Conducting Competitive Research: 4 Benefits
Understanding How Your Business’ Health Can Benefit From Conducting This Type of Research is Key. Today’s business world is more competitive than ever. There are…
Understanding How Your Business’ Health Can Benefit From Conducting This Type of Research is Key.
Today’s business world is more competitive than ever. There are thousands of companies selling products and services similar to yours. That’s why it’s more important than ever before to differentiate your business from the competition.
Here are four advantages to conducting competitor analysis:
Keeping an Eye on Your Competitors’ Behaviour
Competitors can be a business’s best friends.
That may sound strange, but it’s true. When you’re keeping watch over your rivals and comparing your company to theirs, you’re making sure you don’t fall behind in the market.
Think about it: by checking in on your competitors, you can see which products are most successful for them, which services are most in-demand, and what kind of pricing models they use. This kind of information helps you make strategic decisions in the future to stay ahead of the curve and offer customers exactly what they want.
It’s beneficial to conduct competitor research repeatedly—that way, you can track their success over time and see if any trends emerge. And staying aware of key industry trends means that you won’t be surprised by new competitors or threats. You’ll always have the right strategy to help your company succeed!
Identifying the Gap Between You and Your Competitors
They say it’s wise to keep your enemies closer. When it comes to conducting competitor research, we couldn’t agree more.
Many companies use this tactic to identify the gaps between their competitors. They discover what makes them unique and relevant to a specific audience and identify new ways to expand their reach.
When you know where your competitors fall short and where you stand out, the real fun happens. Competitor market research will tell you just that.
- Some questions to consider:
- Does your company provide services or products that the competition does not?
- What can you attract clients with that your rivals don’t have?
- Does your company offer faster timelines than that of your competitors?
By using a competitive assessment company to conduct rival research, you’ll get answers to these critical questions. On top of this, many organizations will opt to run a service or product audit for additional information. Like it sounds, this report will give you a rundown of what your competitors provide.
Making the Most of Negative Customer Feedback
Competitor market research will target rival companies’ clients to see where they fall short. You can prioritize the qualities that you have over your competitors. Promote it all over social media, your website, and other advertising efforts.
If you conduct market research and find out that your competitors have a weakness, you can use it. According to a recent study, 89% of customers will switch to a rival brand if they’re unhappy with their experience.
For instance, if the rival company takes a long time to ship products after an online survey. Fortunately, your company ships products in record time. All you have to do is create a blog post explaining how it is beneficial receiving your order quickly and safely to promote this message. You can use social media sites like Facebook and Twitter to get the word out.
Being More Tactical in Your Sales Approach
The last benefit of conducting competitive research is that it gives you a starting point for your brand story. All companies have one, and it’s usually told from the perspective of their customers.
Being able to see what rival companies promote gives you a significant edge. From this, start brainstorming about what your brand already offers. How can it be better? Can you put a unique spin on it?
Some common selling points include:
- Quality product design
- Beneficial customer service
- Good prices
- Quick delivery
- Advanced technology
By knowing your competitor’s story and tweaking yours to exceed theirs, you’ll be able to make a more exciting offer.
Now that you know the four main benefits of conducting competitive research, you probably wonder how to get started.
Looking for an excellent place to start, look no further than Grapedata. We have helped big companies conduct research, and we can help you too!
Grapedata is a trusted name in the market intelligence industry. Our robust compliance framework adapts to an ever-changing data-driven world, ensuring that your company keeps up with the latest news and trends without breaking the law.
Contact us to get started!