UNDERSTANDING COMPETITIVE RESEARCH AND MARKET SHARE

Competitive Research is crucial to understanding your brand’s competition in the market.  As categories converge together and technology and innovation are making other industries and markets more easily accessible it is important to expand competitive research beyond just direct competitors to have a holistic view. 

Data collection and analysis can however be overwhelming as well as defining meaningful actionable results derived from the data.

Ultimately, by evaluating the competitive market, companies are gaining understanding of what is doing well, what can be done better, and what white space opportunities have yet to be untapped. This analysis can lead to an understanding of market share. Market Share is the percentage of the market that the company currently has and can be used as a guide to set company targets and strategies to attain a greater percentage of the market or move into a new market.  The bigger the piece of market share a company has the more profitable the company will be and it is also an indication of the success it will have in resisting competition. Market Share analysis and competitive market research are both important in determining which product categories have continued growth, which ones have matured, white space category opportunities, and categories that should be examined for termination. This type of analysis on the category level can continue to drive acceleration of the business. The Squad research services help companies navigate market research, uncover actionable results, prioritize ideas, find white space opportunities, and articulate future growth through data aggregation and analysis.

Some companies have the Market Share piece covered by internal teams, however such teams can miss opportunities in technology, technical product knowledge, and integrated technology opportunities, make sure you are viewing your strategy holistically.

UNDERSTANDING YOUR CUSTOMER

We all know that customers are centric to a company’s success. Having a comprehensive understanding of your customer is key but is often not enough unless insights and actionables are identified and transformed into unique advantages over the company’s competition.  

Out of  1000’s of companies polled, according to IBM, only 1/3 know how to translate their data into product development.

Research services can help companies understand their consumer’s unmet needs and desires by evaluating behaviors, values, and needs. They can transform these insights into practical approaches to help you focus strategies, operations, design, and develop products customers will value over the competition.  

CAPTURING NEW OPPORTUNITIES THROUGH DATA

The Squad stands apart from the competition because of our unwavering commitment to your business growth and our data-driven approach in driving profitable sales, maximizing inventory returns, and enhancing gross margins which increase operating profits and cash flow.