Whenever you are planning to move to the market with your business and expand it, you are actually looking for ways to get your offer to the masses. For that, competitive research is always the primary goal to consider. Some business corporate experts like Michael Giannulis have actually used two platforms for conducting such research. Both of these firms were able to provide competitive intelligence. That’s when is your chance for the x-ray lenses to get into the landing pages, ad copies along with some of the other stages of the funnel.
Going through such competitive research will help you to uncover the online strategy of the advertiser. You need to find the ads that have been running for the longest in this market and then start to emulate those well. That is going to be the quickest way to scale your business to some of the newest heights here. If the plans have been proven and if those are working for your hardcore competitors, chances are high that it will work for you too.
Benefits of covering up competitive research as per Michael Giannulis:
There are so many benefits involved with proper competitive research. Learning about those beforehand will give you a competitive edge over others and you will realize the importance it holds.
- Make sure to understand the market very well:
Competitive research is here to reveal some of the major trends that the market has in store. Unless you focus on the competition, you are likely to miss out on those points. You have to identify and then predict trends, which will one major asset for the business. It will help to improve the current value proposition for the customers out there. It is one major component for you to perform constantly.
- Enhance market processes:
Whenever you are planning to introduce any service or product in the market, the customers are primarily concerned with one major aspect and that is how the item can make lives better. In case they end up choosing a competitive brand over yours, that means others are clearly doing a better job in highlighting and adding value to their items.
As per Mike Giannulis, competitive research will not just help you to understand customer behavior but will offer you a closer view of those strategies your competitors are working on. As per the information you are likely to receive, you can tweak your business approach and get to win your lost customers easily.
- Identify market gaps according to Mike Giannulis:
Whenever you are planning for competitive research, you get to analyze the strengths and weaknesses of competitors. You will easily get to find that by just checking out the data. There will be one segment of the population that will be always underserved. Working for them will help your business to stand out in the crowd and get some proper results.
These are some of the many benefits of actually conducting competitive research for current business growth. Once you have done that, things will work out your way.