Devise fool-proof strategies and stay up-to-date with trends by monitoring rivals

New Ideas in MarketingEssential news for marketers, summarised by YouGov
December 07, 2021, 4:40 PM GMT+0

With competitor analysis, brands can identify the latest industry trends and prevalent product or service prices.

By analysing competitor brands ' decisions, brands can identify what strategies work for their rivals and which ones do not. This approach can help brands better inform their own strategies and target customers better. With competitor analysis, brands can also identify the prevalent product or price ranges and other industry trends.

Businesses must ensure they regularly track direct rivals who offer very similar or almost the same products in the market. Additionally, they can also consider monitoring brands that may offer similar products but pursue different business goals.

Apart from determining if the product other brands offer are similar to their own or not, businesses must also see whether they share the same target audiences. This will help them recognise effective promotional tactics for targeting their customers.

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