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The Pitfalls of DIY Market Analysis

Evaluating your competitive edge is a crucial piece of gaining status and retaining a loyal following. Many businesses assume they can assess and analyze their market on their own — and while some insight is better than none at all, DIY market analysis (the gathering of data by internal employees versus an objective third party) is time-consuming and often lacks thorough detail.

Most companies are unable to conduct adequate market analysis due to bandwidth constraints, or else they unknowingly give themselves away to competitors by using industry terms in their research questions. Because of this, building a strategy based solely on a DIY market analysis can result in outdated data by the time internal teams can complete them, or the collected data is biased if it’s obvious you’re a competitor calling around.

An objective competitor market analysis done by a third party provides your business with much-needed insight into your competitors’ offerings, the cost of their products or services, geo-targeted data on their locations, and more. This intel provides a valuable opportunity to see how the competition measures up, and receive detailed, objectively gathered data from experts who specialize in uncovering the right information for robust competitive intelligence. Additionally, competitor market analyses are instrumental in evaluating the current standing of your business — when you see how your brand compares to others, you stay competitive by understanding where you differ from rivals in pricing, amenities and other factors.

If you’re unsure of where your prices, fees, occupancy rate or amenities fall amongst your competitors, there’s no better time than now to find out. By taking the time to strategically partner with experts who are trained in identifying the right information, you can better position yourself within the market to fill critical gaps, address specific concerns, and meet customer needs in a way that allows your business to create or maintain a competitive edge.

Teaming up with a professional market analysis partner instead of opting to do your own lengthy research will benefit your brand in three major ways:

  1. You’ll identify opportunities. Our reports show market data in a manner that’s easy to digest. This allows your team to see at-a-glance how to address pricing or fee differences, giving you a competitive edge in the market.
  2. You’ll have an experienced team. Anyone can collect data, but our market analysis experts know how to ask the right questions, sometimes in several different ways, to gain the kind of data needed for decision making. Your business will have, at your fingertips, the ability to collect and monitor competitor data efficiently and independently, and then share those insights internally. We’ll ensure that your team understands the reasons we gather the intel we do to have complete data around pricing, fees, occupancy rate and amenities. This allows your company to move forward with confidence and helps catapult your business to the top of your industry.
  3. You’ll gain insights fast. Not all competitive market analysis programs are created equal, and ACL stands out in a big way because we start collecting data immediately. Our streamlined process and short turnaround time allows you to get immediate data and quick insights, compared to other vendors that may need weeks or months to compile information and get it back to you.

We’re passionate about helping our clients create authentic, engaging experiences for their customers and employees, and that begins with understanding your market so you can anticipate customer behaviors and opinions.

If you’re interested in improving your customer experience by trusting your market analysis strategy to the experts, we would love to partner with you in reaching your goals and elevating your status in the industry.