Android or iPhone? Microsoft or Accenture? Knowing your competitors closely always helps you perform better in whatever you do. Especially when you are among the frontrunners, with very little competition measuring up to your capacity, a penetrative market research operation always helps you withhold that extra edge.
A US based company featuring among the top 5 global IT companies, was looking for market research reports to handle projects for their clients. They wanted to know the granular details of the other four in the top 5. That is not possible with one in-house Market Research Analyst. The client did not want to hire an additional resource, but wanted to take the professional support of a firm which can easily percolate into the IT industry.
Industry – IT
Project type – Expertise in the IT industry, data accuracy, niche market research and close overview of the immediate competitors
The market is changing fast and most of the changes come from top companies devising innovative solutions. Our client belonged in the top 5 global list and was looking for research on their close competitors that featured in the same list. The expectations from the client side were high and details required were granular.
Market research being a detail-driven field that operates under tight deadlines, IDH took the client request and chalked out a sample plan and shared it with the client. Immediately after the approval, IDH collated data of the four close competitors based on their marketing approach, product development, market share, revenue, resources, client base, corporate social initiatives and innovative solutions.
The data was collected through various online and offline assemblage methodologies, and was filtered with clear highlights of issues which mattered the most to the client. Our client had catered only to large enterprises until now. Our report showed that considerable word-of-mouth publicity happened for the competitors when they reached untapped segments of the market.
The 8 detailed market research reports submitted by IDh in 18 days, encouraged our client to think out of the box and expand their reach. It also helped our client try new initiatives, reaching out to some sectors that remained untouched by competitors. Consequently, they signed up for a contract with IDH for regular market updates.
We knew the reason behind our success, but never knew what made our competitors succeed. With the market research reports, we are closely updated on the developments of our competitors, and now we know their secrets too. It really helps in planning ahead and being prepared too!