90% of Fortune 500 companies use competitor intelligence to outshine their competitors. It’s clear to see the value of research and data analytics. Over 73% of enterprises invest 20% of their technology budgets in research and data analytics.

56% of executives rely on competitor research insight to monitor and plan for new market opportunities. Data analytics accelerates your decision-making by five times.

74% of businesses recognize that their competitors are using Big Data to enhance their market position. Brands that ignore this insight are always at a disadvantage of being wiped out of the market. With all of these in mind, let’s finally discuss competitor research and how it applies to you!

What is Competitor Research?

Competitor research gathers and analyzes information about your rivals. They explore the strengths, weaknesses, strategies, and market positioning of other niche brands. The main goal is to gain insights that help you make informed decisions and (of course) improve your business strategy.

This type of research answers all you need to know about your niche competitors:

• How do their products or services compare to yours?
• What pricing strategies do they implement?
• What is their market positioning? 
• What marketing tactics do they use?
• How good is their customer engagement effort?
• How good are their sales?
• What are their distribution channels
• Any recent changes like mergers or acquisitions?

Aspects of Competitor Research You Must Explore

Here are some points you must emphasize to prepare a comprehensive competitor research:

Market Analysis

You need to understand the broader market environment where your competitors operate. Take note of the market size, growth rates, customer segments, and overall industry trends. This helps you identify where your competitors fit into the market and spot potential opportunities or threats.

SWOT Analysis

Perform a SWOT analysis to assess their strategic position and areas where they have advantages over you.

Product and Service Comparison

Compare their products or services with yours in terms of features, quality, and customer satisfaction. This helps you identify gaps in your offerings and opportunities to differentiate.

Pricing Strategies

Examine how your competitors price their products or services. Look at their pricing models, discounts, and promotions to understand their value proposition.

Marketing and Sales Tactics

Analyze their advertising channels, promotional campaigns, and sales techniques. This will reveal their approach to customer engagement and market positioning.

Methods and Tools for Competitor Research

The best way to get a comprehensive result out of your research is by using a mix of methods and tools. An expert’s insight here is quite reliable in picking out what goes with what. Here’s a breakdown:

Primary Research

• Design and distribute surveys to gather direct feedback from customers, industry experts, or stakeholders about competitors.
• Conduct one-on-one interviews with customers, former employees, or industry insiders.

Secondary Research

• Review industry reports, market research studies, and whitepapers that provide data and analysis on market trends.
• Access business databases and industry journals to find detailed information on competitors’ financial performance, market activities, and strategic initiatives.

Digital Tools and Software

• SEMrush: Offers insights into your competitors’ SEO strategies, keyword rankings, and traffic data.
• Ahrefs: Provides information on their backlink profiles, content performance, and keyword analysis.
• Social Media Analytics: Tools like Hootsuite or Brandwatch track their social media activity, engagement metrics, and sentiment analysis.

What is Competitor Research Consulting?

Competitor research consulting involves hiring experts who specialize in gathering and analyzing data about your competitors. These services typically include strategic analysis, market research, and competitive benchmarking. Consultants provide you with tailored recommendations based on their findings.

Consulting firms use a systematic approach to gather competitive intelligence. Each firm has a peculiar approach.

Why do you Need to Hire a Consultant?

With so much to juggle, it is quite hard to find the time and resources to dig deep into what your competitors are doing. That’s where hiring a consultant comes in. A consultant brings fresh perspectives, they take the guesswork out of the process. Here are some of the value consultants bring to your table:

• They bring specialized knowledge and experience.
• They offer an unbiased perspective, free from internal biases or conflicts of interest.
• Consultants have the tools and resources to quickly gather and analyze data, saving time and effort.
• They provide actionable recommendations and strategies based on thorough analysis.
• Consultants dive deeper into specific areas of interest.

How Does One Apply Competitor Research?

After you have performed a thorough analysis, you need to use this intelligence to revamp your brand… or keep things as they are (if you’re already on the right path). Here are some of the applications of your competitor intelligence:

Refine Your Product or Service Offering

Identify areas where your product or service needs improvement. This involves adding new features or addressing gaps that your competitors are exploiting.

Adjust Your Pricing Strategy

Competitor Research reveals where your pricing stands in relation to others in the market. You might decide to adjust your prices to better reflect the value of what you offer.

Enhance Marketing and Sales Strategies

Analyze what’s working for your competitors and consider how you can innovate your approach. This could involve trying new channels, refining your messaging, or targeting different customer segments.

Identify and Seize Market Opportunities

Use your research to spot gaps in the market or underserved customer needs that you can address. This leads to the development of new products or even entirely new business ventures.

Conclusion

The verdict is that your business needs to be guided, stop marketing blindly. Engaging with expert consultants improves your efficiency. It’s time to tailor your strategies to your brand.  We help you with actionable recommendations to stay ahead of the competition.

Maximize your competitive edge and consider partnering with professionals who specialize in competitor research. Visit Researchers to explore how our consulting services can help you elevate your insights and drive your business forward!