Hardin Center for Market Research at Elmhurst College, “Most people conducting a competitive marketing analysis are trying to understand how their business, product or brand is positioned.” One common question people ask, “Why waste valuable time conducting a competitive market analysis instead of trying to improve my product?” Why You Need to Conduct Market AnalysisĪccording to Sherry Smoak, director of the D.K. As such, you need to analyze your competition.

Hence, you can’t afford to be deceived or make any wrong assumptions about the state of affairs in your industry. Like Sun Tzu said in The Art of War, “All warfare is based on deception.”

You will find it’s worth the time to gather and review the current moves your competitors are making. And most importantly, help you understand how to do market analysis properly. Why - Howīefore we cover the “how” of successfully conducting market analysis, a closer look at why competitive market analysis is so crucial for business success. Therefore your business can remain one step ahead by conducted competitive market analysis regularly. With the help of the internet, business owners, marketers, entrepreneurs, and just about anyone can collect data on companies than was otherwise not possible earlier. This tactic allows firms and business entities to assess the actions of their competitors and determine the threats they present for their future and financial well-being. What is Competitive Market Analysis?Ĭompetitive market analysis, otherwise called competitive research, is the strategic research conducted by businesses to collect and review vital information about rival companies in their industry. Adopting competitive market analysis is crucial for strategically positioning yourself ahead of the crowd. With the introduction of technology and specialized marketing tools, businesses can gain better insights into their competition.

However, just knowing their marketing strategies and aligning yourself with those strategies may not be enough. Even the slightest advantage you have over your competition can put you at a great position in the market. Unless you are making coffee cups out of coconut shells, you’re probably having to contend with other companies offering similar services or products.

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