When working in a new market, it is important to know the strengths and weaknesses of competitors. Private information for b2b markets is difficult to obtain from public sources so interviews are conducted by industry professionals when researching.
This allows you to assess brand and production capabilities and build a real picture of the market based on the experience of leading experts who have been following the market for many years.
Scope of competition research
- Price range
- Product offerings
- Marketing position
- Brand position
- Social media engagement
- Digital market position
- Worth exploring threats
Deliverables of competition research
The deliverables of a competition research project should be presented in a clear, concise, and easy-to-understand format, and should be tailored to the specific needs and goals of the business. Additionally, it’s important to keep in mind that competition research is an ongoing process, as the market and the competitor’s strategies can change over time.
- 1. Competitor profiles: Detailed information about the key competitors in the market, including their strengths, weaknesses, and competitive strategies.
- 2. Market share analysis: Information on the market share of each competitor and the overall size of the market.
- 3. Product and pricing analysis: Information on the products and services offered by competitors and their pricing strategies.
- 4. Distribution and sales channel analysis: Information on how competitors distribute and sell their products, including their sales channels and partnerships.
- 5. Competitive positioning: An assessment of how a business’s products and services compare to those of its competitors in terms of quality, features, and benefits.
- 6. SWOT analysis: A summary of the strengths, weaknesses, opportunities, and threats of the business in relation to its competitors.
- 7. Market trends: An analysis of the key trends and changes in the market that may impact the business and its competitors.
- 8. Marketing strategies: An analysis of the marketing strategies used by competitors, including their advertising, promotions, and branding efforts.
- 9. Customer insights: Information on the customer demographics, needs, and preferences of the business’s competitors.