Strategy

Market & competitor research

In 2018, there were 4.2 million businesses in the services industry, which made up three quarters of all businesses in the UK. With so much competition, doing market research and getting ahead of the curve is imperative. Ask yourself: Who provides similar products and services in that market? What makes you different? This research allows you to get to know your competitor’s behaviour and anticipate what they are likely to do next. Through this, you can plan your own strategies and win customers away from your competitors.

WHAT DOES COMPETITOR AND MARKET RESEARCH INVOLVE?

The goal of competitor analysis and market research is to evaluate the performance of other businesses within your industry. Based on such analysis, you can assess the reasoning behind the success of your competitors. This then allows you to pinpoint you own brand and position your business in a more advantageous market position. Market research allows you to assess industry trends.

HOW DO EDGE APPROACH COMPETITOR AND MARKET RESEARCH?

Keeping up to date with the latest trends leads to 50% more sales as you better understand your audience and their customer journeys.

Ensuring that your business is top of the game within your industry is an integral part of our partnership. At EDGE Creative, we use the latest market analysis tools to understand where your business is and where you could reach with our help. As part of this, we have developed a multi-level approach to all elements of our strategic processes, including competitor and market research. This includes:

Our multi-level approach to competitor and market research

  • 01

    STEP ONE: IDENTIFYING COMPETITORS

    The first step of a competitor analysis process is identifying relevant competitors within your market. This market segment may be product-based, such as businesses that sell a certain product such as car tyres, or an industry such as manufacturing. Identifying key players within both the product segment and the industry is essential. Working collaboratively, we identify your main competitors.

  • 02

    SWOT ANALYSIS

    Carrying out a SWOT analysis highlights the strength and weaknesses of other businesses within your market. Based on the current position of these business, as well as their behaviour and strategies, we will establish their immediate goals. Knowing the ins and outs of your competitors will set the foundation for major business improvements and will be the basis for successful new marketing campaigns.

  • 03

    STEP THREE: ASSESS INDUSTRY TRENDS

    By researching trends within the industry, we can ensure your business stays ahead of the curve. Through highly qualitative and quantitative data, we will show you accurate and relevant research based on your market and its trends.

  • 04

    STEP FOUR: CUSTOMER AND CLIENT ANALYSIS

    Communication is imperative to the market research we carry out. We’ll talk to your customers and clients in order to get direct insight into your industry. Researching consumer behaviour and their journeys is also imperative so we can develop on their interests.

  • Start your project