Competitive studies, also known as competitive analyses, systematically collect and evaluate information about competitors. The aim is to understand the strengths, weaknesses, strategies and general market behavior of competitors. On this basis, the company’s own market position can be optimized in a targeted manner – for example by identifying direct and indirect competitors and recognizing relevant trends and innovation potential. Strategic measures can then be derived from the findings, which can make a significant contribution to increased business success.
Various methodological approaches are available for conducting a competitive study:
1. Secondary research (desk research):
This involves systematically evaluating publicly available sources such as company websites, annual reports, press articles, scientific publications or market studies. The aim is to obtain a comprehensive picture of the competitive landscape.
2. Primary research:
This method involves the direct collection of information – for example through customer surveys, mystery shopping or structured observations. The major advantage: relevant aspects can be examined in a targeted manner instead of relying exclusively on existing data material.
3. SWOT analysis in relation to competitors:
This involves specifically analyzing the strengths, weaknesses, opportunities and risks of a competitor. The focus of the analysis can be set individually – depending on which aspects are particularly relevant for the company’s own strategic orientation.
TEMA-Q can provide you with targeted support when conducting primary research, in particular when interviewing customers or suppliers. We specialize in in-depth interviews, which are very well suited to identifying hidden strengths and weaknesses. In this way, you can easily find out what sets you apart from your competitors and where you need to start with optimization measures to ensure your long-term market success.
Take a look at our LinkedIn profile at https://www.linkedin.com/company/tema-q/ to gain exciting insights into the world of customer and employee experience in the future.
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Porter, Competitive Strategy, 1980
Gassmann & Frankenberger, The Business Model Navigator, 2014
Malthora & Birks, Marketing Research: An Applied Approach, 2007
Ghauri & Gronhaug, Research Methods in Business Studies, 2010