Unless you’re lucky enough to be running a monopoly you’ll always be concerned, to a certain degree, with your competition. And rightly so: while time consuming, thorough research into the business models, market penetration and strategies of your competitors can yield huge rewards when it comes to development of products and services or shaping your marketing campaigns. A market research company can be employed to conduct this competitor analysis for you. This not only saves you time and effort but also brings to bear a wealth of prior experience that will ensure you’re getting only the relevant information, that it’s accurate and that it’s presented in a manner which allows you to form a clear course of action.
Competitor Analysis: The Benefits
By definition your competitors are fighting for the same customers as you. Since you share the same market place every significant move made in the market affects every other player. Carrying out proper competitive analysis can help you determine:
- Who your competitors are
- How large they are
- What their average customer looks like
- What share of the market they control
- How they price their products
- What their strengths and weaknesses are compared to you
- What marketing techniques they use
- How they might react to changes you make to prices, product range etc
What you need to know about your competitors will obviously depend on the type of industry you operate in. However, accurate and well chosen data about your competitors can’t help but influence how you move forward, no matter what your business is. Failure to carry out this fundamental research could leave you exposed to competitor attacks or leave you lagging behind important developments in the industry.
Hiring a Market Research Company
The single most important aspect of hiring a company to carry out competitor research for you is knowledge and experience in your field. Only a company with a good grasp of how your market operates will know what information will be of relevance and how to go about finding it. It should therefore be top priority to find a company that has experience in yours or related sectors.
Another consideration is the effectiveness of the researchers’ analysis and presentation styles. Presenting the findings of competitor analysis should entail providing a concise summary with data to back it up if required – not just dumping all the raw data on your doorstep. It therefore might be wise to request a sample of research they’ve conducted before (which might obviously have to be redacted to protect confidentiality).
Quotes for Competitor Analysis
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