Competitive market research must not be neglected – How to improve the evaluation of your competitors

June 2016

Sales and marketing also form a large area in which individual features should be more closely examined. Especially the marketing measures of your competitors can provide you with revealing indications about their target groups. This is why the amount of measures taken, the marketing budget or also the size of the marketing department can be included in the list of parameters for analysis depending on the individual issues to be dealt with. Sales channels und markets can also be analyzed within competitive market research. Finally, service is the last big area in this context within which customer satisfaction or availability via email can be investigated, for example. In a fourth and final step competitive market research proper is conducted, i. e. data is collected via internet research, for example, or even field research like customer surveys or market analyses is conducted. Market Researchers develops a concept in collaboration with you, which will fulfill the individual requirements of your company.In a second step a list of employees is compiled. This may sound banal. But if you do not exercise due diligence in this area, a profound competitive market research will not be possible. This hold true even more for the third step which involves determining the parameters for competitive market analysis for not every factor is equally important for all issues. Apart from general information on company size, revenue or number of employees, for example, it is above all the strategic orientation and the product strategy which play a role here. Depending on the orientation of the competitive market research features like planning of new sites, management staff changes or also proposed outsourcing projects can be determined as parameters. Within product strategy the scheduled launch of new products and the selection of suppliers are also possible criteria.In four easy steps competitive market research will make sure that you learn more about your competitors and that you will be able to develop an adequate business strategy on this basis. The overriding goal of competitive market research thus consists of analyzing the strengths and weaknesses of your competition and understanding their strategy, which can in turn be used as a basis for developing your own strategy. In a first step individual goals are determined. Competitive market research can serve as a SWOT analysis, for example, with which it is possible to determine your own strengths and weaknesses as well as those of your competitors. But you can also put your emphasis on strategic planning and analyze the sales and marketing strategies of your competition and integrate them into your own concept as appropriate. Finally, competitive market research can also serve the positioning of your own company and involve an adaptation of your public image.Many companies are certain that they know their competitors very well and that they are able to assess their goals and predict their development. But in practice it turns out that this assumption is often based on subjective impressions and superficial information. A false assumption therefore, which can have fatal consequences for your company. While you still think that you are positioned well in your market segment, the competition may already be passing you by. And when you finally realize it, it will of course be too late to take countermeasures. Do not let it come to this in the first place and commission professional competitive market research via a market research company like Market Researchers.