5 Tactics to Researching Your Marketplace
by David James, BethesdaEmediaMarketing

Competitive intelligence is an ethical, simple, and valuable technique for market research. It helps to have as much information as possible about your target marketplace as well as how you will stand up against competitors.

Here are five key tactics to employ to study your customers and competition.

Tactic 1: Conduct win-loss analysis

The win-loss analysis requires you to interview your new customers and the prospects you lost to competitors. The idea here is to find the motivation behind their decisions. Find out what they are looking for and why they did, or did not, choose your company. This will let you find:

Misunderstandings around your product/service
Competitors’ selling points over your products/services
Features to tweak or add
Marketing message ideas
Problems with the sale approach

Make sure you coordinate with your sales team before you conduct the interviews. It is helpful to get their input on which customers you can contact and what you can expect from them.

Tactic 2: Consult with internal and external experts

When consulting with experts, always be polite and friendly. Reach out to both internal and external experts and chat about marketing trends. Be interested in the information you are being given. You are also creating a network and relationship by talking to these experts. So be interested! What they have to say can help you enhance your marketing plans.

Make sure you thank them. It would also be helpful to send them information that you think may be interesting.

Tactic 3: Use trade shows for fact-finding

Trade shows are full of experts, prospects, and competitors. Keeping yourself and your ears opened will generate a galore of information.

Do your homework – have a game plan ready before you attend. Know the areas you want to cover, the information you want, and be ready to jump on opportunities.
Be observant – keep your eyes and ears open. You never know when something extraordinary will present itself. It could even happen on your trip there and back! Keep an eye on body language and nonverbal cues.
Consider outside help – using someone from outside your company to gather information may also be beneficial. Most competitors can easily identify you and your company and may not be so open.

Tactic 4: Build an information database

Build your database online so that it can be easily browsed and searched by your industry.

Monitor information published by:

Regulatory agencies
Industry publications
Expert blogs
Competitors’ public relations departments

Tactic 5: Remain ethical

Stifle the urge to call competitors and pretend to be a customer!

Additional unethical tactics include saying you are:

From a different company
A student working on a project
A researcher gathering information

Also, please don’t hire others to do your dirty work. It can put your company in hot water. Anyone you use should also be working under the same ethical standards your company stands by.