Competitor Analysis: Using research to understand the wider picture

Currently, marketers have a variety of methods at their disposal for gathering consumer insight into their chosen themes, including surveys, social media listening, and purchasing panel data (e.g. Nielsen Panel, IRI).

Each of these tools has a specific purpose. Surveys, passive data, and panels can all be used by brands to gather information about consumers’ beliefs and behaviors. All of these, when combined, provide a larger view of the market by eliciting mood and opinion on certain issues and rivals.

• Depending on your audience, you may want to segment this study to observe how they respond to competitors in the market.
• You’ll be able to see where you excel and where you have room for improvement in comparison to your competition.
• It’s crucial to have this knowledge, but it’s even more critical to pay attention to the insights that emerge from it and act on them.

Qualitative data collecting methods also play an essential role. Social media listening technologies, for example, can help you better understand your audience’s share of voice and set standards for crucial metrics. Traditional qualitative approaches like focus groups and interviews can also be utilized in conjunction with these.

Using these techniques, you can delve deeper into the minds of others to learn what motivates their thoughts and actions.

This qualitative research can be done with aid from our Experts at IBI and this is where it gets really cool. The idea is to really quantify it and pull out trends and important insights in your dashboard.

You can use this information in the future to improve your plan.