Comparing market research and competitive analysis isn't that different. Comparative analysis is a subset of competitive analysis. A key part of excellent market research for your small business is discovering what consumers want and who is already providing it. Since you are better positioned to develop your unique position when you understand what people want and what they are already getting, you can leverage it. This makes you stand out from the crowd. By conducting a survey (or a report, focus group, social media listening campaign, etc.) you will be able to identify opportunities and threats to your current and potential products, as well as provide historical data that can be used to forecast realistic prospects, offerings, and competitive threats for the future.
The idea is frequently that market research and competition analysis for your Small Business will supply enough cold hard facts to render your plans impenetrable to any opposing arguments. In truth, facts are best understood when they are presented in the context of a compelling tale. And the story gives your point of view structure. The branches that support the primary tale are formed by data. The storyline is the qualitative data, according to a more rigorous description. The quantitative statistics are the survey results. They work better together to support the decision you're asking supervisors to approve. Any decision you make will be better if you start with the story and back it up with statistics from a survey or market study.
When marketers have a great understanding of their brand, it is tempting to believe that competitor study is superfluous, yet this is a widespread mistake. It's not always easy or reasonable for customers to make decisions, but by asking them about their views, attitudes, behaviours, and experiences with you and your competitors, you can get a better understanding of how to become more important to them.
Most significantly, you can discover tangible, positive adjustments to your marketing techniques, product or service, or business as a whole. Finally, competitor analysis is an important element in establishing a competitive edge.
Market research solve problems for small business
What makes this thought provide a competitive advantage?
Small Business market research, particularly competition analysis, can help a company gain influence and position within a market, advantages that often sustain a business when others fail. When you research the market and discover that customers favourably respond to a competitor's pricing but often criticize its customer service, you can adjust your pricing and service policies accordingly.