Competitive Intelligence FAQ.
A list of competitive intelligence FAQs (Frequently Asked Questions). Please get in touch for a free no-obligation chat.
For when you have lost something and looked everywhere.
The following information is a list of competitive intelligence FAQs (Frequently Asked Questions).
We intend to constantly update this competitive intelligence FAQ list.
Featured competitive intelligence FAQs
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’. Another way to look at this risk. What if you are not being investigated by your competitors? The big question is: Why not?
It would be a pleasure to do so.
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.
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.
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.
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.
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.
- 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
What are the primary factors influencing market growth in your industry?
- What are your competitors’ strengths and weaknesses?
- What do your customers like about your competitors’ products or services?
- How do your competitors market their products or services?
- What pricing strategies do your competitors use?
- How does your competition respond to customer inquiries or complaints?
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.
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.
There are a few different things that can be done as part of a competitor analysis. One is to look at the strengths and weaknesses of the competition, as well as 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.
If this is recognised as a result of the initial mission, it is straightforward to construct continuations to maintain the ‘knowledge advantage’.
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.
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.
It can help you understand your competition and what strategies they are using 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.
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.
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.
Core competitive intelligence questions
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.
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.
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.
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, there are a few general methods that can be used to calculate EBIT.
One common method is to take the total revenue of the company and subtract the total expenses (excluding interest and taxes).
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.
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
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.
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.
- 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
- 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.
- 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
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.
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.
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’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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Counter Intelligence prevents the collection of valuable competitive information and sets out to hide your real intentions through targeted confusing, and misleading disinformation.
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
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.
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.
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.
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.
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
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.
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. Also called PEST analysis.
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.
Competitive Intelligence defines, gathers, analyses, and distributes information regarding competitors, customers, products, and changes in the industry or environment.
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).
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
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.
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.