Competitor Research
Competitor research is a type of research that seeks to understand the strengths, weaknesses, strategies, and market positioning of a business's competitors. It involves collecting and analyzing data on competitors' products, services, pricing, marketing strategies, and other factors that can influence their market share and customer base.
Competitor research can be conducted through various methods, such as analyzing publicly available data, conducting surveys, and monitoring social media and online reviews. The choice of method will depend on the research objectives and the type of data being collected.
Some advantages of competitor research include its ability to identify potential market opportunities, inform product and marketing strategies, and help businesses differentiate themselves from their competitors.
Below are examples included in the BRMR’S competitor research.
1. SWOT analysis: This involves analyzing the strengths, weaknesses, opportunities, and threats of a competitor to understand their market position and potential vulnerabilities.
2. Mystery shopping: This involves sending researchers or customers to a competitor's store or website to gather information on their products, pricing, and customer service.
3. Social media monitoring: This involves tracking competitors' social media activity and online reviews to understand their customer perceptions and engagement.
4. Customer surveys: This involves conducting surveys of a competitor's customers to understand their satisfaction, loyalty, and preferences.
Overall, competitor research is a valuable tool for businesses seeking to understand their competitive landscape and develop effective strategies to differentiate themselves and gain market share. It can provide valuable insights that can inform decision-making and drive business growth.
