Competitive Intelligence FAQ’s
For when you have lost something and looked everywhere.
The following information is a list of Competitive Intelligence FAQ’s (Frequently Asked Questions).
We intend to constantly update this Competitive Intelligence FAQ list.
Are we at risk of being investigated by our competitors?
Most likely, that threat is genuine right now. However, we have excellent countermeasure options that can be applied. As always ‘prevention is better than cure”.
Can you assist in presenting and briefing our senior leadership on critical issues?
Certainly, it would be our pleasure to do so, and if it is identified at the outset, it can then be a built-in feature of the mission and thus extremely cost-effective for our clients.
Can you assist us in implementing improved insights into our organisation ongoing?
Indeed, we excel at this and can do so on the back of a project and utilise the momentum gained to more efficiently install the system and process architecture and provide ‘top cover’ and mentorship along the way.
Can you assist with win-loss analysis and building battle cards?
It would be a pleasure to do so. We have our own brand in terms of Win-Loss.
Can you use industry external consultants?
You may turn to external consultants. External industry consultants can help be a good source of Competitive Information. But again, they will be blinded and will not want to rock the boat with you. They will be looking for and finding the answers you want to see. Why? Well, external consultants rely on gathering information from industry people they know. So they are limited to those they know and the opinion of those they know. They could judge old opinions and bias as insight.
Do you need to analyse information to get intelligence or should we just use a market researcher?
The analysis creates a robust competitive strategy that gives you a competitive edge. Without analysis, you have a nice-looking report and some doughnut charts.
How can you beat your competitors?
Offer better quality, become more efficient and provide exceptional customer service. Become retro, niche or contemporary. And take more risks and build exclusive relationships and partnerships. Get behind a cause you believe in, and the public thinks you believe in. Make your website sleek, fast and straightforward to use.
How can I learn from my competitors?
Speak to your customers without selling them anything. Chat with your and their suppliers and speak to your Competitors. Attend relevant seminars, conferences and expos and conduct secondary online research. Monitor their social media and watch whom your competitors are hiring.
How do you do market sizing?
There are a few different ways to do market sizing, but all of them involve estimating the size of the market and then dividing it by some factor. One way is to look at the size of the market in the past and then predict how it will grow in the future. Another way is to look at the size of the market in other countries and then predict how it will grow in your country.
How do you obtain the information that we require?
At Octopus Intelligence, we apply a series of unique protocols that allow us to extract both primary and secondary Intelligence and combine and verify all findings and present them to our clients in a manner most preferred by them.
How is competitor analysis done?
- 1: Set your analysis goals
- 2: Define your market
- 3: Create a list of your direct competitors
- 4: Conduct secondary and primary research
- 5: Analyse competitors
- 6: Summarise competitor product and market strategies
- 7: Compare and contrast competitors with your products
- 8: Maintain up to date competitive analysis
How long does a project take to deliver the findings?
It will take a minimum amount of time to deliver the optimum findings. We never leave any component unfulfilled due to client deadlines, and we do whatever it takes to deliver all of the criteria requested by our client.
How to conduct competitor analysis?
You need to understand your target market. This means knowing your competitors and what products or services they offer. It is also important to understand your target market’s needs and wants and how best to reach them. Conducting market research is vital in understanding your target market. This research can include surveying customers, analysing demographics, and studying buying behaviour. Once you know your target market well, you can begin developing marketing strategies that will most effectively reach them.
How to crush your competitors
Offer a much better solution than anything else out in the market. Create a brand new market space or new category. Be first to disrupt an existing market space. Effect to more users than anyone and try and establish a high barrier to entry.
How to define my market?
- Defining your market: whom are you selling to?
- Segmenting your market: how can you reach your target audience?
- Explaining your product: what are you selling, and why would they buy it?
- Researching your competition: what do your competitors offer, and how can you differentiate yourself?
- Developing a marketing strategy: how will you reach them?
