Continuous research and
assessment are an important factor in the longevity of your business. Market
research is one of the most crucial building blocks of any new as well as
grown-up businesses. It includes the assessment of the strengths and weaknesses
of the competition. Market research allows you to make changes and swiftly
promote your business without compromising your actual position in the market.
It is a vital step before moving into a new business or planning to uplift an
existing one, as it saves your money from failed projects.
As nowadays, the outbreak of
the COVID-19 pandemic has occurred globally, many of the companies are facing
serious financial difficulties. The main reasons include precautionary shutting
down of the markets on an almost global level, as well as the online sale and
purchase of goods and services. So, in this condition of financial issues, it
is quite good to research your competitors and suppliers so that you may
outstand the competition or at least improve your business a bit more than
However, governments all over
the world have taken initiatives to settle down the competition so that the
availability of goods and services, especially food, does not become a global
challenge. This study covers some benefits and important reasons to research
your competitors and suppliers continuously.
WHO ARE YOUR COMPETITORS?
All businesses have to face
competition. Every one where your customer can spend his money instead of you
is your competitor. Competition is not just another business offering a
substitute, and it may be a similar product that takes your money away from
you, making it redundant. Today, with the increased use of internet marketing,
you do not only have to compete with your immediate neighbor but also with
businesses from other countries.
Types of Competitors
There are three main types of
A direct competitor is another
firm that offers the same solutions to meet the needs of your customers as your
business does. Direct competitors meet the most visible competitive pressures
that most companies endure, even though they are only one.
Indirect competition is a
battle between dealers whose products or services are not the same but who can
still meet the needs of consumers. This term is in stark contrast to direct
competition, in which companies are selling products or services that are
mostly the same.
An alternative competitor is
another company offering a product or service that users can use instead of
adding your product or service.
WHO ARE YOUR SUPPLIERS?
A supplier is a business or a
person who provides products or services to another person or business. It is
like an intermediary between the manufacturer and retailer. The supplier
purchases high-quality products at a good price from the manufacture and
provides a retailer for resale.
A supplier makes sure that the
stock is of sufficient quality, and the communication is forth-coming.
As the markets get saturated
with different competitors, companies need to work closely with their suppliers
to get the best out of their products.
HOW CAN YOU ASSESS YOUR
Market research involves
collecting and analyzing information about your competitors and suppliers.
There are many ways to assess your competitors. For example, you can get to
know your existing competitors through advertising, exhibitions, trade fairs,
and many more. To assess your competitors, read about them. Look for ads or
articles in the mainstream publications or trade press. Get to know their
marketing strategies and their contacts. Ask for a trial in the case of online
Researching your competitor is
far easier than it may seem. While researching your competitors, keep in mind
to collect information about their prices, quality, customer service, and if
their marketing material is as engaging as yours. Keep a record and evaluate
the information you collected about your competitor and find out the gaps in
the market that you can exploit. This also indicates the situation of supplier
saturation in your area of the market.
Check for what you can learn
from and perform better, what they are doing the same as you, and what they are
doing worse than you.
WHY SHOULD YOU RESEARCH ABOUT
YOUR COMPETITORS AND SUPPLIERS?
Nowadays, due to COVID-19,
many companies are facing financial difficulties, mainly because most of the
customers have switched to online shopping where they can browse and give a try
to different companies providing the same products or services. In this
situation, running your business smoothly and coping up with the competitors is
quite difficult. Even you may lose your customers, and your competitors may
lead the market.
However, you can achieve
success by optimizing your marketing and sales according to your competitor
research. Knowing about your competitors and their offers can make your
marketing, products, and services stand out. You can use this knowledge to
create marketing strategies such as setting up a competitive price and
improving your business performance by taking advantage of the weaknesses of
If you found something that
your competitors are doing better than you, you must update your product,
service, or marketing as well as customer service or anything that makes you
better than your competitor. You can also opt for changing your suppliers to go
for the better ones.
Once you have got the idea, no
doubt you can do even better. Once you research your competitors, you get to
know their potential to bring about a positive change in the market. Maybe, you
have been planning to do so or having a product licensed for a long time before
someone else could.
COVID-19 AND ECONOMIC
During normal days, the
competition is needed to keep the prices at their low. Still, in the present
condition, when the COVID-19 crisis has affected the markets all over the
world, the collaboration has been preceded. The governments have been balancing
the defending competitions with some exemptions to competition rules so that
the entire economic sectors can survive.
THE ULTIMATE BENEFITS OF
Due to the COVID-19 pandemic,
when almost all the businesses are facing difficulties regarding sales and
finance, researching and understanding your competitors and suppliers is a very
useful tool to enhance your business. While everyone else is striving to drive
their business on the best pace, market research, or you can say competitor and
supplier research prepares you for the global market changes. This is how you
cope up with the global market change, and your business will not be left
While you collect and analyze
your competitors’ information, you get to know your potential customers and as
well as different ways to please them. Through this knowledge, you can
effectively plan and develop a strategy to promote your product, service, or
marketing. You can alter the suppliers or a specific component of your
business, including suppliers, accordingly.
Doing proper homework for
researching the competitors ultimately saves your capital from being wasted in
failed projects. Market research where saves your money, it also helps you to
bring out the most unique and the most innovative project out of the numerous
Especially during the present
days of COVID-19 pandemic, when everyone is locked in their homes, you cannot
get to know the direct customer reviews. In this situation, researching your
competitor helps you optimize your products, services, or marketing while being
The outbreak of the COVID-19
pandemic has up-ended the markets all over the world. This has led to massive
shifts in demand and supply, asymmetry in information and other disconnects in
markets, as well as significant uncertainty of the market. All this has changed
the dynamics of affected markets and will continue to change in the near