Competitor & market research

Competitor research is a necessity in business as well as market analyzing before we want to move operations in a new market. They can be done as one offs, monitoring of market share, introduction of new products or technologies, or they can be just a type of a ‘mystery shopper’ exercise.   

Whatever form the take they need to present the competitive products or substitutes to our products and capacity of other organizations to become threat even if they are not yet our direct competitor.

The research can be conducted from primary and secondary sources and depending on industry it can require a continuous effort or just every so often. The rule is that the more institutional products organizations sell the more difficult it is to collect the date without engaging human and online resources.  

BMF Design understands the importance of competitor knowledge. This helps with taking tactical decisions and creating the strategy and implementation plans. This information is usually helpful when the organization ask investors for funds and the work force to make extra effort.