What Are Your Competitors Ultimate Goal?
What are your competitors ultimate goal? An interesting question we would like to answer here.
Do you hear that? That’s the sound of your world changing, of competitors, growing, customers needs evolving and disruption in your market. You can’t avoid or stop it. But you can stay ahead by innovating, modernising, delivering what’s needed.
And knowing what could be happening next. Business is hard enough when your industry stands still. Unfortunately, it never does, and those pesky competitors are out to beat you. Sure, short-term wins should not kill you, but if you are to outlast them, you must know what they are up to. Read more: Starting Competitive Intelligence Projects.
Sit down and take some time to understand what they’re up to and want to achieve. To be successful, they need to have more about them than just making more money. What do the owners want to do, what’s their strategy, what will they do to achieve things? An excellent place to start is to understand what your rivals ultimate goal is. It usually consists of 3 things:
- People
- Places
- Things
Collate all aspects of people, places and things.
People
What people will they need to achieve want they want? Are they around, and how does this compare to what they currently have? Are those skills in your organisation? Is that a threat? How will they resolve any skills gaps? What customers will they need? How are they going to get them?
Places
Which markets do they need to enter, and which regions do they need to expand? Where will they be when they have achieved their endgame?
Stuff
What equipment will they need? What products will they need to develop? Is the tech available? Read more: Goal setting & problem solving in small business.
How are their R&D and product development teams performing? Will they need more people? What real estate do they need? Now, turn the tables and look at yourself. This process may reveal new routes to market. If not, you will know more about yourself and your competitors. Read more: How to do Competitor Analysis Well.
We are Octopus. The Global People-Powered Competitive Intelligence Agency.
Outsmart your competition. Make the unknown known. Octopus helps you gain clarity in complex markets. With clients and tentacles around the world, we deliver sharp, actionable competitive intelligence through a blend of deep primary (HUMINT) and secondary research. If you’re looking to make smarter decisions, beat the competition, and reduce uncertainty, we’re the partner you want on your side.
