Application

Investing in Competitive Intelligence

Summary

  Competitive intelligence is a process that helps you understand your competition. It involves collecting, analyzing, and interpreting data on your competitors and their customers. This can be used to make informed decisions and improve your business strategy. For instance, […]

 

Competitive intelligence is a process that helps you understand your competition. It involves collecting, analyzing, and interpreting data on your competitors and their customers. This can be used to make informed decisions and improve your business strategy.

For instance, competitive intelligence analysis may include a SWOT analysis, a strategic assessment of a company’s strengths, weaknesses, and opportunities. Competitor analysis can also help you predict your customers’ behavior and market segment. Using this information, you can better identify your competitors’ strengths and weaknesses to capitalize on them. In addition, it can help you formulate a game plan for your competition.

In the past few years, investing in competitor information has become an essential part of the business world. With the increase in the accessibility of data, many businesses are now able to learn more about their competitors. However, many firms still need to pay more attention to the importance of competitor information. Fortunately, the process of gathering and analyzing competitor information can be done using a variety of tools and resources. Web scraping company

To start the process, you should collect as much information as possible on your competitors. The key sources of this information include sales staff, media outlets, business networks, and websites.

You can also ask your sales representatives for sales literature from your competitor. These documents can provide helpful information on various subjects, including your competitor’s products, services, marketing campaigns, and innovations. Ask them to keep a record of all the competitive literature they receive.

Another effective source of competitor information is Google Trends. This can help you determine your brand’s popularity and where it is increasing. Likewise, you can use a Google Ad Keywords tool to check the search volume for your competitors in different countries. Keeping a tab on your competition’s messaging can also help you monitor their interactions on social media.

Another valuable source of information is trade shows. These events are a great way to discover new players and closely examine your competition’s product line. A trade show can also help you learn about the latest industry trends, which can also prove beneficial to your business.

If you need more time or money to invest in competitor information, you can use a competitor matrix, a spreadsheet of data points and categories. You can easily compare and contrast your findings by dedicating one row to each competitor. Similarly, you can always add more categories if you need to.

You can also do reverse engineering on your competitor’s products. Your competitors’ products can be a valuable source of information about their technologies and manufacturing methods. Also, their products can help you identify their weaknesses and strengths.

Some companies use competitor information to calculate the growth-share matrix. A growth-share matrix is a visual representation of how much of a particular business you can expect to generate from your competitors.