Develop a deep understanding of your competition, industry and the ever-changing marketing landscape to better inform your strategies.
Any marketer will tell you that one of the first steps to establishing a marketing or innovation strategy is research. Understanding what’s going on in the market and media, consumer trends and insights and anticipating the direction these are going in are all key to pinpointing areas of opportunity and innovation.
The media landscape and every industry is constantly changing. Combine that with evolving customer behaviours and crowded advertising space, and it’s necessary to ensure you’re keeping up with the pace.
If you’re already trendwatching and benchmarking to keep up, it might not be as simple as it sounds. Is your research too broad, or perhaps too specific? How and where are you collecting your audience data from? Most importantly, are you actually getting actionable results from this research?
By developing a strong trendwatching and benchmarking process, you’re able to identify the important trends and audience behaviours that will ultimately influence your product launches, messaging, marketing activities and ultimately, sales.
And it’s not just about keeping up with your audience. Benchmarking allows you to see what your direct competitors are doing, and how they’re responding to trends in the market, to ensure your business is seizing the same opportunities as them.
And to know you’re keeping up with your competition is one thing. But benchmarking is also crucial to seeing how you can do better than them. By using your competition’s activities as a benchmark, you’ll often see a better way to leverage key trends to drive sales and results for your brand.
How We Help
Our simple four-step methodology takes a personalised approach, ensuring we gather the right information based on each brand’s goals.
Capture information via desk research. This includes media monitoring, competitor websites, social listening on blogs, portals and social media websites.
Collate the data via our online platform and analyse it to define the most significant industry and consumer trends and competitor activities.
Provide personalised recommendations to our clients by translating the data into relevant, actionable information, best practises and areas to focus on and avoid.
Consistently monitor trends and competitors on a month-on-month or quarter-on-quarter basis, tracking changes and refining our recommendations to include these.
We’ve helped large corporations and boutique brands to identify the key trends to drive improved results from their marketing and business development strategies. For Maspex, Poland’s largest distributor of juices and soft drinks, we collected data on the impact POS materials, packaging, lighting and store placement have on the sales of key competitors such as Pepsi and Coca-Cola. This helped Maspex identify how and when to launch and display new products, to create the best sales uplift..
Umbrella can help elevate your brand’s marketing outlook with a robust trendwatching and benchmarking strategy.