In today’s market, it’s important to know your competition – not simply who your competitors are, but what products and services they offer and how they are perceived in the marketplace. Understanding these details and perceptions will help you gain a competitive edge.
At Vernon Research, we will gather detailed information on your competitors so you can successfully:
- Assess the level of threat posed by current competitors and potential new entrants
- Identify pockets of opportunity where customer needs are not being served
- Make informed decisions about your products, services and marketing campaigns
- Set your prices competitively
- Take advantage of your competitors’ weaknesses, while improving your own business
Our clients find that understanding their competitors enables them to gain greater insight into their own businesses, resulting in better products, programs and services. This type of study is also useful when developing or refining your brand positioning and strategic marketing messages that can emphasize your product’s strength over a competitor’s weakness – real or perceived.
QUESTIONS VERNON RESEARCH CAN HELP YOU ANSWER:
- Who are my competitors, both direct and indirect?
- What products and services are my competitors providing?
- How are competitors marketing to buyers? Are their campaigns effective?
- How much are my competitors charging for their products and what does this mean for my pricing?
- How do my customers perceive my competitors and their products or services?
- What are my competitors’ weaknesses?
- What level of employee satisfaction do my competitors have?
WHO ARE MY COMPETITORS – BOTH DIRECT AND INDIRECT?
In order to predict potential sales, growth opportunities or market trends, you must understand your industry. It is crucial to understand your competitors, both direct and indirect.
- Direct competitors are easily identifiable. They are companies that sell the same or similar products or services. In today’s global economy, these competitors are not necessarily in the same geographic area as you.
- Indirect competitors are a little more difficult to identify. They sell different products or services that are able to fill your customers’ needs. For example, if you sell a payroll management software product, your indirect competition could be outsource payroll service companies.
WHAT PRODUCTS AND SERVICES ARE MY COMPETITORS PROVIDING?
Understanding what your competitors are offering will help you to better position your own products and services and make wise decisions on product development and refinement. Some of this information is readily available to you (on competitors’ websites, for example), but other information may only be accessible through confidential research.
HOW ARE COMPETITORS MARKETING TO BUYERS? ARE THEIR CAMPAIGNS EFFECTIVE?
What is the brand and product positioning for competitive products? What advertising and public relations strategies are your competitors using? How are potential buyers responding to their marketing campaigns? Vernon Research experts can conduct studies that will get you the information needed to answer these important questions.
HOW DO MY CUSTOMERS PERCEIVE MY COMPETITORS AND THEIR PRODUCTS OR SERVICES?
Focus groups and surveys can give you insight into how consumers feel about your brand and specific products and services – and those of your competitors. Gathering this information will help you understand your competitors’ strengths and weaknesses and identify opportunities.
HOW MUCH ARE MY COMPETITORS CHARGING FOR THEIR PRODUCTS AND WHAT DOES THIS MEAN FOR MY PRICING?
Understanding your competitors’ price points is important when determining what people will pay for your product. Some buyers place specific value on features and attributes of a product. What service or product features do consumers value most? What are they willing to give up in order to get what they want most? How does my pricing or my competitors’ pricing impact market share?
WHAT ARE MY COMPETITORS’ WEAKNESSES?
Having a clear picture of your competitors’ weaknesses and knowing how to capitalize on them can give you a strong competitive edge. Vernon Research will ask customers specific questions that will draw out the information needed to understand exactly where your competitors are falling short of customer needs, wants or expectations.
WHAT LEVEL OF EMPLOYEE SATISFACTION DO MY COMPETITORS HAVE?
Wonder why your competitors’ sales are so high and employee turnover is so low? Employee engagement is directly related to customer satisfaction. Vernon Research can conduct employee studies to help you better understand employee dynamics in your market.
Interested in talking with Vernon about competitive analysis?
Please contact us today.