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Five reasons to conduct a competitor analysis survey in 2020

Posted on 1/27/2021 by Elizabeth in category: survey software articles

A competitive analysis survey tool is a way for you to identify your competitors and get an understanding of their strengths and weaknesses that are in relation to your strengths and weaknesses. Competitor analysis online survey software helps you gauge your competitors so you can refine your strategy.

It's important to conduct a competitive analysis survey because it allows you to build:

• A mechanism for developing efficient competitive target market strategies.
• An understanding of how your potential and existing customers rate your competition.
• A good idea of what your consumers need.
• An idea of what provides your company advantages over your competitors.

Strategies for expanding into a new market and conducting competitor market research brings on various benefits for both B2C and B2B organizations.

1. Enlightens Future Marketing

Competitor analysis survey software allows you to identify the unique value proposition of your product and makes your product stand out from your competitors. And, this can inform your efforts for future marketing.

2. Keeps a Pulse on Your Competition

A lot of organizations that use competitive analysis services do so repeatedly. It's hardly ever a one-time thing. By regularly gathering this type of feedback, you can keep the pulse on your primary competitors, and perhaps those that are up-in-coming.

This will allow you to keep tabs on any changes they've made on:

• Services
• Products
• Forms of marketing
• Prices
• Customer service

It helps you understand trends, and jump on them while they are still hot.

3. Offers You a More Tactical Approach on Sales

A competitive brand market research analysis will tell you a lot about your competitor's story they're trying to sell to your consumers. Whether it's low cost, high-quality, faster delivery times, or great customer service, the messaging from one competitor to the other can greatly vary. By knowing how your competitors are marketing themselves, it will help you get more tactical, improve your sales approach, and react to customer’s wants and needs.

4. Shows You Where the Competition Is Falling Short

This will help you identify the different areas of opportunity in the marketplace so you can test out new marketing methods your competitors haven't taken advantage of yet. It is a huge area where you can gain a competitive advantage by focusing on areas where your competitors have fallen short, whether it's in their marketing messaging, business strategies, customer service, or in their products and services themselves.

5. Gives You a Benchmark

Competitor analysis surveys offer you a benchmark against which allows you to measure your own growth.

Everyone has competitors. Irrespective of industry, and whether you want to believe it or not, they’re ready to steal your customers and prospects. Competitor analysis surveys give you an edge.

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