Ignoring your competition is a mistake no businessperson would like to commit. You can easily track your competitors with systematic market research. Marketing or business research is a process of collecting, analysis and comparing all the data relevant to a particular market. Primary and secondary industry research are the two basic types of marketing research. There are many sub-stages of both these types that are used depending on the type, complexity and size of your business. You get detailed analysis of your target market, trends, segments and customer feedback to your product or service.
Tips to Track the Competition with Market Research
Business research is an intricate process that requires attention to detail and knowledge about all the positive and negative things that are likely to affect your product or business. Competition is a significant part of any market or business venture. When you leave the job to professional a market research firm, they provide you with a detailed analysis about your key competitors and their potential moves, which might hamper your business. Here are a few effective things that you can do on your own to keep a tab on every move of your customers:
1. Be their customer
This is a surprising yet very effective step of marketing research to know your competition. Buy their products and subscribe to their services at the earliest. It is the closest that you can get to their products in order to review and judge them. Carefully observe the packaging, quality and overall impact of that product or service as a customer. Sign up to their business membership and loyalty programs. Subscribe to their free newsletters that automatically inform you about their latest ventures, upcoming products and overall performance.
2. Ask their customers
Tracking customer feedback is one of the basic benefits of business research. Market research companies like Marketsandmarkets provide you all the things that you need to know about your customers. You can also target a particular customer group of your key competitor. Check out their preferences, demands and feedback about the product quality, packaging and overall service. You will learn many things about your competitors by simply interacting with their customers.
3. Track their media presence
Business research helps you tracking all the activities of your competitors in media. Capitalize on this privilege and track your rivals. Read and watch their advertisements on television and newspapers, check out their brochures, video channels, social networking sites, official websites, press releases, product reports, business reviews and all the other information, which is available. This stage of marketing research is called as secondary or desk research.
Professional market research firms make it easy to track your competitors by creating full-length and accurate marketing research reports. These reports are useful for tracking market trends and your customers as well.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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