As long as a business is running, it will always encounter competitors, so business people cannot determine marketing strategies haphazardly, without doing competitor research first, which will involve competitors' products, prices and marketing strategies, especially to read competitors' movements, maintain customer retention or to attract new customers. . So basically competitor research can be used as a reference for developing strategies in business competition. Here are some of the benefits of competitor research as follows:
1. Find Product Uniqueness
With so many similar products being sold on the market, it will be difficult to differentiate between the products if they are not unique or different. After conducting research on competitor products, we will be able to determine the standards for the products that will be made/produced.
2. Improve Products and Services
If the level of competition becomes tighter/higher, customers will become bored, especially for food products, so business people need to innovate and improve products and services. Like consumers are used to eating donuts but baked donuts may still be very rare.
3. Establish Product Benchmarks
Every product circulating on the market will have a standard, but whatever the reason, product quality is the main priority to satisfy customers, so business people are expected not to set standards lower than competitors' standards.
4. Study Competitors' Weaknesses
By studying and knowing competitors' weaknesses, business people will be able to develop strategies for both product innovation and marketing.
5. Find Potential Threats
When business people conduct research, they often find potential new challenges, such as competitors who will innovate products and implement superior marketing strategies. So business people also have to develop defensive strategies so they don't get left behind in market competition.
1. Find Product Uniqueness
With so many similar products being sold on the market, it will be difficult to differentiate between the products if they are not unique or different. After conducting research on competitor products, we will be able to determine the standards for the products that will be made/produced.
2. Improve Products and Services
If the level of competition becomes tighter/higher, customers will become bored, especially for food products, so business people need to innovate and improve products and services. Like consumers are used to eating donuts but baked donuts may still be very rare.
3. Establish Product Benchmarks
Every product circulating on the market will have a standard, but whatever the reason, product quality is the main priority to satisfy customers, so business people are expected not to set standards lower than competitors' standards.
4. Study Competitors' Weaknesses
By studying and knowing competitors' weaknesses, business people will be able to develop strategies for both product innovation and marketing.
5. Find Potential Threats
When business people conduct research, they often find potential new challenges, such as competitors who will innovate products and implement superior marketing strategies. So business people also have to develop defensive strategies so they don't get left behind in market competition.
