Online Competitive Analysis Tools Based on the Consumer Decision Journey (On the Example of Luxury Beauty Segment)

Abstract

Nowadays in the era of digital economy, volumes of available real-time data on the consumer behavior are growing rapidly. This should naturally encourage a shift in the ways of collecting and analyzing information for competitive analysis. That is why many organizations are facing questions if traditional competitive analysis tools and models are effective in the current reality? How to use modern data to build an analysis of competition? In this current research author is trying to answer this type of questions with the help of interviews with Russian luxury consumers. The main aim of the study was to identify sources of information that luxury consumers use in their decision-making journey. Based on the data collected in the interviews it was identified that the sources of information vary depending on the stage of the consumer journey and include the following online factors: search, brand web-site and online mentions that can be divided into three major groups: online reviews, online publishers and blogs as well as mentions in social networks. Based on this criteria author conduct competitive analysis of luxury beauty market in Russia. The study may be interesting for companies and researchers specializing in luxury marketing in Russia as well as on the global level.