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When is the last time your company performed a thorough competitive analysis? Yes, spying on the competition from the outside can work towards your advantage. However, simply browsing the competitor’s website or social media isn’t enough.
Employing measures that help you increase your understanding of their current marketing can gain you valuable insight. Combine this with data aggregation, and your company will have more ingredients added to your recipe for success.
What Is A Competitive Analysis Survey?
A competitive analysis survey is a survey that allows you to evaluate your competitor's strength and weakness. This type of survey is an essential component of an effective marketing plan because it puts a company in a position to better understand the market that they operate in. In addition, it ensures that the resources available are allocated in the best way possible to contribute to the overall growth of the establishment.
Check out some of the worthwhile benefits of conducting such a survey:
- Identify gaps in the market
- Aids in the production of new products or services that are in demand
- Discover new market trends
- Boost sales and brand visibility
- The Process of Conducting A Competitive Analysis Survey
Collecting competitor data isn’t an easy task. Companies rely on the experience of customers to understand exactly what it is that the competition is doing. Understanding consumer behavior involves understanding exactly what it is that they like and don’t like, as well as what makes them choose a specific company.
Often, a quality survey tool can be used to help organize consumer groups and identify candidates for focus groups that can provide this valuable insight. But it can also be a means to get the all-important feedback and information to help your business grow.
Use Survey Software to Create A Analysis Survey
Perhaps the simplest way to create simple yet effect competitor analysis surveys are to use an online survey software. A survey software allows business owners to organize major themes that they’ll need to include in this survey. These can include product, sales, marketing, and customer satisfaction. You can focus on one aspect of your competition or a blend of factors.
A survey tool is helpful in establishing this basic framework of an assessment. You’ll be provided with a simple layout that enables you to seek information such as:
- How a product makes a consumer feel?
- What are the key benefits?
- What are the drawbacks of a particular product or service?
It also allows for the easy distribution of surveys to respondents once they are completed and ready to be taken. They can be delivered to respondents via their mobile device or email. They can be hosted on your site or the software platform can host the online competitor analysis survey.
The growth and expansion of a business rely on their ability to keep up in an ever-changing market. Use a competitive analysis survey designed and hosted by online survey software to ensure that your business always stays on top.
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