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Competitor Market Research Analysis

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Competitor Market Research Analysis

Competitor analysis is a research study designed to find the strengths and weaknesses of a rival brand, and to ascertain which scenarios provide the best opportunities for your business. Ultimately the aim of competitor analysis is to find out what your competitors are doing in order to stay one step ahead.
Competitor analysis is a process that starts by selecting a predetermined goal. The goal can be chosen based off current market trends, current market players or identifying strengths and weaknesses of existing marketing strategies used in the specific field.
The next stage is to identify the direct, secondary and indirect competitors correctly; often using a customer journey map or online research. For competitor analysis to be most effective, the companies that provide the biggest threat must be identified and focused on.
Once the competitors have been selected, the framework and planning of the market research must be deduced. This can be a framework that is created, or one that is already existing and then modified to fit the purpose of the research study. When this is complete, all that is left to do is collect and analyse the data.
Competitive analysis is effective at allowing a company to build a greater understanding of the current market and how their customers view the competition. It is also good at developing strategies to perform, as the information can be used to forecast future trends.

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