Using Market Research to Assess Competitive Strength
Unveiling the Different Methods Of B2B Market Research To Study Your Competitors All businesses have competitors, be they big or small. Even the smallest shops…
- Unveiling the Different Methods Of B2B Market Research To Study Your Competitors
All businesses have competitors, be they big or small. Even the smallest shops on ETSY have competitors. Therefore, it’s necessary to complete B2B market research before investing in a business. Startups especially need to be careful so they can provide the best to their clients. This also helps to retain as many customers as possible. Sizing up your competition can help you attract and retain customers.
Fortunately, numerous competitive assessments can satisfy your special needs. Competitive analysis is extremely important for a company because it covers 57% of the business’s top 3 goals.
Analyze Your Website’s Competitors
Imagine you have the most innovative and incredible website, and you have taken all the necessary measures to ensure that it functions accurately. Unfortunately, all that won’t work if you have insufficient visitors.
Hence, it’s recommended to seek professional help where needed. SEO companies ensure that you have enough information about your competitors. They accumulate information and present a comparison between you and your competitors. This helps to rectify your mistakes. Also, the data they provide you can be used to improve SEO. So you can get tons of traffic to your website.
Analyze Your Competitors’ Products or Services
A competitive assessment company will also go over the products and services your establishment offers. Mainly because they wouldn’t want you to stay behind. Studies claim that over 40% of Fortune 500 companies die in 10 years due to progressing competitors. Why do they fail? They fail because they lack information and refuse to evolve with others.
Companies, in general, calculate certain factors in the product or service audit, such as:
Gap Analysis: Things that your competitors are offering but you don’t have.
Differentiators: Things you are offering but your competitors don’t have.
Once the data is accumulated, the results are shown as a matrix. Know that these methods will help you find where differentiators and gaps are.
Analyze Your Competitors’ Pricing
Market researchers claim that pricing is one of the factors that affect consumers. It makes them choose one brand over the other. When customers enter the market and see similar offerings from two companies, they pick the least expensive one. If your rivals are selling products or services at a decent price, then this would cause harm to your company. Hence, it’s vital to do proper B2B market research.
Audit Your Marketing Competitors
A competitive examination offers extensive information about your opponent’s marketing and advertisement methods. Some SEO professionals offer detailed report. This includes sales collateral, social media ads, emails, blogs, whitepapers, and webinars. They also provide additional information about organic social media reach.