Evaluating substitute offers from competitors in the product development strategy can help brands create relevant products.
Competitive research can help companies identify possible competitors, as well as gather detailed information on competitors' digital marketing strategies. Marketers can uncover new marketing niches by using data from competitor research in their marketing, distribution, and sales strategies.
However, instead of considering only a few organisations as competitors, brands should be well-versed with every potential competitor in the market. Being up-to-date with new product trends, technology, services, and competition can help brands boost their competitor research efforts.
Integrate research methodologies like keyword research and track search rankings to conduct competitor research efficiently. Brands should stay updated with recent marketing content, products, and tactics, as well as align sales and marketing teams to get the most out of their competitor data.
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