The process of conducting a competitive analysis has never been more important. This year has seen a dramatic change in consumer behavior and the way they interact with businesses.
As a result 3 benefits of doing has become a growing need among organizations to understand how their services, pricing offerings, and marketing strategies stack up against those of their competitors.
The data collected in a competitive analysis is proprietary to your organization and can be leveraged to provide:
- Competitive prices
- Improve customer satisfaction
- Data-driven marketing strategy
In the article, these three components are discussed in detail.
1. Offer competitive prices
Perhaps the greatest benefit that comes from cambodia whatsapp number data analysis is understanding the pricing structure of your peers within your industry. For B2B organizations in particular, prices for services are not easily available on competitor websites. This information is critical to understanding how your prices compare to others and whether you can provide a more competitive offer.
To find pricing information, it is recommended that you add a mystery shopping component to your competitive analysis. This may include mystery shopping calls or emails with a third-party market research firm.
2. Better understanding of customers
As part of their 3 benefits of doing analysis, brands should consider impact on share visual content research to get feedback from current and potential customers. Their purchasing decisions and behaviors may have permanently changed. For example, 75% of Americans have tried a new store, brand, or other way of shopping during the COVID-19 pandemic.
Now it’s time to examine your target market. In your survey, organizations can ask questions such as:
- What are your most important sources of awareness? (Social media, TV, Google, etc.)
- How have your buying habits changed in the past six months?
- Have you purchased from [INSERT BRAND NAME]?
- If so, what are you most satisfied with? What are you most dissatisfied with?
- Have you purchased from [insert competitor name]?
- If so, what are you most satisfied with? What are you most dissatisfied with?
- What factors would cause you to change from doing business with [INSERT COMPETITOR NAME]?
Use this information to boost sales, business, and material data strategies to keep up with the next new normal.
3. Improve marketing strategies
There are tons of insights that can be gleaned through competitive analysis that can drive your marketing efforts. For example, a coffee shop learned that customers were 5 times more likely to purchase from local businesses that offered a mobile app. However, the coffee shop was spending a significant portion of its marketing budget on improving its website. After conducting desk research for a competitor assessment, the coffee shop learned that no other local business offered a mobile app. As a result, the coffee shop reallocated marketing budget from its website and instead created a user-friendly app.
