How important is competitor analysis for the scientific and technical markets?
There is a quote for every scenario, and I can think of none more fitting than paraphrasing the military genius of the Easter Zhou period, Sun Tzu.
“If you know the enemy and know yourself, you need not fear the result of a hundred battles.”
The Art of War may not be a peer reviewed journal, but the message still rings true for scientific sales, laboratory sales; arguably in any business venture Sun Tzu’s teachings can be applied. It is easy to get so focused on your own business and product, the danger being, that allows your competitors passage to one-up or blindside you.
But that are the tangible benefits to undertaking detailed competitor analysis?
It allows development of your product/service
We know that there is an inherent tendency to get set in our ways. For example, how we present a pitch and how we produce marketing material. It is easy to develop bad habits and myopically miss opportunity for improvement and growth.
Appreciating the positives that your competitor brings to your sector allows a far more complete analysis of what you bring to the table. By running frequent competitor analysis, you see the market through the eyes of potential customers.
Ask yourself – why would this hypothetical customer go to your main competitor over you? Knowledge is power, and knowing this answer illuminates the next step in improving and ultimately honing the edge necessary for your scientific business to succeed!
Spotting a gap in the market
It is obvious that target markets and the activities of your competitors are never static, there’s always adaptation (think Darwinian) over time. This doubles down the importance of not going all in on a single analysis of your competitors, scientific and laboratory sales require consistent analysis to keep ahead of the game!
Gaps in the market are few and far between, but you are far more likely to spot opportunity if you are actively looking for it. For example, if there is a sudden price rise in your competitors’ raw materials, you can now market as a far more affordable and accessible option. Have you just developed a new and unique product? You should be pushing your company as the “market leader and technical innovator” – driving sales towards those looking for quality!
Competitor and market analysis can be the difference between grasping opportunity, or letting it slip through your fingers.
Learning from the mistakes of others
Within the realms of laboratory sales and marketing, I have seen my fair share of wasted potential. The most common being a lack of online engagement and expecting customers to just appear out of thin air.
It is no secret that any business’s success is the result of a staggering amount of trial and error over a long period of time. So why not separate the wheat from the chaff and use challenger’s shortcomings to accelerate your own company growth and success? Scientific sales consultants learn what works and does not, then utilise that to aid clients in outmanoeuvring their competitors.
Improving your success and driving sales
Ultimately the end goal of competitor analysis is the highly desirable competitive advantage that drives commercial success, something that is considered priceless in highly competitive sectors, such as science and technology.
It can lead to improvements in products and services, changes in marketing strategy, access into new markets (which can be overlooked) and a fresh understanding of what is required for your company to succeed.
Consistent and detailed competitor analysis could very well be the decisive ace in the hole that boosts your sales, making sure you come up trumps!
Do you want to stay ahead of the curve and get a leg up on the competition? Contact us by telephone on 01423 813520 or online to find out how Network Scientific can be your solution.
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