market and competitor
research & analysis
When you lack an in-house staff of research professionals, we are here to take care of everything. We're with you every step, from creating your study to recruiting respondents, fielding it, and reporting on the results. We are a non-traditional marketing research agency. With survey consultation for brand tracking, concept testing, and consumer behavior, among other things, we provide market research services that scale to fit your needs.
Market research is described as determining the viability of a new product or service through direct customer research. This technique enables organizations or businesses to identify their target market, collect and document customer feedback, and make educated decisions.
We are one of the most competent and technologically advanced businesses conducting online market research. We are recognized for our commitment to innovation, revolutionizing technical solutions, and superior customer service and product delivery.
We believe that marketing research must be as dynamic, fluid, and ever-changing as today's consumer-centric technology world: it is critical to embrace new consumer technologies and incorporate them into tools and methodologies to reach people and communicate with them in new and more relevant ways, resulting in improved insights and understandings.
We are familiar with various approaches, have completed thousands of projects, worked with a variety of clients, and have been in business for many years. We've encountered it all and are prepared to take on your next study project. Our technology-driven, cost-effective next-generation market research team is available to assist you.
Services We Offer:
Quantitative Market Research
Qualitative Market research
Reporting & Analysis
Competitor Research and Analysis
A competitive analysis is a technique that entails investigating significant competitors to gather knowledge about their products, sales, and marketing strategies. Conducting a competitive market study has numerous benefits, including strengthening corporate systems, fending off competitors, and securing market share.
To ensure that your analysis is genuinely helpful, it is necessary to:
• Choose the correct competitors to analyze.
• Determine which areas of your competitors' businesses are worth studying.
• Recognize where to seek data.
• Recognize how you can apply the knowledge to your own business.
Analyzing competitors can be challenging:
1. It's tough (complex and time-consuming) if you're a new business.
2. The majority of data is absurdly tough to obtain.
3. Even if you succeed in unearthing something, you are always left with more questions than answers.
Prepare Ahead— Get Ahead—Stay Ahead
As an award-winning intelligence firm, we have assisted countless companies in identifying weaknesses, better forecasting market movements, and confidently planning for growth.
We examine competitors, suppliers, customers, and regulatory issues, among other things, using advanced competitive, market, and customer intelligence to provide a complete picture of the decision-making environment with a broad perspective that identifies hidden opportunities and significant threats.
With years of experience, we combine our proprietary approach, a large pool of researchers and analysts, and in-house industry experts to deliver actionable insights.
Why Should You Conduct Competitor Research?
When done effectively, a competitive analysis will provide you with a wealth of quantitative and qualitative data to support your own business decisions.
Specifically, it can assist you in the following ways:
Create (or affirm) your Unique Value Proposition.
Prioritize your product development by concentrating on the features that customers appreciate most about competitors' products.
Enhance your goods by leveraging the weaknesses of competitors that buyers complain about.
Establish standards by which to measure your growth.
Discover market niches that your competitors are not adequately serving.
Create a new product category by spotting gaps between the offerings of your competitors and the needs of your customers.
How Do We Perform A Competitor Analysis?
Identify industry rivals:
Consider where the customers might go if they did not purchase from your firm when compiling a list of potential competitors.
Create a matrix of competitors:
A competitor matrix, alternatively referred to as a competitor grid, is a table or spreadsheet used to organize our research. This enables us to compare our findings to competitors and see broader trends.
Compile background data:
Once we have compiled a list of competitors, we begin learning about their companies. We start with the most fundamental knowledge and work our way up from there.
Create a profile of the competitor's ideal customers:
Without clients, a business is worthless. Understanding who your competitors sell to will reveal a great deal about their businesses to us.
Concentrate on the four Ps:
The marketing mix, alternatively referred to as the four P's—product, pricing, promotion, and place—includes all necessary components for bringing a product to market.
Analyze competitors' strengths and weaknesses:
Consider the strengths and weaknesses of each of your chosen competitors using the information we have gathered.
How Frequently Should You Conduct A Competitive Analysis?
It is critical to do competition analysis regularly. You may wish to conduct the research on a large scale once a year and on a smaller basis quarterly.
Too many organizations conduct an initial competitive analysis and then abandon it after establishing their brand. Industries evolve at a breakneck pace, and each time a new firm joins your area, they conduct a competition study on you. Therefore, it is critical to assess your competitors continuously. Analyzing your firm against competitors regularly will identify possibilities to enhance your products, better serve your target clients, and boost profitability.
A Competitive Analysis Puts You On The Path To Success
Completing a competitor analysis is not your strategic planning process; it is only the beginning. Make sure that your efforts are not in vain. Utilize the insights you've gathered to assist you in making strategic decisions.
Are you unsure where to begin? Conducting a SWOT analysis, in which you analyze your strengths, weaknesses, opportunities, and threats might be beneficial. This can assist you in sorting through the data gathered during your competitor study and determining actionable next steps for your organization.
Competitor analysis is a continuous process that should be incorporated into your strategic planning. You can always refer to your study if you need to make a critical business decision. To stay one step ahead of the competition, you should frequently evaluate and update your competitor analysis.