- Ask Octopus Competitive Intelligence
How to do value chain analysis?
- List the activities that your company performs.
- For each activity, list the inputs and outputs.
- Assign a value to each input and output.
- Sum the values of all inputs and outputs to get the total value created by the company.
How to find a competitor’s price?
- Look on the company website
- Google it
- Check industry pricing guides
- Compare with other companies
- Use a pricing calculator
- Contact the company directly and ask them
- Ask Octopus Competitive Intelligence
How to gather competitive Intelligence
- Identify main direct competitors
- Determine your primary areas of interest and research goals
- Gathering external and internal competitive Intelligence
- Centralise competitive Intelligence
- Build competitor profiles
- Share competitive insights with relevant stakeholders
How to Identify Direct Competitors
There are a few ways to identify your company’s direct competitors. Look at your customer base. Whom are your main competitors targeting? Do a competitive analysis of what products or services make competitors offer. And what products do they not provide, how do they price them, and how do they market them? Use a tool like Competitor Analysis to help you track and analyse your competition. Look at your product’s market and assess who else is selling something that could compete with yours. Get customer feedback and analyse online communities on Social Media community forums and speak to your market for real. In the flesh.
How will you report the findings?
At the outset, we work hard to understand our prospective clients’ needs and what particularities need to be applied. This includes understanding the deliverable format that can be configured to best suit our client’s appetite.
What are Competitive Intelligence examples?
There are many examples of Competitive Intelligence and many ways to use it. There isn’t s one-size-fits-all answer to this question. As the Competitive Intelligence process depends on your industry sector and competitive landscape. The most obvious is to monitor your competitors. Take time to research them to see when they release new offerings, at what price and with what marketing. Using the information to:
- Understand and anticipate competitor moves
- The activities and desires of customers
- Suppliers and their abilities and motivations
- Other market factors contribute to your competitive advantage.
What are good market analysis questions?
- What’s the market size?
- What’s the threat level in terms of new entrants to the market?
- Is the market expanding or contracting?
- Is the competition intense?
- How’s the industry value chain structured?
- What are the barriers to entry?
- What’s the supplier bargaining power look like?
- And what substituted products could customers use?
- How many potential buyers are there?
What are the benefits of Competitive Intelligence?
There are many benefits to competitive Intelligence One of the most important is that it can help you understand your competition and what they are doing. This information can help you make better business decisions and stay ahead of your competition. Competitive Intelligence can also help you assess your strengths and weaknesses relative to your competition. Intelligence helps track your industry trends and predict future moves and competitor decisions. Boost your product quality and enable you to make confident business decisions.
Additionally, it can give you a better understanding of your customers and their needs. Armed with this knowledge will enable you to create a marketing strategy that resonates with them and beats the competition. Finally, Competitive Intelligence helps protect your intellectual property and avoid being blindsided by a competitor’s move.
What can we do to identify new players in the marketplace?
We are experts in agility and are able to adjust our mission objectives if we are mid-way through a project; otherwise, we can utilise our understanding to create an additional sub-mission afterwards to accommodate a new target focus.
What could be your competitors’ weaknesses?
Lack of cash, low margins, poor growth, high cost of operations or distribution. Over-dependence on one market and overdependence on one account. Strength in falling sectors, short-term orientation, high employee attrition and low retention. Predictability, product or service obsolescence/weakness, increased market share. More on this subject coming soon on Competitive Intelligence FAQ’s.
What do competitors do better than you?
They build a robust online presence, speak to their audience and build credibility within their defined market. Enhance their brand recognition and take the lead in content marketing to reach and attract more customers.
What do successful competitors do?
Competitors will consistently try to offer better customer service, product quality and marketing. In healthy markets, buyers will demand the best solutions for their specific needs. Differentiate your offerings to create tremendous value for the users you serve.
What does Competitive Intelligence do?
