It is a common market research activity that is performed to identify opportunities and risks associated with strategies such as a new product.The following are examples of things that are commonly included in a competitor analysis. Is it selling because it is easily available, quality is high or price is low. Thus, after analysis, the final secondary market research data needs to be presented to the management so that the goals are proven to match the managements requirement. This article places major emphasis on the often neglected area of competitive cost analysis. An overview of secondary and primary sources, including competitors themselves, is provided. 4. Click & Tweet! A competitor analysis is an assessment the position of potential competitors.
To learn more about the market research process, read our post: How to Do Market Research Better Than Your Competitors.
Analyse their business strategies: Business strategies include both long … Why they buy from a competitor; Where there might be opportunities for niche marketing; To find answers to these questions, there are many sites for market research that can help you uncover insights about your customers and industry. The assumption is often that market research and competitive analysis provide enough cold hard facts that your plans will be impervious to anyone else’s opposing arguments.
Market Research and Competitive Analysis: Numbers vs the Story . In simple words, competitor analysis (also called competitive analysis) is a process to – Identify who the competitors are: These include both current and potential competitors. Secondary research and business databases. Thanks to a robust set of data from competitor analysis, you will be able to: position your products in the most optimal way; meet your customers’ needs Conducting a competitor analysis will give you a competitive edge over other companies. Overall, be prepared that it might not be necessary that conducting a secondary market research is itself enough. Competitor Analysis Some Practical Approaches John J. Brock Analysis of the intentions and capabilities of key competitors is an essential component of effective business strategy. It may be worthwhile to buy research reports on your industry or sector from outside firms. While doing this, you can also do a mini market research to find the reason for the sale of your competition.
In reality, facts are best understood in the context of a good story.
At this point, we have conducted secondary market research successfully. Competitor analysis is a time-consuming, complicated process, but the rewards are worth the effort. And the story provides a structure to your point of view. Secondary research gathered from resources that have already been published or are accessible online offer an easily digestible and readily available introduction to your market. Case examples …