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What are the best market research methods for evaluating the competition?

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If you are in IT sales, you know how important it is to understand your competition. You need to know their strengths, weaknesses, opportunities, and threats (SWOT) to position your products or services effectively and win more deals. But how do you gather and analyze the information you need to evaluate your competitors? In this article, we will discuss some of the best market research methods and tools that you can use to gain competitive intelligence and insights.

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1 Desk research

Desk research is the process of collecting and reviewing existing data and information from various sources, such as websites, reports, articles, blogs, social media, reviews, and forums. Desk research can help you identify who your main competitors are, what they offer, how they market themselves, what their customers think of them, and what their strengths and weaknesses are. You can use tools like Google Alerts, SimilarWeb, SEMrush, and BuzzSumo to monitor and compare your competitors' online presence, traffic, keywords, content, and social media engagement.

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Michele Orlick

Executive Leader in Sales Strategy | Developing Strategic Partnerships through Market Research, Innovation & Trusted Client Relations to Achieve Organic and New Business Growth | Revenue Generation | Media
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In the fast-paced world of business, staying ahead means understanding your competition. Conduct a comprehensive SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to identify key areas for comparison. Identify what customers value in competitors and use this insight to enhance your own offerings. Compare your performance against competitors to identify areas for improvement and innovation. Attend conferences, trade shows, and networking events to gather information. The key to successful competition evaluation lies in a combination of these methods, tailored towards business goals. By continuously refining your understanding of the market, you position yourself as a leader in the ever-evolving business landscape.

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Bhavesh Nayak

Business Solutions Executive at INSIDEA
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On LinkedIn, analyze your competitor's pages, content, and jobs to understand their audience, strategy, and team. Follow and engage with their posts to see what works and compare your own performance. Combine this with online research and customer insights to stay ahead of the game.

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2 Customer surveys

Customer surveys are the method of asking your current or potential customers for their feedback, opinions, preferences, and satisfaction levels regarding your products or services, as well as those of your competitors. Customer surveys can help you understand what your customers value, what their pain points are, how they perceive your brand, and how you can improve your offerings and differentiate yourself from your competitors. You can use tools like SurveyMonkey, Typeform, or Qualtrics to create and distribute online surveys to your target audience and analyze the results.

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3 Mystery shopping

Mystery shopping is the technique of posing as a customer or a prospect and interacting with your competitors' sales representatives, either online, by phone, or in person. Mystery shopping can help you evaluate how your competitors handle their sales process, what their pricing and discounts are, how they deal with objections and questions, and how they follow up and close the deals. You can use tools like Secret Shopper, IntelliShop, or BestMark to find and hire mystery shoppers who can provide you with detailed reports and feedback on your competitors' sales performance.

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Amal D.

Tech Leader at Centizen, Inc. | Innovative Tech Entrepreneur | Founder at ZenBasket | Custom Software, SaaS, IT Services, & Staffing Expert
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While mystery shopping is valuable, it's important to conduct it ethically. Ensure that mystery shoppers do not misrepresent themselves in a way that could be considered deceptive or that might harm the reputation of your own brand.

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4 SWOT analysis

SWOT analysis is the framework of assessing your competitors' strengths, weaknesses, opportunities, and threats, as well as your own. SWOT analysis can help you identify your competitive advantages and disadvantages, as well as the external factors that can affect your market position and growth potential. You can use tools like SWOT Analysis Tool, MindTools, or Canva to create and visualize your SWOT matrix and use it to develop your sales strategies and tactics.

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5 Competitive benchmarking

Competitive benchmarking is the process of measuring and comparing your competitors' key performance indicators (KPIs), such as sales revenue, market share, customer retention, customer satisfaction, and profitability. Competitive benchmarking can help you set realistic and achievable goals, track your progress and performance, identify gaps and areas for improvement, and learn from your competitors' best practices and mistakes. You can use tools like Tableau, Power BI, or Zoho Analytics to create and display dashboards and reports that show how you stack up against your competitors.

These are some of the best market research methods and tools that you can use to evaluate your competition and gain an edge in IT sales. By using these methods and tools, you can gain valuable insights and intelligence that can help you position your products or services, target your ideal customers, and close more deals.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Girish Pai

Head of Intelligent Automation | Top AI Voice
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In my experience effective market research involves evaluating competition through various methods, including desk research, competitive intelligence tools, customer interviews, competitive benchmarking, industry events, and reverse engineering.

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Eduard Garcia

??Ayudando a las empresas SaaS y B2B Tech a vender más y mejor | Predictable Revenue | Training, Coaching & Consulting con resultados, siempre resultados! ??
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Apart from Desk research, Customer surveys, Mystery shopping, SWOT analysis and Competitive benchmarking, which are great. There's the direct feedback gathered by outbound sales teams. They're full day immersed talking to potential customers that are solving the same problem, probably with different solutions. It might be a great double opportunity with 1 single question: ? What's the best you like of your current solution? - Gather info and manage objections to win the deal. - Gather quality info on what exactly they like and use from our competitors. This will help to focus the research on the most used functionality and/or use case. Here’s what else to consider Be the first to add your personal experience

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What are the best market research methods for evaluating the competition?

1

2

3

4

5

6

1 Desk research

2 Customer surveys

3 Mystery shopping

4 SWOT analysis

5 Competitive benchmarking

6 Here’s what else to consider

IT Sales

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What are the best market research methods for evaluating the competition?

1

2

3

4

5

6

1 Desk research

2 Customer surveys

3 Mystery shopping

4 SWOT analysis

5 Competitive benchmarking

6 Here’s what else to consider

IT Sales

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