments give brands the ability to see where their competitors stand. This gives them unique insight into how to stay on-trend.
2. Understand the difference
The real fun comes when you know where your competitors are lacking and where you stand.
Competitive market research will tell you just that. It is likely that you have wondered why your opponents are your rivals.
Some questions to consider:
- Does your company provide services or products that the competition does not?
- What can you attract customers that your competitors do not have?
- Does your company offer faster deadlines than your competitors?
By using a competitive evaluation company to conduct competitor research, you will find answers to these key questions.
On top of this, there are many organizations that will choose to run a service or product audit for additional information. As it sounds, this report will give you a detailed overview of what your competitors have to offer.
The Key Takeaway: Competitive research advantages let you think creatively about what your company offers unlike your competitors. Additionally, service audits are run to provide additional information about what competitors have to offer.
3. More Strategic Sales Approach
To make a sale, you need a story.
What do your competitors use as a selling point? They must have an attractive offer to acquire customers, and you need to know what that is.
By understanding these selling points, you can tweak yours to match or exceed a competitor’s offer.
Common selling points include:
- Quality product design
- Beneficial customer service
- Good prices
- Quick delivery
- Advanced technology
One of the many competitor research benefits, being able to see what rival companies promote gives you a huge edge.
From this, start brainstorming about what your brand is already offering. How can it be better? Can you put a unique spin on this? Ask yourself these questions.
The Key Takeaway: Hiring a competitor analysis company will help you understand the selling points of rival brands. When you can see the inner workings of the competition, you get a deeper perspective. This perspective can allow you to enhance your offerings.
The Key Takeaway: Hiring a competitor analysis company will help you understand the selling points of rival brands. When you can see the inner workings of the competition, you get a deeper perspective. This perspective can allow you to enhance your offerings.
Taking advantage of negative customer feedback
Competitive market research will target customers of rival companies to see where they fall short.
According to recent research, 89% of customers will turn to a rival brand if they are not happy with their experience.
For example, let’s say a rival company takes a long time to ship a product. Consumer research will be conducted and before you know it, your organization will have that information. It is usually conducted through an online survey.
Your company does the same to ship products in record time. So, you just found that you are in.
Now, you can really emphasize promoting this aspect of your company. Since this is something your competitor struggles with, you know you have a better chance of attracting similar (or perhaps similar) customers.
Prioritize the qualities you have over your competitors. Promote it throughout social media, your website, and other advertising efforts.
The key takeaway: Business competitive analysis targets your competitors’ weaknesses. Once you know what they are you can highly promote what your brand has to offer. If that’s what an opponent is failing at, zero in on that topic.
Contact Our Competitive Analysis Research Company
If you are interested in learning more about your competition, you have come to the right place. Our market research company specializes in competitive research.
The team at Philomath Research has years of experience in conducting qualitative and quantitative studies and can create a research study unique to your business.
If you would like to know more about our market research services, contact us at www.philomathresearch.com
