Competitor analysis

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.