A free market cannot be imagined without active competition. At the same time, quite often this struggle is won by far from the best product, because success largely depends on competent marketing promotion. To become a leader in your industry, you need not only to constantly improve your product, but also to monitor the activities of competing companies, their new products and the ways they promote goods.
Competitor behavior analysis is one of the basic marketing technologies. This is very important no matter how long you have been in the market. Studying competing companies will help to track their activities, adopt some techniques that will be useful in promoting your product or service.
What is competitor assessment for?
The analysis of competing companies is necessary in order to get an idea of the competitive environment, to identify the main pros and cons of other players in the market, to study the logic of actions of potential consumers choosing competitors, etc. This analysis has several main purposes:
- finding free market niches with a view to their further development;
- adopting the successful experience of companies competing with you, using their developments;
- enhancing your own strengths, that make you stand out from the rest;
- identification of your own weaknesses in order to eliminate them;
- formation of a competent pricing policy based on the current market situation;
- correct positioning of your competitive advantages for the potential consumers.
Who is your competitor?
Many companies misplace the focus, which leads to competitor misidentification. As a result, they start competing not with the competitors, but the wrong players. First, you need to define your target audience, and then understand which companies your customers choose between. These are direct competitors that offer the consumer an identical or similar range of products, but they were pioneers on the market.
In addition to direct ones, there are indirect competitors that play in related markets, but in the long run can impede your sales. For example, restaurants compete indirectly with cinemas and other entertainment venues, where people pay money for their leisure time. There are many such examples, so only a comprehensive marketing analysis of the competitors will help build proper promotional strategy.
ResearchView conducts comprehensive market analysis of competitors
There can be a large number of methods for competitive market analysis, so it is better to entrust this business to professionals who have extensive experience in this area.
ResearchView will thoroughly examine your business, conduct a comprehensive analysis of the competitive environment and develop recommendations for you to secure a foothold in the market.
14-year collaborative effort
more than 80% of further contacts
50% of clients are our regular clients
selection methodology under the client's budget
We worked with ResearchView on different studies, mostly on medical representatives' audits for pharmaceutical companies. ResearchView’s high quality of service, smooth conduction on project and reliable and on time delivery of results, guaranteed a successful cooperation. STEM healthcare with full confidence recommends ResearchView as a professional and reliable business partner.
Nissan would like to thank ResearchView team for the recent qualitative projects we conducted together. We appreciate the quality of moderation and recruitment and flexibility to our requests. We are happy to recommend ResearchView to other clients.
On behalf of Givaudan Russia, we would like to extend our utmost appreciation to ResearchView. High personal responsibility on professional level, accuracy and thoroughness in performance, prompt solutions of problems demonstrated by each of the departments make our collaboration effective and successful.
We have been cooperating with Researchview since the beginning of 2018. They implemented a major and important project for us. Agency team carries out projects as quickly as possible, works fast at all project stages, while maintaining high quality of works and results. We recommend ResearchView as a reliable and highly professional partner in the field of market research.
We recommend ResearchView as a reliable partner that conducts the business in a timely and efficient manner, even if any changes are being made in the research process. The study conducted by ResearchView contributed to a better understanding of our consumers and increased advertising communication effectiveness.
We would like to thank ResearchView team for implementation of a project for Mir payment system target audience research. During the study ResearchView representatives demonstrated their creative approach, complete professionalism and accurate understanding of client needs and objectives.
ResearchView is a reliable partner which conducts research that meets all quality requirements. They perform their duties with high professionalism within a certain timeline. We hope to continue our mutually beneficial and fruitful cooperation in the future.