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Why a competitor analysis survey is essential to your marketing plan

Posted on 10/6/2016 by Elizabeth in category: survey software articles
Survey software allows you to create surveys for your business that let you find out more about your customers, how well your customer service is doing, and where you need to improve.

However, you can also use the same online survey software to look at your competitors. This allows you to complete a competitor analysis survey, which is used to get in-depth information about other companies in your same industry that provide similar products or services.

Here are some reasons you should use this type of survey as part of your comprehensive marketing plan.

It Lets You Figure Out Their Strengths and Weaknesses

For starters, the competitor analysis survey lets you see who your competitors are and what they have been doing. You can learn from both their strengths and weaknesses. Look at their strengths to figure out what they are doing that you aren’t in order to inspire you to work on certain areas of your business. Perhaps both you and one of your competitors have high-quality products, but their advertising seems to be more effective. This tells you what you need to work on.

Also take a look at the competitor's weaknesses, since you can also learn from them. Through a competitor analysis survey, you can identify where they are going wrong so you don’t make the same mistake.

It Allows You to Figure Out What Your Customer’s Needs Are

On the other side of the spectrum, conducting a competitor survey can also give you some more insight into your customers. Based on the results of the survey, you can see how your target market is responding to the competitor, since the customers are often the same for competitors and your own business. Use these results to then figure out what you believe the customer’s needs or interests are and use that to make small changes to your own business structure.

It Helps You to Gain More Insight Into Where in the Marketplace the Competitors Are

You also need to have a closer look at the marketplace in general for your industry. The competitor analysis survey can help you see what position in the marketplace your competitors stand. This gives you direction with where to take your business, but mostly with how your marketing needs to be.

If they are a big presence in social media already for your industry, for instance, then it’s a good place to focus in on   in order to compete with them on this level. In addition to this, the survey gives you information about what the competitor’s strategies are, from marketing and advertising to creating products, branding their business, and drafting newsletters for their email list. All of this can be useful when you are working on your own business strategy.

As part of your overall marketing plan, use your survey tool to create an extensive in-depth competitor analysis that allows you to find out all of this information and more. 
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