Strategy

Market & competitor research

The House of Commons reports that the service industries accounted for 81% of total UK economic output and 85% of employment in Q3 of 2023 alone. With so much competition, doing market research and getting ahead of the curve is imperative.

Ask yourself: Who provides similar products and services in your market? What makes you different? You need a strong digital marketing strategy to stand out, and market research can help.

WHAT DOES COMPETITOR AND MARKET RESEARCH INVOLVE?

The goal of competitor analysis and market research is to evaluate the performance of other businesses within your industry. This helps you identify the reasons for your competitors’ success, pinpoint where your brand is positioned in the market, and understand industry trends. This then allows for a more strategic marketing campaign.

HOW DO EDGE APPROACH COMPETITOR AND MARKET RESEARCH?

Keeping up to date with the latest trends could lead to 50% more sales. Ensuring that your business shines within your industry is an integral part of our work. At EDGE Creative, we use a multi-level approach and the latest market analysis tools to understand where your business is and where you could be with our help.

Our multi-level approach to competitor and market research

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STEP ONE: IDENTIFYING COMPETITORS

The first step of competitor analysis is to identify the relevant competition within your market. Your competition may be product-based, such as businesses that sell identical products, or a whole industry, such as manufacturing. Identifying key players within both the product segment and the industry is essential, and we help you discover exactly who you’re working against.
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SWOT ANALYSIS

Carrying out a SWOT analysis highlights the strength and weaknesses of other businesses within your market. Based on the current position of these businesses, as well as their behaviour and strategies, we can identify their immediate goals and shortcomings. This information will help you set the foundation for major business improvements and will be the basis for new, successful marketing campaigns.
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STEP THREE: ASSESS INDUSTRY TRENDS

By researching the trends and customers within your market and using qualitative and quantitative data, we can ensure your business stays ahead of the curve.
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STEP FOUR: CUSTOMER AND CLIENT ANALYSIS

Communication is imperative to our market research. We’ll talk to your customers and clients to gain insight into your industry, research consumer behaviour, and discover client journeys to develop your marketing strategy based on their interests.