“You have to start with the basic premise that you need to know what your competition is doing.” – Guy Kawasaki
In a retail world that is saturated with brands and product solutions, retailer need to fight to maintain relevance in the minds of their consumers. Understanding the market and competitive landscape is a vital step in running a successful business. By having a thorough understanding of the competition and consumer needs, retailers can make smarter business decisions, remain updated on market trends, and identify white space opportunities for growth.
With how quickly market conditions can change, the research should be conducted and reviewed regularly. But doing so, requires a significant time commitment, which is something that most buyers don’t have the luxury of having. At PM&J, we help remove that obstacle for our customers. We are committed to understanding the U.S. market and trends, so we have dedicated resources in order to become experts for our customers. Through attending trade shows, subscribing to trend services, and conducting competitive shops of the market, we are able to provide our customers with comprehensive analysis which include both snapshots of the present and insights into the future. In addition, our team leverages this data to provide our customers with actionable recommendations to elevate their business and inform product development decisions for the upcoming cycles. Our comprehensive competitive and trend analysis provide our customers the edge by helping them to accomplish the following:
- Identify white space opportunities and where the market is trending
- Understand the evolving needs and desires of the consumer
- Identify their key competitors and their strengths & weaknesses
- Understand the commodities market and how it will impact profitability
