No business survives in a vacuum. No matter what your sector is, and even if your unique selling proposition is stunning, many rival businesses will compete for customers in your industry.
What are the things you compete for with your rivals? You can compete for customers on price, the type of product you sell, the sort of promotions you run, or the quality of service you offer.
But do you really know your customers? Do you know about the new products they are developing? Are their existing operations effective? Are their customers satisfied? Find out about these questions to ensure you get ahead of others.
Define Competitive Intelligence
Competitive Intelligence (CI) is diligent surveillance of your competitors’ actions to understand what they’re undertaking – and what they’re going to achieve in the future. The knowledge can help you conduct strategic and tactical excursions for Grow Your Business, and allow a purer understanding of your own competitive rank.
For instance, if a big competitor is going after an acquisition strategy, then instead of competing on size, you can draw attention to quality and customer service.
Competitive intelligence includes five primary categories of information:
- Strategy Assessing – Do you know your competitors’ strategies?
- Current Operations – Do you keep track of what competitors are doing right now?
- Competitor Perceptions – How are clients perceived by your competitors?
- Competitor Capabilities – What are the advantages your competitors are taking care to use now and in the future?
- Market Add-on – Where is the market heading, and how well have you placed vis a vis your competitors?
When you have information related to these five categories, you can plan your market strategy in tandem.
What are the methods to Grow Your Business through competitive intelligence?
In order to make it a relevant fact to customers, you should collect information about the competition to get Grow Your Business. Critical information is vital to creating a plan of action to measure competitors’ strengths and negate their weaknesses. A SWOT (strengths, weaknesses, opportunities, and threats) chart is created as a segment of an overall intelligence gathering ploy.
Competitive intelligence helps you grow your business through competitive analysis. The position of your company and solutions or developing new offers that you can successfully bring into the market can help build the game plan. With the use of competitive intelligence, you are in a position to leverage what you know about your competition to confront open market space and make a difference in the customer’s mind.
How to Collect the Information?
You can collect information to discover much about your competition. You can analyze what you collect. Keep a watch out for trends, create strategies, and uncover tactics your rival is utilizing. Dutifully, you can collect this mass of information regularly and you will get an idea of your competition. Keep collecting and storing information.
FAQs about your Competition to Grow Your Business
There are a few things that you should know about the competition to help your company achieve success? Firms create a repository of information, be it on paper or in a database online, that helps the company and its sales team to evaluate the competition. Besides the features, performance, and price of competitive offerings, the information below for every competitor comprises:
- What is the competitor’s positioning in the market? What is its position on domain expertise, the total cost of ownership, and worthwhile customer service?
- Can you examine each competitor’s value proposition and differential advantage or disadvantage?
- Enumerate the rival’s strengths and weaknesses- they may have a strong channel or direct sales team, suppliers who enable them to be more competitive, first-time entrants to the market segment, flexible or strict terms, what their reputation is, and do they have strong advisers within the targeted segment?
- How can you tell the difference between your product with that of the competition? Is it superior?
Use this research and analysis in your organization.