Competitive research can reveal trends in the marketplace and gaps in your own business plan.
We have a unique combination of competitive analysis, strategic insights, and a team of experts that helps brands, marketers, and agencies dominate their competitive landscape.
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We focus on your constantly changing competitor landscape so you can focus on winning in the marketplace.
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Contact us today to see how we can unlock valuable insight to maximise your business
Competitive research is a crucial part of any good marketing plan. This term may elicit some negative images but competitive research has nothing to do with spying. It has everything to do with paying attention to your competition and what they are doing.
Many people will lose out on business to competitors they have never even heard of simply because they’ve never taken the time to do competitive research.
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Understanding what your competition is doing will help you position yourself, and your product or service, within the market.
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Four benefits to doing competitive research are:
1) Understanding your market. Competitive research can reveal trends in the marketplace that might have otherwise been missed. The ability to identify and predict trends is a huge asset for any business, helping to improve value proposition for customers. This is an important component of competitive research that you should constantly be doing.
2) Improving your marketing. Your customers care about how your product or service is going to make their lives better. If they are leaving to go to one of your competitors, it’s probably because that company does a better job of explaining the benefits to the customer base, or does in fact provide a better product or service. Competitive research helps you understand why customers choose to buy from you or your competitors and how your competition is marketing their products. Over time, this can help you improve your own marketing programs.
3) Identifying market gaps. When you do competitive research, you’re analysing the strengths and weaknesses of your competitors. You’ll often find that, by looking at the data, there is a segment of the population that is being underserved. This could put your business in a unique position to reach those customers.
4) Planning for the future. The most important byproduct of competitive research is that it will help you create a strategic plan for your business. This includes things like improving your product or service, using more strategic pricing strategies, and improving the promotion of your products.
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DAPConsultancy.co.uk
Building a strategy for your own business is hard. Understanding that of your competitor is even harder.
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We offer bespoke competitor and market analysis that helps you objectively understand your competition and identify what’s required to stay one step ahead.
To learn more, read our article: Sizing Up the Competition: How to Conduct Competitive Research on the DAP Knowledge Base.
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Sit back and relax, in the knowledge that you'll have an advantage over your competitors and market. Why not contact us today to help you achieve this.
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