Market research can be the key to keeping your business competitive

In this article, we will highlight some important points about the need to carry out a market intelligence study, and thus, stay ahead of your competitors.

Photo: Competitiveness

Why is staying competitive so important?

• To adapt quickly to changes: By understanding market dynamics, companies can anticipate trends and adjust their strategies accordingly.

• Differentiate yourself: Competitor analysis helps identify unique selling points that can set a company apart.

• Make informed decisions: Data-driven insights from market research inform strategic planning, product development, and marketing efforts.

• Increases customer satisfaction : Understanding customer needs and preferences allows companies to tailor their offerings to meet those demands.

Market research may have a simple objective, but it can help you change prices, implement marketing campaigns and thus improve your positioning in the market.

Often, companies end up implementing actions to acquire new customers without even knowing what their competitors are doing. Or, their store in a certain region may not receive as many visitors and consequently sales, and the owner ends up allocating more investments to expand their products in the store, but is not aware of the items that sell the most. Ultimately, acting without knowledge can backfire.

To manage your business well and stay ahead of the competition, you need to answer some questions:

1. Do you know your audience? What do they buy most and how do they buy it?

2. Has your competitor been running promotions or other marketing activities that you are unaware of?

3. Do you know the price level your competitor charges for similar products in your store?

How can market research help?

Market research provides valuable information that can help businesses gain a competitive advantage. The main areas in which it can be applied include:

• Identifying target markets: Understanding the demographics, psychographics and behaviors of potential customers allows companies to tailor their messages and offerings.

• Assess market size and growth : Knowing the size and growth potential of a market helps companies determine whether it is worth entering or expanding into that market.

• Analyze competitor behavior: By studying competitors' strategies, strengths, weaknesses and market share, companies can identify opportunities to outperform them.

• Assess customer satisfaction: Feedback from surveys and focus groups can help companies identify areas for improvement and increase customer loyalty.

• Trend Forecasting: Market Research Can Help Businesses Anticipate the Future

At InovaBizz, our consultants have strategies and experience in the area of market intelligence and research, and can help your business to be more competitive and strategic in today's world.