What is Marketing Competitive Analysis?
This type of market research is an overview of business strategy, and how it stands in comparison to competitive brands. This allows business to pinpoint strong and weak points that both you and competitors exhibit, allowing you to make adjustments to capitalize on what the competition is lacking, while shoring up where your brand is falling behind.
The Importance of Marketing Competitive Analysis
Every successful brand and company uses this tool when developing their marketing plans. It can allow marketers to see what trends their competitors are using, and where they can best enter the field. This research can help give businesses a much needed look at trends in the market, chosen demographics, competitors, and economy details. All of these points is essential to constructing a marketing strategy that will boost interest in your brand. Below is an exacted break down of individual benefits.
- Understand and connect to customers.Consumer behavior research is an essential part of market analysis. It can help draw up a profile overview of your chosen demographic, showing the size, age, income, and gender that fits your ideal consumer base. Consumer research can allow you to tailor your marketing to this group for better results. This is especially helpful if your product is marketed towards women, as an estimated 91% of women feel advertisers don’t know how to effectively connect with them specifically.
- Get an analysis of your competition.This can help you see where the weak points of competitors are, and how you can fill the gap. It can also monitor emerging competitors trying to enter into the market. Knowing how they are strategizing their marketing can help give you an edge that can allow you to stay on top every time.
- Test marketing.before launching a new product or service, you can simulate the launch and see how it will be received. This can help tailor your marketing strategy for the best possible outcome and reception when actually put on sale.
Marketing competitive analysis is one of the best tools available to businesses today, and most successful brands utilize it in some capacity. It can help you pinpoint what will best serve your brand name in the market, and what will help you connect most to your chosen demographic. If you are looking to giving your company an boost above the competition, consider the benefits of marketing analysis, and see if it can help take your brand to the next level.