Brands work tirelessly every day to stand out. Except in a few cases, each segment is made up of countless participants fighting to win people’s attention. In this competition, it makes a lot of sense to get to know your competitors. In this way, concrete actions can be taken to stand out with well-differentiated characteristics.
Market Research is a discipline that turns out to be a great ally for companies to achieve the objective described above. However, this goal has many ways to be achieved. The way in which it approaches the latter depends on many variables. For this reason, this week we list four means to deepen the knowledge of the participants in a given sector.
Location. It is one of the variables that most concerns both insiders and outsiders. It is not the exception in competition studies either. Sometimes, most participants will share a location very close to each other due to the advantages offered by the specialty centers. However, in other situations, the performance of similar brands on medium and small scales will attract attention.
Structure. Each company has a particular way of organizing its work team. This is a factor that many brands consider relevant for decision-making. This topic is rarely covered because it involves sensitive information for companies. Sometimes this objective can be inferred through reports and public data aimed at investors.
Supply. Generally, brands in the same segment offer a range of similar products or services. In our times, there is a trend that indicates that each company offers a series of added values with the aim of gaining the loyalty of consumers. Making a list of these factors can serve as a starting point to find an unattended niche.
Identity. The first impression counts. And on the contrary, a radical change of image can be the difference between ruin and rising. A well-known exercise in qualitative studies indicates that people must be able to describe your brand as a person. If the description is similar to the target customer, then you are on the right track. If your competitors are doing well on that task and yours is not, then there is a lot of work ahead.
Competitor studies must be very well planned. It is also worth remembering that the scope of the objectives must be very well defined by both parties before starting one. The depth of the findings will depend on the sector and characteristics of the members of the group in question. In this phase, market analysts will advise you so that you can achieve the best results.
At Acertiva we have a team of researchers and strategic allies to help you achieve your goals in this area. Thanks to our more than two decades of knowledge of the LATAM markets, we can become part of your featured suppliers. Get in touch with us today. That way, we can tell you how together we can make your next success story a reality.
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