Conducting competitive research for benchmarking products and services
Competitive benchmarking requires comprehensive and accurate information. We recommend a combination of qualitative and quantitative approaches. Qualitative approaches can provide metrics around sales volume, share of market, and pricing. Qualitative approaches give you in-depth insights into what customers value, their pain points, and future needs. Examples of these approaches include:
- High-level market scan: Talking to former heads of marketing and/or sales at competitors for their unique perspectives on products, marketing and sales programs, distributor networks, and how the market perceives certain features.
- Precise feature analysis: Connecting with former heads of product at competitors or a distributor who distributes competitive products can provide detailed information about current features and areas for future development.
- Feature comparison survey: The findings from the quantitative phases can inform a large survey of customers on their thoughts about various features and future needs.
- Advertising/positioning: Round out competitor research with a second round of qualitative research with former senior marketing executives and agency leaders for competitors to capture insights into their brand strategy and marketing initiatives.
Reaching the right people is the key to accurate competitive benchmarking
For competitive research to be truly useful, you will need to find, recruit and engage very specific groups of respondents. You need people with first-hand, in-depth, and recent market knowledge.
Finding customers, employees, agencies, and distributors who can provide insights straight from the source is not a simple task.
That is why NewtonX has reinvented B2B market research using technology like AI and automation. We know how to find the exact right minds and then apply the most efficient approaches for competitive benchmarking research.
Done well, competitive research gives your company the edge in profit margin, expanding market share, increasing revenue, and winning customers.