Find Your Competitive Intelligence & Competitor Analysis FAQs

The following information lists competitive intelligence FAQs (Frequently Asked Questions).

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 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 opinions of those they know. They could judge old opinions and biases as insight.

How can I beat my competitors?

Indeed, 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, highly cost-effective to our clients.

How can I learn from my competitors?

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 do you calculate EBIT?

There is no one-size-fits-all answer to this question, as the amount of EBIT (earnings before interest and taxes) will vary depending on the specific business and industry. However, a few general methods can be used to calculate EBIT. One standard method is to take the company’s total revenue and subtract the total expenses (excluding interest and taxes).

How do you do market sizing?

1. What are your competitors’ strengths and weaknesses?
2.  What do your customers like about your competitor’s products or services?
3.  How do your competitors market their products or services?
4.  What pricing strategies do your competitors use?
5.  How does your competition respond to customer inquiries or complaints?

How is competitor analysis done?

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 developing different deliverable phases to meet timing and budgetary needs.

How to conduct competitor analysis?

Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what will happen and give the options to help you control the outcome. Competitive Intelligence offers certainty, competitive advantage, insight, and growth.

How can you crush your competitors?

It can help you understand your competition and their strategies to attract customers. This information can help you adapt your strategies to stay ahead of the competition. Additionally, a competitive analysis can help you identify new opportunities in the market and understand the dynamics of your industry.

How do I define my market?

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.

How do you do a value chain analysis?

It would be a pleasure to do so. But first, it’s best to ask if battlecards are what you need for your requirements.

How to find a competitor’s price?

Indeed, we excel at this and can do so on the back of a project and utilise the momentum gained to install the system and process architecture more efficiently and provide ‘top cover’ and mentorship along the way.

How to Identify Direct Competitors

At Octopus Intelligence, we apply a series of unique protocols that allow us to extract both primary and secondary intelligence, combine and verify all findings, and present them to our clients as they most prefer.

How will you report 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.

What are good market analysis questions?

A few different things can be done as part of a competitor analysis. One is to look at the strengths and weaknesses of the competition, what they are doing well and where they could be improved. Additionally, it can be helpful to look at the target market for each business and how they are positioning themselves within that market. Finally, it’s important to track the competition’s marketing efforts and see what kind of strategies they are using.

What are the benefits of Competitive Intelligence?

If this is recognised as a result of the initial mission, it is straightforward to construct continuations to maintain the ‘knowledge advantage’.

What could be your competitors’ weaknesses?

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 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 demand the best solutions for their needs. Differentiate your offerings to create tremendous value for the users you serve.

What does Competitive Intelligence do?

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.

What does competitive intelligence mean?

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.

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 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 Business intelligence?

Business intelligence (BI) is a process of gathering, analysing and reporting on business data to help business leaders make better decisions. BI can provide insights into customer behaviour, market trends and operational efficiency.

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 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 considering purchasing a product or service in its category.

What is Counter Intelligence?

Counterintelligence prevents the collection of valuable competitive information and sets out to hide your real intentions through targeted, confusing, and misleading disinformation.

What is Due Diligence?

Due diligence (background checks) is a robust business appraisal on a person of interest, investment or business to assess many things, including:

•  Track records
•  Potential conflicts of interest
•  Fact checks
•  Competencies
•  Political links
•  Criminal records

What is good competitive Intelligence?

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.

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, enabling you to make more informed decisions about potential marketing strategies.

We intend to update this competitive intelligence FAQ list constantly.

What is TAM?

TAM, or total addressable market, is a term used in marketing to describe the market size for a product or service. It’s calculated by multiplying the population of a given area by the percentage of that population likely to purchase the product or service.

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 competitive intelligence software?

Competitive Intelligence (CI) software is a type of business software that is used to collect, analyse and present information about a company’s competitors and the industry in which they operate. Here is a list of competitive intelligence software providers.

What is the purpose of a competitive analysis?

A competitive analysis can help you understand your competition, their strengths and weaknesses, and how to differentiate your business from theirs. It can also help you identify new opportunities in the market.

What is value chain analysis?

Value chain analysis is a business tool that helps organisations understand how they create value for their customers. The analysis breaks down the organisation into its components: primary activities (research and development, marketing, and sales) and support activities (such as human resources, finance, and information technology).

What is win-loss analysis?

The win-loss analysis identifies why you win, why you lose, why customers churn, and why customers decide not to decide. Win-loss analysis improves sales, marketing, product development, and competitive strategy. The win-loss analysis is also called 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 helps 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 work 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.

How to find out who my competitors are and which competitors are the most important

Conduct market research, analyse your customers, conduct quality SWOT analysis, use specific online tools, ask your customers and attend industry events. More here: Who are my competitors?

How can competitive intelligence protect our business from potential threats?

Competitive intelligence can proactively identify threats such as market shifts, competitor actions, and emerging risks, allowing you to develop strategies to mitigate them.

Can you provide examples of successful competitive intelligence strategies?

Successful strategies include monitoring competitor product launches, analysing customer feedback, tracking pricing fluctuations, and identifying partnership opportunities.

What are the key benefits of outsourcing competitive intelligence?

Outsourcing offers access to specialised expertise, cost-effectiveness, and the ability to maintain objectivity in data collection.

Is competitive intelligence applicable to businesses of all sizes?

Yes, competitive intelligence principles can benefit businesses of all sizes by providing valuable insights for informed decision-making.

Can competitive intelligence help us identify emerging market trends?

It tracks market dynamics, consumer preferences, and competitor innovations, offering insights into emerging trends.

What role does technology play in competitive intelligence?

Technology aids in data collection, analysis, and automation, enabling more efficient and timely competitive intelligence processes.

How often should we update our competitive intelligence data?

