There are several different ways to research markets and companies, from visiting locations to following business news, but one of the more subtle hubs of information that’s becoming increasingly telling is the online comparisons market.
Several websites have popped up on the internet which examines, review, and rank products and services based on pricing, with these comparison sites being very popular in an increasingly large crowd of consumers.
So, why should you start to include searching on price comparison websites as a part of your market research?
The people love and trust comparison sites
Price comparison websites have completely changed the way that many consumers go about buying goods and services. In the earlier days of price comparisons, most notably, supermarkets were tussling in advertising spaces, showing that they offered the lowest prices on popular products from month-to-month.
It proved to be a very effective method of advertising, so websites established ways that companies in other markets could do the same.
As more and more comparison websites have become heavy advertisers, often bundling in extravagant promotions, the idea of consulting a comparison site before a purchase has become ingrained in the population.
Now, most consumers interviewed by the Financial Conduct Authority expressed a positive view of the sites, with them enabling consumers to get essential information that would usually take hours to find in minutes.
With so many people making comparison websites their first port of call, they have quite an influencing presence in several markets. Companies who can compete on the sites are getting an ever-increasing edge, especially as more consumer activities move online.
While not showing exact market movement, the ranks have a say in where customers will tend to go, making them a useful resource for researchers.
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Comparison sites proving their worth to users and onlookers
The companies that consistently rank near or at the top of filtered searches tend to see an uptick in customers, enhancing their standing in the market. It has been found that people turn to the sites for convenience as much as price point, so holding a high rank will convert more browsers into customers. As such, price comparison sites that home-in on a niche can offer a clearer view of where new customers may be heading.
To fully utilize the potential information on offer, you’ll need to examine the different filters to see if any company is ranking consistently above the rest. For example, mortgage advisor Trussle offers remortgage and mortgage rate comparisons, with adjustable filters for property value, borrow amount, initial period, rate type, and payback period.
When you see a change in the housing market, such as several new builds on the cheap side being completed, you can then use Trussle to see which company people will be directed towards.
Some sectors have been forced to adjust with the rise of these comparison sites, as shown by Financial Times with insurance brands. So, anyone looking to utilize the information implied by comparison sites will want to do so as a part of broader market research.
They don’t tell you everything, but what they do tell you is which brands are going to present themselves as the most appealing now and if situations change.
Due to the amount that consumers have come to rely on comparison sites and the many filters available to use, mostly for free, those performing market research can make the most of their customer-driving rankings.
