Are you keeping tabs on what’s happening in your product categories and the markets where you do business?
- You’ll gain valuable insight into how to grow your business when you thoroughly understand the market and competitive dynamics of your product categories:.
- You’ll have a competitive advantage over companies that do not do market analysis. Companies that have a thorough understanding of their product categories — and apply that knowledge to product, marketing, and sales decisions — have a competitive advantage over companies that don’t.
Market analysis used to be like putting together a jigsaw puzzle with missing pieces.
Up to now, because there was no single definitive source of market data for housewares product categories, doing a market analysis was like putting together a jigsaw puzzle. The puzzle pieces were the data gleaned from online searches and trade publications, off-the-shelf research reports, and retail store sales tracking data (if it was even available for your category and you could afford it). You’d put all the puzzle pieces (the data) together until the jigsaw puzzle (the snapshot of the market, competition, and consumer) was as complete as it could be. Often, there were pieces missing.
Market Tracker consumer purchase tracking data gives you the complete picture of your product category from the consumer perspective – WHO bought, WHAT they bought, WHEN they bought, WHERE they bought, and WHY they bought. It tracks all channels of distribution including e-commerce, home party, TV shopping, and stores like Bed Bath & Beyond that don’t report data to the NPD Group or Nielsen. And you get the data in a user-friendly format; no time consuming number crunching needed to make sense out of the data. Market Tracker is now available for the cookware, bakeware, and kitchen gadget and tool categories. Categories will be added upon demand.
Is your company at a competitive disadvantage?
Companies that have a thorough understanding of the market and competitive dynamics of their product categories have a competitive advantage over companies that don’t understand their categories very well.
If you are in the cookware, bakeware, or kitchen gadget and tool category and haven’t subscribed to Market Tracker yet, you are already at a competitive disadvantage. Several of your major competitors have subscribed and will soon have data that they will be using to gain distribution, shelf space, and share of market … gains that may come at your brand’s expense.