The aim of conducting competitive research is to gain an in-depth understanding of the competitive landscape. This can help you to identify opportunities in the market and keep the products or services that you’re offering competitive and current.
It can be particularly beneficial to carry out thorough competitive research at key stages of setting up and running a business, like when launching a new product range.
However, it is just as important to keep up with some level of consistent monitoring of competition on an ongoing basis. This can help your business to keep its finger on the pulse when it comes to changes and developments within your industry’s marketplace.
How to carry out competitive research
The areas that you choose to examine as part of your competitive research are likely to vary depending on what stage your business is at.
A few key areas that you may wish to consider if you’re carrying out competitive research at a higher level include:
- List of competitors.
- Who their target market is?
- What makes them, their products or services unique?
- Price points.
A more in-depth analysis may include some of the following: