Competitive spending trends may or may not be a significant influence on your company's marketing spending plans to support products and services. However, in a market where there are one or more large competitors, the amount of money your competitors are willing to spend will impact:
- the success of your current products and services
- your ability to obtain target buyers' attention and purchases
- key accounts' attention and commitment to your programs
- your company's introduction of new products
Every company can design and execute a competitive intelligence gathering program that is cost-effective. It can range from simple secondary data information-gathering, sales force feedback, and trade publications/associations, to more sophisticated and expensive custom internal and external research.
Your company could design usage and attitude studies on target buyers, conduct focus groups , or do quantitative field studies (all examples of internal research). You could also examine industry subscription publications on specific industries and competitors or obtain volume-measurement services from ACNielsen, Informational Resources, Inc. (IRI), and other services such as custom-designed market simulation studies on competitive products (external research).
Competitive Spending Trends
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