Market Research and Competitor Analysis

Market Research and Competitor Analysis

A good understanding of the marketplace and an insight into the activities of your competitors are fundamentally important drivers of commercial success. Network Scientific can carry out the competitor analysis and market research that you need to give your business the edge.

Science, like any other sector, is highly competitive with a variety of companies all chasing a finite number of opportunities. Anything that can give your business a competitive advantage is highly desirable and an insight into both the requirements of the market and the activities of your competitors is priceless.

A good understanding of the marketplace is absolutely instrumental in formulating your business’s offering – you’ve got to know what your customers want in order to be able to sell it to them! Also markets constantly evolve in response to innovation or new legislation, for example. Network Scientific can develop and deliver market research strategies that will deliver real insight into the requirements of your target market, or markets. We use a wide range of channels to maximise information capture and use these data to build a highly detailed report which will inform and hone your marketing strategy and sales activities. Our market research can help you to understand whether that new piece of legislation on the horizon, or that novel analytical technique, is a challenge to be overcome or an opportunity to be exploited.

Competitor analysis, whether carried out online or via ‘secret shopper’ will provide an understanding of the activities or other businesses which are selling into your target market. This will enable you to develop a competitive sales & marketing strategy, including defining a pricing structure.

Obviously, target markets and the activities of your competitors are never static – they constantly evolve over time. With that in mind it is good practice to make market research and competitor analysis regular undertakings rather than a one-time-only projects.

At Network Scientific we regularly carry out market research and competitor analysis at the request of our clients and often receive feedback telling us how useful it is. Contact us to find out how we can help you.

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