Competitor Research Services : A Complete Guide
Eclipsing Competition by Harnessing Competitor Research Insights
Most of the companies aren't likely to give up in letting go of their market share without engaging in a vigorous contest, which means any company that wishes to get more website traffic and increase their market share must be well-prepared with competitors' knowledge. Before pursuing any kind of a business growth or starting off with launching a new product in the market it is important to opt for a good Competitor Research Services that could be instrumental in mapping out upcoming market and industry trends, initiating campaigns, evaluating opportunities and preparing a winning marketing strategy to keep up with the competitor company’s efforts. A sound and resilient competitive analysis research helps in establishing a strong foundation in accessing reliable data that places its primary focus on one thing: help businesses grow.
Access to current or at-present data is an intrinsic need for any of the businesses operating in today’s
digital environment. This facilitates effective analysis of competitors and adapting to market shifts accordingly. Lacking accessibility of such analysis or data can lead to constantly trying to catch up and feeling left behind. Competitive analysis involves the process of systematically collecting and assessing information about the digital landscape, business data, industry stats, details about product, competitor’s performance, market positioning, pricing and services.
The Competitive Conundrum of Profiling Direct and Indirect Competitors
Start off with the analysis process by looking up companies that are offering products or services
similar to yours and prepare a list that categorizes them on different parameters. Inorder to save yourself from possible ambiguity about forthcoming steps, you can consider these three factors:
a.) the audience they are targeting
b.) the problem they aim to solve and the
c.) the products and services offered by them.
Your competitors are direct when they are identical to yours in all three areas and indirect when they are just indirect in one or two areas. Eventually the key here is to place an imminent amount of focus on direct competitors while keeping an eye on indirect ones as they may
turn out to be more significant in the coming time. After being aware of your main competitors, select around 3-5 competitors and run a background check on them on the basis of company size, number of employees, location and the year of establishment. All of this information can be obtained via national business registers, or even on social networks like Linkedin. Financial and business related information like investors, stock value, mergers and acquisitions can also be acquired from Crunchbase, Hover, Dun & Bradstreet.
Deciphering Competitive Strategies by Cracking the Code of Competition
It is imperative to know what strategies they are adopting to captivate their users, so define their brand awareness level, market position and share, product delivery methods while keeping a note of their strengths and weaknesses, which is obvious but also equally imminent. Zero in and keep track of how progressive they are about their company’ website by considering their design, SEO and content. See if they are emphasizing on specific keywords similar to your services and their audience’s search intent and if the page structure is designed per industry, product, service or everything. Take note of their CTAs, if they are giving away free reports, consultation or assets, if there is a chatbot or a real person, their mode of customer support and all of the challenges and benefits these may highlight.
Identify their Unique Selling Proposition (USP) since each of the companies position themself in a unique way and find out ways to differentiate yourself from them. Conduct a thorough investigation of the products you are competing against on the basis of their pricing and positioning, how different companies are offering and how much of the cost is getting involved.
Today, most businesses are facing fierce competition, and needless to say, the significance of staying
one step ahead of your rivals cannot be overstated. That's where our Competitor Research Services come into play to assist your business in making a strategic investment to ensure profitability in the long run. Our team of experts will provide you with a precise understanding of your industry, your competitors, and the dynamics involved. As a Software Development Company, we can help your business create winning strategies by delving deep into market trends, competitor strategies, and consumer preferences and will equip you with insights to make informed decisions and enable
you to identify opportunities, anticipate challenges, and position your brand for maximum growth and profitability. Dominate the market with our Competitor Research Services today!