Competitive Intelligence (CI) monitors the activities of one’s competitors to gain a competitive advantage. CI professionals use various methods to gather information, including public sources, private databases, and interviews with industry experts. The information collected is then analysed to identify trends and opportunities. Competitive Intelligence will give you more confidence in what you are doing, where you are going and how you are going to get there. It gives you more certainty, assurance and confidence that you’re on the right track. Or, indeed, going off down the wrong road. Both realisations should be equally valuable to you.
What does competitive Intelligence mean?
Competitive Intelligence, also Corporate Intelligence, refers to the ability to gather, analyse, and use information collected on customers, suppliers, partners, other market factors and of course competitors who all contribute to a business’s competitive advantage.
What does a Competitive Intelligence project cost?
Because we bespoke each project and different approaches to different targets, we have also preserved our ability to design a service to meet the budgetary preferences of our customers. We can also be agile in how we can develop different deliverable phases to meet timing and budgetary needs.
What happens if we find that we need ongoing information about a competitor?
If this is recognised as a result of the initial mission, it is straightforward to construct continuations to maintain the ‘knowledge advantage’.
What is Business intelligence?
Business intelligence (BI) is a process of gathering, analyzing and reporting on business data to help business leaders make better decisions. BI can provide insights into areas such as customer behaviour, market trends and operational efficiency.
What is a Competitive landscape?
A competitive landscape is a visual representation of the businesses that compete with one another in a given market. It typically includes an overview of the industry, the key players, and how they stack up against one another. A competitive landscape can help business owners understand the competitive environment they’re operating in and identify potential opportunities and threats.
What is Competitive Intelligence?
Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive Intelligence offers certainty, competitive advantage, insight, growth & security.
What is Competitive positioning?
Competitive positioning is a marketing strategy that aims to make a company’s products and services more attractive to consumers than those of its competitors. It involves creating a unique selling proposition (USP) that differentiates a company’s offerings from its rivals’. The goal is to make the company’s products and services the first choice for consumers when they’re considering purchasing a product or service in its category.
What is Competitor Analysis?
Competitor Analysis evaluates your competitors. To understand and compare them to your way of doing things. To know their current and future direction, how they do business, their strengths and weaknesses, why customers buy from them to increase your competitive advantage.
What is Counter Intelligence?
Counter Intelligence prevents the collection of valuable competitive information and sets out to hide your real intentions through targeted confusing, and misleading disinformation.
What is TAM?
TAM, or total addressable market, is a term used in marketing to describe the size of the market for a product or service. It’s calculated by multiplying the population of a given area by the percentage of that population that is likely to purchase the product or service.
What is the role of competitive Intelligence?
Competitive Intelligence is a process of collecting, processing and analysing information from and about the internal and external or competitive environment to help decision-makers in decision-making and provide a competitive advantage to the enterprise.
What is Due Diligence?
Due Diligence (background checks) is a robust business appraisal on a person of interest, investment or a business to assess many things, including:
- Track records
- Potential conflicts of interest
- Fact checks
- Political links
- Criminal records
What is good competitive Intelligence?
Good Competitive Intelligence is all about gathering the right amount of information from reliable sources and analysing it. Without analysis, it’s just information. Good Competitive Intelligence can be used to understand the competition better and ultimately make decisions about the best way forward. Good Competitive Intelligence can help you make better decisions, stay ahead of the competition, and improve your products and services. Good Competitive Intelligence involves predicting and guesswork. Good Competitive Intelligence can be used to develop your strategy. It will put you a better position to understand what you need to know and, most importantly, how you should use that knowledge. Being proactive rather than reactive will keep you ahead of the game.
What is Market analysis?
Market analysis is an assessment of your market, including market size in terms of volume and value. Assessing customer segments, buying habits, competitors, the general business environment, associated regulations and barriers to entry. Market analysis determines the attractiveness, customers, competitors and the dynamics of a particular market within a specific industry sector. Develops an understanding of the relationship between supply and demand, strengths, weaknesses, opportunities and threats for your product or service to enable you to make more informed decisions about potential marketing strategies. More Competitive Intelligence FAQ’s
What is Market Intelligence?
