competitive intelligence Deep dive: Don’t just focus on tactical work and superficial metrics

This is an image of a world and graphs for a articles about Weekly Winning Strategies series by octopus competitive intelligence agency octopus market intelligence services Mastering Market Analysis & Securing Your Position Mastering Market Analysis & Securing Your Position: Weekly Winning Strategies 2 Competitor Analysis is Your Key to Winning the Market: Weekly Winning Strategies. Identifying Competitor USPs: A Guide to Sharpen Your Market Analysis How to Identify Your Competitors from a Solopreneur to Apple. Don't just focus on tactical work and superficial metrics. Why AI Speeds Up the Competitive Intelligence Game, but it's never game over. Critical Thinking in Competitive Analysis with the Power of Porter's Five Forces to Master Market Dynamics

Don’t just focus on tactical work and superficial metrics.

Many within competitive intelligence focus on tactical work, like keywords, pricing, and current product specifics. And the superficial metrics like how many customers perceive them as great or which quadrant they and their competitors sit in. Competitive intelligence deep dive means not just focusing on the tactical stuff

Many within competitive intelligence focus on tactical work and place great value on superficial metrics like how many customers perceive them as great or which quadrant they sit in.

Some may sit for hours contemplating this or, indeed, buying the report that tells them how to think. Or what a group of fresh-faced graduates think. No offence to fresh-faced graduates. We’re just jealous 🙂

The usual questions

Then there are the common competitive intelligence questions like:

  • What strategies will increase our market share?
  • How do we outperform our competitors in key areas?
  • What moves will help us dominate in our industry?

While these questions are understandable and perfectly reasonable, they are only sometimes the most insightful for those aiming to excel in competitive intelligence. The answers are often available through thorough research.

Reflecting on common inquiries over the last few years, we realised something significant:

Most questions we receive are focused on analysing competitors. How can a company understand its competition to improve its own position? How can it surpass competitors to achieve greater success?

The Most Crucial Question

Yet, here’s a question rarely posed:

What makes your competitors’ customers so loyal?

Notice how this shifts the focus from your strategy to understanding the competitors’ customer relationships?

What makes your competitors’ customers so loyal?

That’s the key question in competitor analysis.

This unique approach focuses on understanding competitors’ customer satisfaction and strategies. This insight is critical for you—it allows you to attract and retain the right customers.

Many analysts prioritise understanding market trends first, expecting to analyse competitors later. But the actual sequence is reversed. Understanding your competitors leads to market growth and other important metrics.

Information on market trends and strategies is readily available online, but the core of successful competitor analysis lies in understanding market dynamics and customer satisfaction. Get this right, and organic growth will follow.

If you’re analysing competitors, the important questions are: What satisfies their customers? And why?

Discovering Competitors’ Success Secrets

Whether new to analysis or experienced, the most impactful task is to comprehend your ideal competitor’s customer base and identify their needs and preferences.

Talk with at least five individuals who represent these competitors’ customers. Your sales team should already be doing this. Get them to do something different rather than just asking for their business and trying to build a business relationship. Encourage them to understand their challenges, goals, struggles, and desires. Note their responses.

Inquire about their satisfaction with your competitors’ offerings. Does it meet their needs? Are they genuinely interested? If not, why not? Adjust your strategies based on this feedback. Don’t cling to preconceived notions if your ideal market indicates otherwise.

When you understand what delights these customers, you have a clear goal to aim for.

Evolving Your Strategies

Start by applying your insights to smaller groups. Let the results speak for themselves. As you assist others, word will spread.

Share your learnings and refine your approach. Utilise your media platforms to discuss how you address these challenges and achieve results.

You’ll find comfort in knowing you don’t need to chase trends. Focus on understanding and applying what attracts customers to your competitors. In our Competitor Analysis, we can delve deep into identifying the right subjects, gaining their attention, and crafting strategies based on our discoveries.

Remember, the transformation you provide through your analysis is the heart of what you do. 

So, growth ultimately stems from being useful and helpful to those seeking the offerings you and your competitors provide.

competitive intelligence Deep dive: Making your customers informed.

So, your task today is to connect with at least two people who fit your ideal customer profile and schedule a discussion. If compensation is required, see it as an investment. These conversations could prevent you from pursuing ineffective strategies.

That’s all for now.

Let’s talk…

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

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