Market research, competition analysis
„By doing market research on your competitors, you can work out exactly how to provide a product or service that is superior.”
Entering a new market means you want to sell your product or services to a given target group (details of the strategy see here). This means you need to analyse minimum 2 things:
- who is your target group? how much they know about the industry, technology you work in? what is their pain? how much money they have to finance your product? who will make the purchasing decision and how? how big are they, what industry they are involved in? etc.
- who else wants to sell to them similar products: that is, who are your competitors and substitutes? are they on the market already? how do they sell, what is their pricing model? how good is their solution? what is their marketing strategy?
As with any other strategic document, a market research has to help your company to define the best go-to-market strategy and not to complicate it. Absolvo’s approach is to provide you with the essence of your market. In order to do this, we combine a lot of different approaches behind the scenes:
- desktop research
- interviews with key industry players
- mystery shopping
- and most importantly: combining strategy with execution: we are collecting data about both your customers and competitors when already selling your products!!!
„Absolvo gave us a market insight that previously no other firm could provide and they gave such a support to our sales and marketing that we have never experienced before.”