Competitive Intelligence to Grow Your Business

How to Use Competitive Intelligence to Grow Your Business

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. 

Grow Your Business

Competitive intelligence includes five primary categories of information:

  1. Strategy Assessing – Do you know your competitors’ strategies?
  2. Current Operations – Do you keep track of what competitors are doing right now?
  3. Competitor Perceptions – How are clients perceived by your competitors?
  4. Competitor Capabilities – What are the advantages your competitors are taking care to use now and in the future?
  5. 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?

grow your business

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:

  1. 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?
  2. Can you examine each competitor’s value proposition and differential advantage or disadvantage?
  3. 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?
  4. 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.

 

How do you Grow your Business?

How do you Grow your Business?

What happens when you first launch your business and your goal is to Grow your Business? As you know, this cannot happen overnight. Growth is an ongoing process and takes hard work, patience, and dedication. There’s no special formula to take over other businesses or achieve instantaneous success.

There are proven ways to achieve growth milestones that can lead a business to success. What are these? Let us look at a few hints:

  1. Hire only the right employees

hard-working staff for small businesses grow

While you are looking at ways to increase your company’s growth trajectory, you should hire efficient, hard-working staff to help you achieve your goals.

With robust and solid workers dedicated to your company’s success, your business can better equip itself for rapid growth. If you delegate tasks to focus on critical work that will help take the business forward and free up your time and energy. It will enable you to perform at your best and build a collaborative work culture.

  1. Focus on established customer revenue sources

stablished customer revenue sources

Instead of reading to acquire new customers, focus your attention on the core customers you already have. You can launch a referral or customer loyalty program or innovative marketing strategies based on previous purchasing behaviors to encourage businesses to grow with the help o this loyal customer base.

This is necessary so that the established market is secured if you’re trying to get funding. You can maximize your present customer base when you implement a customer loyalty program or try out marketing strategies based on the purchase histories of customers.

  1. Reduce your business risks

It is inevitable that you face risks while starting and growing a business. You will not be able to control everything, but there are several ways to reduce internal and external threats to your company’s growth. Your business insurance provider is one important resource to help you achieve it.

For instance, the theft of employee data, customer records, and product designs are enough to kill a small business, leading to large costs and ruining customer confidence and loyalty. Not all business owners’ policy covers data theft or other cyber losses. These businesses often prepare themselves by seeking insurance products that help them recover their losses.

As small businesses grow, they increase space or equipment, create new products or services, or grow their operating and distribution markets.

  1. Adapt and change

Adapt and change

Many successful startups have the hit ability to switch directions fast in reaction to changes in the market. If your product and your company take a speedy approach to development, it will help you grow faster.

  1. Make your customer experience

Customers’ attitudes toward your company can make or break your business. If you deliver quality experiences and products, they will praise you on social media; if you ruin it, they will warn the world against your business. Swift growth lies in making your existing and potential customers happy with their experience of your company. One key takeaway is that small businesses can very soon adapt and respond to customers’ needs. This responsiveness gives them an edge over larger businesses.

  1. Invest in company growth

When your business is growing, you’ll some years view a very lean profit margin so any money you do earn will lead you to growth.

Don’t pocket all your profits, it’s better to invest the money in your business’s growth so you can gain larger benefits later. At this same time, you can ascertain which parts of your business need more help. You may need to hire more workers, or get additional funding? 

  1. Always look ahead of your competition

Plan your next step to stay grounded and secure your gains as your business evolves. Review all ongoing contracts, for example, compare rates with the best credit experts, and negotiate a better deal.

  1. Expand your customer service

You can grow your business by focusing on providing quality customer service. When you meet and even surpass customers’ expectations, they are likely to spread the word about your business.

If you go a long way, such as by giving discounts if a customer has a poor experience you establish a yen for great customer service. 

  1. Invest in social media

social media

You can grow your business by creating profiles on all important social media platforms (Instagram, Facebook, Twitter, etc.). With an active profile, you can market your business and interact with many potential clients.