A leading competitive intelligence company, Infiniti Research, has announced the completion of their latest article on the strategies to develop a successful competitor research template.
With the increasing competition, it has become vital for businesses to analyze their competitors. This is an essential tactic to gain a comprehensive view of competitors’ strategies and the threat they can pose for businesses. Competitor research has become so crucial that companies are even hiring professionals to assess their competitive landscape at definite intervals. However, companies can also develop their competitor research template with the help of the right strategy.
A comprehensive overview of the competitive landscape requires companies to constantly update their data on products, services, operations, and other outbound communication strategies, says a market expert from Infiniti Research.
Infiniti Research has been helping companies generate smarter insights and take real-time decisions. To know how our competitive intelligence solutions can help your organization in formulating a competitor research template, Request a free proposal today!
Steps to develop a competitor research template:
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Identify the source of research
Companies need to analyze whether they want to gather information in-house or hire a professional firm. An in-house research allows companies to gain a better understanding of the business and establish their competitive factors; whereas, a professional firm provides quality intelligence data. Companies involved in competitor research possesses more expertise and experience and give their clients an edge over their competitors. However, companies can choose the method best suited for their business. Want to take professional help in developing a competitor research template? Get in touch with our experts.
Create a framework
A competitor research framework allows companies to carry out a SWOT analysis and analyze the key brand differentiators. This includes information such as the companys mission, vision, and goals. Such factors help companies to differentiate themselves from other competitors in terms of products and service offerings in the market. Interested in devising an effective competitor research template for your business, Consult with our experts.
Companies need to think from their customers perspective to analyze their competition. This helps them in understanding the options their customers possess apart from their product or service offerings. This distinction involves both direct or indirect competitors. Direct competitors are companies selling the same products as you do, and indirect competitors are companies offering products and services that serve the same purpose. To know the complete list of steps required for developing a competitor research template, visit the full article here!
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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