Voice of the Competitor (VOTC) – Research
What does it mean to listen to the voice of the competitor’s customer?
In short it means conducting Voice of the Competitor (VOTC) research.
By contrast, Voice of the Customer (VOC) research is well known in market research circles. In fact, VOC research has launched many a focus group or survey over the past few decades.
VOTC research however is strongly correlated with competitive intelligence and market intelligence efforts.
To understand how VOTC research can provide a necessary counterweight to VOC efforts we need to compare each approach.
- Interactions are focused on current customers
- Research outcomes are focused purely on identifying enhancements to an existing solution or product – from the perspective of current customers alone.
- Focused on the competitor’s customers (VOCC), partners (VOCP), influencers (VOCI), and even co-opetitors.
- Research outcomes are focused on identifying disruptions and competing solutions before it’s too late.
What makes VOTC different than VOC?
Simply put, the target of the research effort. In fact, the target in this case is centered on those very things that can harm your company’s long-term survival prospects.
- Market Disruptions
- Technological Shifts
- Commoditization of Existing Product and Service Lines
- Societal and Economic Shifts
And last but not least:
- Competitor Activity and Future Investments
If you would like to learn a bit more about how we tackle VOTC projects, or even see an example, drop us an email at firstname.lastname@example.org.
We’ll be happy to chat.