Regular updates are essential, with frequencies varying based on industry dynamics, but quarterly or semi-annually is common.

Can competitive intelligence reveal opportunities for cost savings?

Yes, it can uncover cost-efficient practices used by competitors and identify areas for optimisation in your business.

How do you ensure the accuracy and reliability of competitive intelligence?

Rigorous data validation, cross-referencing multiple sources, and verifying information from trusted sources help ensure accuracy.

What are the ethical considerations in competitive intelligence?

Ethical considerations include respecting privacy, adhering to legal boundaries, and avoiding deceptive or unfair practices in data collection.

How does competitive intelligence differ from traditional market research?

Competitive intelligence focuses on internal and external sources, including competitors, while market research often concentrates on customer behaviour and preferences.

What industries benefit the most from competitive intelligence services?

Industries like technology, finance, healthcare, and consumer goods often benefit significantly from competitive intelligence due to high competition and rapid changes.

Can competitive intelligence help in crisis management?

It can provide early warnings of potential crises, enabling proactive crisis management and reputation protection.

How can we use competitive intelligence to improve our product development?

Competitive intelligence informs product enhancements and innovations by analysing competitor products, customer feedback, and market gaps.

What is the impact of geopolitical factors on competitive intelligence?

Geopolitical factors can influence market stability, regulatory changes, and competitor strategies, making them essential considerations in competitive intelligence.

How does competitive intelligence help in identifying potential strategic partners?

It identifies companies with complementary strengths and weaknesses, facilitating the selection of suitable strategic partners.

Can competitive intelligence assist in talent acquisition and retention?

It can identify competitor talent pools, compensation trends, and strategies for attracting and retaining top talent.

What metrics should we track to measure the success of our competitive intelligence efforts?

Metrics include market share changes, product performance, competitor response times, and the accuracy of predictive insights.

Are there any legal implications to consider when conducting competitive intelligence?

Competent intelligence must adhere to legal and ethical boundaries, avoiding corporate espionage and data breaches.

How can competitive intelligence enhance our decision-making process?

It provides data-driven insights, reducing uncertainty, improving strategic planning, and enabling more confident decision-making.

Can competitive intelligence help us assess the impact of regulatory changes on our industry?

Yes, competitive intelligence can monitor and analyse how competitors adapt to regulatory changes, providing insights into potential strategies for your business.

What role does competitive intelligence play in mergers and acquisitions (M&A) due diligence?

Competitive intelligence helps evaluate the strengths and weaknesses of target companies, assess market conditions, and make informed decisions during M&A due diligence.

How can we leverage competitive intelligence to identify potential customer pain points?

Competitive intelligence can uncover where competitors may fall short, helping you tailor your products or services to address customer pain points.

What are the key sources of competitive intelligence information?

Sources include industry publications, competitor websites, customer reviews, social media, market reports, and interviews with industry experts.

Can competitive intelligence uncover hidden market niches?

Competitive intelligence can reveal untapped market niches by analysing competitor gaps and customer needs.

How does competitive intelligence adapt to rapidly changing industries?

Competitive intelligence continuously monitors industry trends, emerging technologies, and competitor moves to stay up-to-date and agile.

What is a competitive intelligence initiative’s typical ROI (Return on Investment)?

ROI varies but often includes cost savings, revenue growth, and risk mitigation, making it a valuable investment.

Can competitive intelligence assist in benchmarking our performance against industry leaders?

Yes, it helps you compare your performance, strategies, and capabilities against industry leaders to identify areas for improvement.

What steps should we take to get started with competitive intelligence?

Begin by defining objectives, identifying key competitors, selecting data sources, and establishing a structured intelligence process.

How does competitive intelligence help in crisis prevention and management?

Competitive intelligence can detect early warning signs of crises, enabling proactive measures to mitigate risks.

Can competitive intelligence reveal potential weaknesses in our supply chain?

Yes, it can identify vulnerabilities and potential disruptions in your supply chain, allowing for contingency planning.

What are the common challenges in implementing a competitive intelligence program?

Challenges may include data overload, source reliability, and maintaining ethical practices in data collection.

How can competitive intelligence improve our brand positioning and messaging?

It provides insights into competitor messaging and customer perceptions, helping refine your brand positioning and messaging strategies.

Is competitive intelligence relevant for businesses operating solely in the B2B sector?

Yes, B2B companies can gain insights into competitor strategies, customer needs, and market dynamics through competitive intelligence.

Can competitive intelligence identify emerging technologies that may disrupt our industry?

It can track technological advancements and help businesses prepare for disruptive changes.

How do you protect sensitive competitive intelligence data from leaks?

Implement strict data security measures, limit access to sensitive information, and educate employees on confidentiality.

What are the key differences between competitive intelligence and corporate espionage?

Competitive intelligence is legal and ethical, involving publicly available data collection, while corporate espionage involves illegal and unethical activities.

Can competitive intelligence uncover opportunities for international expansion?

It can identify markets with high growth potential and provide insights into local competitors and regulations.

How do we ensure that competitive intelligence efforts align with our strategic goals?

To ensure relevance, align objectives, KPIs, and data collection efforts with your strategic goals.

What role does competitive intelligence play in strategic planning and decision-making?

It provides critical data and insights that inform strategic choices, making more informed and effective decisions.

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 allows you to differentiate yourself and stay ahead of the competition, and in many cases, it 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 several ways, including surveys, interviews, and research. Once the market size is estimated, it can 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 following:

•    Threat of entry
•    Bargaining power of suppliers
•    Bargaining power of bias
•    Intensity of rivalry
•    Threat of substitution

What is product intelligence?

Product intelligence is 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 and predict the future. This enables you to understand better many influential external factors that may affect your decision-making—called PEST analysis.