How well do you know your competitors? Whether you manage a restaurant in your local community or run a large e-commerce site, one thing is for certain: there’s another company out there vying for your customers’ attention. Don’t get me wrong, a little competition is always a good thing. It helps you stay on your toes and ensures that you’re constantly striving to improve your company’s level of service. But there’s also nothing wrong with wanting to be the best company in your industry! If you’re interested in staying ahead of the game with competitors, here are a few ways market research can help.
Step One: Get to Know Your Competitors
You probably already have a general idea of who your competitors are, but a deeper analysis of the market may reveal some surprising results. Let’s use a local restaurant as an example here. If you’re the restaurant owner, it’s easy to assume that your biggest competitor is the dining establishment down the street. As a result, you spend a considerable amount of time researching everything from their open hours to their marketing strategy.
Then on a whim, you decide to launch a customer survey to identify ways you can set your business apart from theirs. But the data you collect reveals something unexpected: the majority of your customers aren’t visiting that particular restaurant very often. Instead, they are spending their weekend nights grabbing appetizers and drinks at the pub in the next town over. A mobile survey can help you clarify which businesses are your biggest competitors. Having concrete data allows you to make more informed decisions about everything from your pricing strategy to your marketing efforts.
Step Two: Learn More about Their Successes and Failures
Let’s go back to our restaurant example for a moment here. A recent customer survey revealed that the pub nearby is a popular destination for your customers. It’s time to take a deeper dive into what is so attractive about this particular establishment, and where they may be falling short. Market research can help your restaurant learn more about the pub’s successes and failures. A quick survey reveals that customers enjoy spending time there because the pub offers live music and special happy hour discounts on the weekends, but one of the major sources of frustration is that their menu is extremely limited. Learning more about the strengths and weaknesses of your competitors can go a long way towards helping you build a stronger business.
Step Three: Modify Your Strategy Accordingly
Once you have a good sense of what’s working for your competitors and what isn’t, you can use that information for several purposes. Perhaps something as simple as making minor changes to your marketing efforts will help you attract the attention of more customers. Or maybe you’ll need to consider something more drastic, such as rethinking your pricing strategy in order to stay ahead of competitors. In the case of the restaurant, it may want to start offering special incentives for customers to stop by on weekend nights, such as a free drink or free appetizer with the purchase of a meal. Or maybe if there’s room in the dining area, it might want to think about hosting a live musical act of their own.
Market research can help you uncover important information about who your competitors are and where their strengths and weaknesses lie. This information can be used to establish your professional goals and strengthen your business over time. Arming yourself with knowledge about your competition is the first step to getting ahead in your industry!
If you’re interested in getting started with a market research effort of your own, contact us today for more information about Instant.ly’s integrated survey, sampling, and analysis platform.