LONDON--(BUSINESS WIRE)--Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest article on the importance of competitive analysis in marketing.
Competitive analysis or research is a strategic research process that specializes in the collection and analysis of information about a company’s competitors in the market. This provides businesses with insights on potential threats arising in the market. Many leading players have realized the potential of competitive analysis in marketing and have started exploring new software and technologies to gain information about their competitors beforehand. Such services also help enterprises to track all the competitive organizations in the market and stay ahead of the curve.
“Competitive analysis in marketing helps companies to stay in line with the current market trends and decipher their position in the market,” says a competitive intelligence expert from Infiniti Research.
Continue reading to know how competitive analysis in marketing can help business better plan their marketing initiatives or request a free proposal.
Importance of competitive analysis in marketing:
Encourages differentiation
The use of competitive analysis in marketing provides precise insights into the current and future position of competitors’ offerings. The insights gained help businesses in strategizing their marketing strategies and identify the key areas of improvements. Also, the use of competitive analysis in marketing will provide the opportunity to highlight the benefits of choosing your products or services that are generally overlooked by other companies. To know more about the role of competitive analysis in businesses, get in touch with our experts.
Category convergence
With the global diversification of brands and expansion of their offerings, category convergence has gained popularity. The increasing level of competition in the market has compelled companies to compete in sectors in which they do not hold any expertise. For instance, an energy drink manufacturer in the beverage category could also be competing in the health & wellness category in the market. The perception of the category also plays a vital role in the category convergence of companies. For more information on the benefits of competitive analysis, consult with our industry experts.
Identify market gaps
A competitor analysis framework helps companies to identify gaps in the market. The framework analyzes competitors on the basis of unique service models and identifies where they fit on a matrix with extremes ranging from low price to high price. Therefore, the use of competitive analysis in marketing will help businesses in comprehending their market position and the scope for improvement. To access the complete list of benefits companies availed through the use of competitive analysis in marketing, view 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.
