Competitive Research

Quantitative

What is Competitive Research?

Competitive research is a process of gathering information about a company's competitors, including their products, services, marketing strategies, and overall performance. The purpose of competitive research is to understand the competitive landscape and identify opportunities and threats. Competitive research can be split into two main categories: primary research and secondary research.

Why do we run Competitive Research?

Competitive research is run in order to gain a deeper understanding of the competitive landscape, identify opportunities and threats, and make informed decisions about business strategies. Here are a few specific reasons why organisations run competitive research:

  1. Understand the competition: Competitive research helps organisations to understand the competitive landscape, including the strengths and weaknesses of competitors and their products and services. This can help organisations to identify potential areas for differentiation and make informed decisions about their own products and services.
  2. Benchmark performance: Competitive research allows organisations to benchmark their own performance against industry standards and the performance of their competitors, which can help them to identify areas for improvement.
  3. Identify new opportunities: Competitive research can help organisations to identify new opportunities in the marketplace, such as unmet customer needs or emerging trends.
  4. Identify threats: Competitive research can also help organisations to identify potential threats, such as new competitors entering the market or changes in consumer behaviour.
  5. Informing business strategies and tactics: Competitive research helps organisations to understand the competitive landscape and make informed decisions about business strategies and tactics.
  6. Evaluate current strategies: Competitive research allows organisations to evaluate the effectiveness of current strategies and identify areas that need improvement.
  7. Stay Ahead of the competition: Competitive research helps organisations to stay ahead of the competition by keeping track of new developments, technologies, trends and strategies of the competitors.

Competitive research is a valuable tool for organisations to understand the competitive landscape and identify opportunities and threats. It helps organisations to make informed decisions about business strategies and tactics, and it can be essential in order to stay ahead of the competition. Advanguart will recommend the research methods that best suit the research objectives and goals, and we will use a combination of methods to triangulate the data, in order to get a more complete picture of the subject.

What are the benefits of running a Competitive Research Workshop?

Running a competitive research workshop can offer a wide range of benefits for organisations. Here are a few examples:

  1. Improved decision-making: Competitive research workshops provide organisations with valuable data and insights that can inform business decisions and strategies.
  2. Increased understanding of the competitive landscape: Competitive research workshops help organisations to better understand the competitive landscape, including the strengths and weaknesses of competitors and their products and services.
  3. Benchmarking Performance: Competitive research workshops allow organisations to benchmark their performance against industry standards and the performance of their competitors, which can help them to identify areas for improvement.
  4. Identifying new opportunities: Competitive research workshops can help organisations to identify new opportunities in the marketplace, such as unmet customer needs or emerging trends.
  5. Identifying threats: Competitive research workshops can also help organisations to identify potential threats, such as new competitors entering the market or changes in consumer behaviour.
  6. Informing business strategies and tactics: Competitive research workshops help organisations to understand the competitive landscape and make informed decisions about business strategies and tactics.
  7. Evaluating current strategies: Competitive research workshops allow organisations to evaluate the effectiveness of current strategies and identify areas that need improvement.
  8. Collaboration and team building: Competitive research workshops bring teams together to work on a common goal and can foster collaboration, and teamwork, and build cohesion among team members.
  9. Cost-effective and time-efficient: Competitive research workshops can provide valuable data and insights in a cost-effective and time-efficient manner, as it allows to gather of feedback from multiple participants at once.

Overall, Competitive research workshops are an important tool that allows organisations to gather valuable data and insights in a cost-effective and time-efficient manner, It helps organisations to understand the competitive landscape and make informed decisions about business strategies and tactics, which in turn can help them stay ahead of the competition.

What deliverables Competitive Research workshop will produce?

The deliverables from a competitive research workshop will vary depending on the specific goals and objectives of the research project, but some common deliverables that may be produced include:

  1. Research report: A comprehensive report detailing the findings of the competitive research, including key insights, recommendations, and actionable items.
  2. Market analysis: A report or a presentation that provides an overview of the current state of the market and the competition in it.
  3. Competitive analysis: A report or a presentation that provides an in-depth analysis of the key competitors including their strengths, weaknesses, opportunities, and threats.
  4. SWOT analysis: A report or a presentation that provides a strategic analysis of the organisation's strengths, weaknesses, opportunities, and threats.
  5. Market segmentation: A report or a presentation that provides information about different segments in the market and the opportunities in each one of them.
  6. Data visualisation: Visual representation of the data, showcasing the research findings and allowing for easy data exploration and analysis.
  7. Action plan: A detailed plan outlining the steps that the organisation will take to implement the recommendations and insights from the research.
  8. Presentation or summary of findings: A summary of the research findings that can be used to communicate the insights to different stakeholders in the organisation.
  9. Video and audio recording if applicable: A recording of the session if it was done with audio and video, can be used to further analyse the data and provide additional context.

All of these deliverables are created to help the organisation understand the research insights, how to apply them, and communicate the findings. Advanguart works closely with clients to ensure that the research deliverables align with their specific needs and goals. Additionally, competitive research can provide valuable insights and feedback that can inform product development, advertising, public policy, branding and positioning, and more.