In recent years, the competitive landscape has grown more fierce, with new brands and products entering the market, as well as the steep rise in e-commerce as an important channel for distribution. These trends have only accelerated during the pandemic, and the uncertainty and volatility is not going to make the landscape any easier to navigate. What is clear is that changes in your market and competitive landscape will continue to happen at a breakneck speed.
To stay one step ahead and to meet consumer’s shifting needs in this fast-paced environment, you need to understand your competition inside and out. And not only that, you need to continuously review movements and new entrants in your market(s). This knowledge is critical when developing your channel, pricing, promotion, and go-to-market strategies. It also enables you to pivot quickly as markets change.
But how can you keep up, given all the complexities and constant change?
Your success relies on having up-to-date intelligence that helps you identify: your market and competitive landscape, your business’s core strengths and weaknesses, how your products are perceived by consumers and shoppers, which pricing/channels work best, where the white spaces are, and where risks may arise.
With GfK’s Competitive Analysis solutions, leaders in Technology Products & Durables, Retail, and FMCG have access to deep competitive knowledge so that they can understand today’s changing landscape and make the right strategic and tactical decisions to stay ahead of the competition and gain market share.