Steps Of Competitive Intelligence | WSHRW
Competitive intelligence enables businesses to anticipate competitor activity and see past market disruptions more clearly. It can also help identify opportunities for growth and strategic business plans.
A well-crafted competitive intelligence can equip each department at your company with a clear understanding of the market. This allows teams to work together and multiply their efforts.
1. Identify Your Competitors
The first step of competitive intelligence is to identify your competitors. This can be done through a mix of internal and external sources, such as online directories, industry reports, customer reviews, and social media monitoring tools. Look for businesses that offer similar products or services, and that target the same customer segments as you do. Consider indirect competitors who solve the same problems for customers in a different manner.
You can also get a lot of intel on your competitors by simply paying attention to the things they say. For example, the off-hand remarks that salespeople hear on the phone or the prospecting emails they receive from their competitors can give them some of the juiciest competitive insights in the business.
Another great source of competitor intel is the support threads and FAQ pages on a company’s website. These can reveal valuable information about the products of a rival, including where customers have problems. This knowledge can help you create campaigns that highlight these ‘pain-points’ and drive leads and converts.
Keep an eye on your competitors to find out what opportunities you can take advantage of. If you see that your competitors have a feature you don’t, you can use it in your marketing campaigns to stand out and increase your ROI.
It’s crucial to determine the type of intelligence that you need and your goals for gathering it. Competitive intelligence can be classified as strategic, operational, or tactical and each has a different purpose in the overall strategy.
Strategic intelligence is focused on analyzing the market and industry trends to help businesses anticipate competitor moves and take strategic decisions. Tactical intelligence focuses on the day-today operations of an organization and includes information about competitors’ marketing tactics, sales strategies, and customer service policies. Operational intelligence is a combination between strategic and tactical Intelligence and identifies ways in which an organization can improve its products and processes.
Regular competitor analyses are a powerful way to understand the market, and predict what your competitors will do next. Changes in the marketplace can occur quickly, so it’s important to keep an eye on your competitors.
2. Collect Data
While there are a wide variety of tools and strategies available for monitoring competitors, it is important to keep in mind that competitive intelligence activities can expose a company to security risks. While gathering competitor information a company may accidentally reveal its own strategic plans or sensitive customer data. This could lead to ethical and legal issues. To reduce these risks, businesses should only use data that is publicly accessible and verifiable.
A competitive intelligence program’s ultimate goal is to provide companies with actionable insights to improve their ability to compete in the market. This includes predicting market changes, analyzing a competitor’s strengths, weaknesses, and identifying growth and expansion opportunities. The data collected by a CI program helps companies develop better marketing and product strategies, identify gaps in their market, and stay on top of the competition.
Once a business has identified its key competitors, it can start collecting competitive intelligence data. The first step is to focus on the data that is most relevant to a specific goal. If a business wants to improve its online strategy, then it should only collect information from sources that provide insight into how competitors optimize their websites for search engines visibility. Using this data, the business can then implement similar tactics to improve its own website’s search engine optimization (SEO).
A business can also gain insights into a competitor’s marketing strategy by gathering data from industry influencers via social media, and from specialized services that analyze online discussions. These services can give early warnings about a competitor’s product launches, strategic alliances, or financial troubles. Interviewing internal experts and customer-facing representatives can also provide valuable insights.
Once the data has been collected, a business should organize it in a framework to be used for competitive intelligence analysis and decisions. It can be as simple a spreadsheet that contains measurable data, such as revenue or margins, but it can also be more complex and include qualitative elements. For example feedback from interviews with customers who have won and lost business. The analysis can then inform other departments and help them achieve the company’s goals.
3. Analyze It
As your CI group collects data about the competition, you should analyze the information to extract useful insights. This will allow you to better understand what and how your competitors do. The insights will also inform your strategy and tactics.
The goal of competitive intelligence is to give your team the tools they need to make strategic decisions that put you ahead of the competition. It’s crucial to establish clear business goals for your CI team right from the start. This will help your CI team focus on only collecting the most valuable information that aligns with the overall goals of your company.
The right competitive analysis software will simplify the process. It allows you to create competitor profiles, or battle cards, that contain all of your findings about your competitors in one place. This can save you time when creating marketing and sales material, as you won’t need to research each competitor separately.
Once you’ve collected and analyzed the data, it’s important to take action. This can range from making strategic choices to adjusting your marketing strategy to ensure you’re capitalizing your strengths and minimizing your weaknesses.
A SWOT analysis is one way to make use of the data you’ve collected. This will help you identify your competitors’ strengths, weaknesses, opportunities, and threats and determine the best course of action for your company.
You can also use the data that you have gathered to monitor the activities of your competitors and anticipate their next move. This can be done by watching for hints and clues in their product launches, marketing efforts, and partnerships. You can then develop a plan to counteract their strategies before they are fully implemented.
You can also use your data to identify the blind spots of your competitors and then create your own unique offer that addresses these needs. This will help you to stand out and build a loyal client base that’s not easily influenced by your competitors. This information is valuable for all members of your team. From your sales team to your marketing and development departments.
4. Take Action
Competitors offer a lot of valuable lessons, whether they’re succeeding in ways your business can learn from or failing in areas where you have the potential to do better. Thorough competitive intelligence gives your company the insights needed to develop strategies that minimize risk and take advantage of opportunities.
Data is a huge part of competitive intelligence. Raw data is not enough. It’s crucial to organize the data into a framework to help your team see patterns and themes to help the company succeed. This is done by identifying key factors, such as market trends and marketing campaigns, product features and customer reviews.
Once you’ve analyzed the information, it’s time to take action. The best way to do this is by sharing the results with relevant stakeholders. You can do this through meetings, email, or even by using competitor analysis deliverables, such as a spreadsheet or infographic. You can ensure that your teams understand the importance of CI by making this information readily available.
The worst thing you can do when you have a wealth in competitive intelligence is to let it go untapped. When you use this research effectively, it can become a key strategy that helps your business grow faster and outperform its competitors.
It is impossible to keep up with the competition. That’s why it’s a good idea to set up a regular schedule for conducting competitive research. You may want to monitor competitors on a weekly, biweekly, or monthly basis, depending on your industry and products.
Competitive intelligence is a complex and time-consuming task, but it’s essential for businesses that want to stay ahead of the competition. With the right tools and processes in place, your business can collect, analyze, and turn data into useful insights that will drive growth and increase revenue. Follow the steps above to help your business become the market leader.
How To Select A Top Invisalign Provider July 13, 2021
