Competitor research is an analysis of both the strengths and weaknesses of competitors in marketing. This study provides both a strategic and offensive strategic perspective to identify threats and opportunities. Competitor profiles, competitor surveys and competitor analysis are three of the most effective ways to monitor and analyze competitors and their market positions in the marketplace. Competitor profiling uses numerous different types of qualitative and quantitative indicators that provide quantitative assessments of industry performance. These include; surveys of customer satisfaction, competitor branding and product branding, competitor sales and direct marketing, competitor pricing and marketing, and competitor networks and relationships.
Competitor profiling and competitor research provide one way to track a company’s activities over time. By collecting and analyzing data related to key metrics such as customer satisfaction and market share, as well as competitive analysis and the strengths of competitors, one can develop accurate, timely and comprehensive competitive intelligence solutions. Additionally, competitor research provides unique insights into the ways that companies manage business processes, marketing strategies and operational execution. These in-depth analyses are invaluable tools for understanding what is working and why.
Competitor profiling provides several benefits. First, it gives companies a unique set of “big picture” perspectives that are vital to decision making. Competitor profiling allows companies to understand their competition as well as how their rivals are evolving or strengthening their position. When conducting this research, competitors provide feedback on how their businesses are performing against their expectations, which helps businesses improve their operations while simultaneously developing new methods to exploit the opportunities identified in competitor research.
Competitor profiling and competitor analysis provide insight into specific industry areas. These areas typically include core competency areas. For example, a company may want to understand how their competitors are matching or exceeding customer needs in order to implement services or products designed to solve particular issues. Likewise, a company may identify how they are performing against key metrics in key markets, such as financial services, human resources, and manufacturing. As a result, a company is able to measure how its competitors are performing in key areas and to develop and implement methods that achieve similar results, if not more.
Competitor research and analysis also provide solutions to specific business problems. Some of these problems may include the need to gain a competitive advantage over competitors, whether through cost-saving measures or increased productivity. Other problems may involve the need to reduce customer costs, including through rethinking the entire sales process. In addition, an understanding of competitors’ digital marketing strategies can help marketers weigh options and implement solutions that generate positive ROI.
Competitor research and analysis can help organizations address specific issues. The ability to effectively analyze and understand competitors provides a competitive advantage, which is why so many companies conduct competitor analysis. Competitor research and analysis require gathering and analyzing information from a variety of sources, including competitor assessments and market surveys. After which, the information needs to be examined to determine what changes could produce the most positive results. Additionally, the information needs to be analyzed to determine which factors or variables competitors consider most important and why.
Competitor research and analysis require the careful analysis of both positive and negative competitive factors. One of the major findings from competitor study is that consumers are unhappy with traditional methods of advertising and are trending away from paid search results and towards organic search results. Experts agree that the key to surviving in a competitive marketplace is to develop and implement tactics that generate positive results above and beyond the initial interest rate generated by a particular ad campaign.
Competitor research and analysis allow organizations to overcome current challenges and build better ones. Through the use of effective competitor analysis, companies can effectively target markets and understand the strengths of their competition. Moreover, companies can use this analysis to improve their own content review processes and marketing campaigns, which can result in overall positive results for a company’s bottom line.