Market Intelligence is the ethical collection and analysis of competitive information to enable you to avoid surprises, think more moves ahead, and minimise uncertainty to help more informed strategic decisions. It gives you the ability to differentiate yourself and stay ahead of the competition, and in many cases, can be the unspoken, hidden key to success.
What is Market Sizing?
Market sizing is the estimated number of potential buyers within a given market. And the entire sales they may generate. This can be done in a number of ways, including surveys, interviews, and research. Once the size of the market is estimated, it can be used to help determine whether or not to launch a new product or service.
What is Porter’s Five Forces model?
Porter’s Five Forces is a model that analyses and isolates the five competitive forces that shape each industry and determines an industry’s strengths and weaknesses. The Five Forces model is named after Harvard Business School professor Michael E. Porter. Michael Porter argues that five forces influence competition and long term investments. The five forces are the:
- Threat of entry
- Bargaining power of suppliers
- Bargaining power of bias
- Intensity of rivalry
- Threat of substitution
What is product intelligence?
Product intelligence is the process of collecting, analysing, and acting on data about how people use your product. The process involves using customer data and competitor analysis to help you build better products and customer experiences.
What is STEEP analysis?
The STEEP analysis looks at any external factors that influence trends, allowing you to analyse the past as well as predict the future. Enabling you to better understand many influential external factors that may affect your decision-making.
What is the process of competitive Intelligence?
Competitive Intelligence defines, gathers, analyses, and distributes information regarding competitors, customers, products, and changes in the industry or environment.
What is the role of competitive Intelligence?
Competitive Intelligence is the process of collecting, processing and analysing information from and about the internal and external or competitive environment to help decision-makers in decision-making and provide a competitive advantage to the enterprise.
What is value chain analysis
Value Chain Analysis is a business tool that helps organizations understand how they create value for their customers. The analysis breaks down the organization into its component parts, including primary activities (such as research and development, marketing, and sales) and support activities (such as human resources, finance, and information technology).
What is Win-Loss Analysis?
Win loss analysis is the process of identifying why you win, why you lose, why customers churn, and why customers decide not to decide at all. Win loss analysis improves sales, marketing, product development, and competitive strategy. The win-loss analysis is also referred to as win-loss, sales win loss, win/loss or won lost analysis. More Competitive Intelligence FAQ’s
Why is competitor analysis important?
Competitor analysis is crucial because it can help businesses understand what products and services their competitors offer, how they are priced, what marketing strategies are used, and the competitive landscape. This information help businesses make informed decisions about their products and services, pricing, marketing strategies, and competitiveness. Competitor analysis can also help companies track their marketing campaigns’ success. By comparing their website traffic or sales figures against their competitors, businesses can see which marketing strategies are working best and need improvement.
Will our competitors know that we are looking at them?
They will have no idea that you are conducting the investigations. Our clients are entirely removed from any part of the process within the range of the target.
Why use Competitive Intelligence consultants?
Competitive Intelligence consultants like ourselves at Octopus Intelligence start with a clean slate. And it’s unlikely that the analyst will be best mates with the sales director of one of your competitors. We identify and contact relevant stakeholders within your competitive market with fresh eyes. Will will not have a prior necessity of having a previous relationship with them. Talking to your competitors offers many advantages over interviewing customers. Why? Well, most information you want is not available to the public. People like Octopus Intelligence are used to talking to your competitors. Collecting that hard to find information over many calls. And combining it with the secondary information to create competitor Intelligence.
Competitive Intelligence FAQ’s
More Competitive Intelligence FAQ’s coming soon including:
- What is good competitive Intelligence?
- How do you do competitive Intelligence?
- Why do we need competitive Intelligence?
- Is competitive Intelligence ethical?
- What competitive Intelligence is not?
- What are the objectives of a competitive intelligence program?
- What does competitive Intelligence mean?