Market research is a blanket term that covers a wide range of tools and techniques that companies use to extract, gauge and assess consumer data. As such, it can work wonders for businesses seeking to identify the strengths and pain points of their products and services, or simply to increase market share in a smooth and streamlined fashion. A competitive analysis is one of the many subcategories of market research that lets brands gain an edge over competitors by benchmarking marketing strategies, drawing inspiration from proven formulas and best practices, and anticipating future market moves and consumer mood swings.
Market research in Poland has been witnessing an unprecedented boom ever since the country joined the EU community in 2004. Although b2b market research in Poland hasn’t been around for as long as in Western Europe, it has already enriched the products and services of companies from all over the world and has helped Poland become one of the most eagerly researched markets in Europe. So whether you’re a small firm looking to work your way up in a highly competitive market or a big company in need of a fresh market boost, we believe this list of the top 6 advantages of market research and competitive analysis will help you make the most of your business.
1. Know your audience
Few things raise as many red flags in today’s diverse, globalized world as a business that’s out of touch. Consumer needs and expectations are changing at an unprecedented pace and companies that fail to update and lag behind are doomed to either establish the wrong kind of connection with their audience or not establish any connection at all. This is what market research for b2b can be immensely helpful with. A market study entrusted to an experienced research team will not only ensure a hand-picked sample perfectly tailored to the specific needs of your project but will also collect and translate data into shiny facts and figures that will give your business a better perspective of who your audience is and what is the best way to reach out to them.
2. Know your competitors
While businesses competing within the same niche or industry aren’t exactly enemies, they are certainly rivals. Market dynamics are such that winning over customers often feels like a clocked chess game and sharing know-how isn’t something brands are particularly eager to do, understandably so. That’s why gaining first-hand knowledge of your rival’s strategy, as well as learning the ins and outs of their business model through a competition analysis research, is something that will give your company a safe margin for tweaks and launches, but more importantly, it will let you stay one step ahead of your competition in a market that values initiative and innovation. Like in chess, sometimes the best defence is a good offence – and that’s essentially what market research for b2b is.
3. Identify market gaps
Market research for b2b isn’t just about edging out competitors and prophylactics. While you and your market research partner are putting in every effort to get a clear view of how things are done elsewhere, you will soon find out there are some market gaps that you didn’t know were there and that is just waiting to be filled. Our own b2b market research in Poland so far is a perfect example of that. Many of our b2b projects and competitive analyses have led to unexpected, sometimes game-changing outcomes.
4. Improve your own product
You hear so much about how important it is in life to learn from your own mistakes that it’s easy to forget the same holds true for learning from the mistakes of others and applying this knowledge to yourself – or, in the case of market research for b2b, to your product or service. Knowing what competition gets right and working this practice into your own model is one thing, but knowing what your competitors struggle with and building on that pain point – now that’s the surest way to ensure your business is successful, and conducting market research for b2b can help you be it.
5. Pinpoint looming threats
As hinted at earlier, market research and competitive analysis don’t just fix things, they also help your business anticipate them. In times as uncertain and fast-changing as ours, getting a headstart in business is no longer an added bonus but a must, and companies who fail to prepare for market shake-ups are bound to have a hard time catching up once this threat is real and around the corner.
6. Take your strategic planning to a new level
It would be limiting to think that market research and competitive analysis are merely about rethinking a product or service. The gaps and fills you get to identify thanks to market research for b2b extend far beyond the marketing stage and in many cases can be applied to other areas of your business, ranging from planning and operations to mission and personnel. Taking a proactive approach to how you develop and market products isn’t just healthy from a business perspective, it’s also something that will boost the morale of your team and partners by letting them know they’re part of a movement.
This list is the fruit of the many years of our own b2b market research in Poland. We hope that you’ll find it useful to your business and will appreciate some of the benefits of conducting market research for b2b.
