The greatest delusion you can have about your new venture is “My idea is unique, I shouldn’t be having any competitors”. Well, if you are not a part of the competition, you have no market either.
Getting an edge over your competitors is important, and just conceivable when you genuinely and profoundly comprehend the challenge. Which carries us to probably the most ideal methods for increasing insights for your business’s profitability:
With the coming of modern technology and innovation, marketers today can dive profound into the activities of their competitors and get some staggering new ideas to increase their target audience. Because of these reasons and more, competitor analysis through market research is extremely important.
Competitive analysis is the process of identifying your competitors and evaluating their strategies – to determine their strengths and weaknesses relative to those of your product or service.
You’ve got competitors – there are no two ways about that.
When people see your product, the first thing they do is a mental comparison:
- Are the pricing and service right for this product?
- What about company X, which offers a similar product for amount Y
- Am I getting a good deal?
That’s the end goal here – convincing them that they’re getting a good deal. A competitive analysis allows you to:
- Identify the strengths and weaknesses of your competitors (AND yourself!)
- Identify the gaps in the market
- Carve out innovative ideas for products and services
- Create efficient marketing and sales strategies that target that particular gap
How Competitors Analysis through Market Research drives Business Growth
The market is as of now exceptionally competitive and loaded up with different firms that have built up themselves as the “go-to” brands for specific products and services. With a proper competitor analysis, you can find gaps in the business that could conceivably turn into your company’s specialty. Given what your competitors are or aren’t known for, your innovation firm can manufacture a brand that makes you the “go-to” for a specific product or service.
How to Utilize Competitor Research for your Business
Conducting competitor analysis through market research will give you the upper hand in future decision-making. By understanding your competitors – how they succeed and fail – you can outperform them.
We explore their sales success, social media standing, and reputation with customers. New businesses often offer innovative ideas and bring fresh perspectives to your market.
By monitoring them, you can find out which traditional practices continue to succeed and which new ideas are pushing boundaries. You’ll also begin to see industry trends in time to ride that wave.
They say, “The more you bleed in practice, the less you bleed in war”
Market research is an eye-opener that helps you pull off your ‘My-company-is-the-best’ goggles, and get a very honest idea about your market positioning. Once you’ve conducted a competitor analysis and know how your competitors are performing, then is the time to make active decisions about your marketing approach, whether you need better processes, if it’s time to pivot your brand, and much more.
At The Owl Strategy, we analyze and benchmarking against:
Direct competition: Those selling the same or similar products or services as you
Indirect competition: Those selling different products or services but tap into the same consumer base