How Can Analysing Competitive Information Find Exploitable Opportunities?

How Can Analysing Competitive Information Find Exploitable Opportunities?

How can analysing competitive information find exploitable opportunities?

The title of this article asks an important question. How can analysing competitive information find exploitable opportunities? Analysing the competitive information, you should discover routes of opportunities to exploit. Finding those gaps in the current and hopefully future market. You stand more chance of seeing these routes to control by looking for them than not. 

This information will include information about your competitor and market to better understand those already in the market and their performance. It’s possible that there are already too many in the market, and they are fighting for scraps. Or it may tell you there is a gap within a particular niche that you can move into. 

So start by listing everything you learn about your competitors and the market. Then break the information down into three sections as below

  • What you can learn from but do better
  • What are your competitors doing worse than you
  • What’s similar about their offering?

What you can learn from but do better

Insight will be telling you that your competitors are better at doing something than you. Knowing about it is an excellent start. You have asked the question and got the answer that they are better than you. If you hadn’t asked the question, you wouldn’t have known. So it’s good news. It allows you to do something about your perceived and actual weaknesses. It’s wise to ask another question here. Do my customers know about these problems? And perhaps ask the question to a trusted, friendly customer. Problems usually isolated with this exercise are around:

  • Customer service
  • Pricing structures
  • Marketing message
  • Product features and reliability
  • Poor sales processes so customers promised something that can’t be delivered
  • Product range 
  • Distribution and supply chain
  • Recruitment and retention

Customer service differentiates you from those who are in your very competitive market. Review your work and processes in these areas to exploit the competitor’s deficiencies.

You have found the problems, and the level of their superiority has been set. It’s essential to smash through. Innovation rather than imitation. What can you do better than them and add value?

What are your competitors doing worse than you?

Once you have found weaknesses in their armour, you have gaps to exploit. Deficiencies are usually associated with the list above. But never take your current strengths for granted. You will still need to endeavour to improve your own products or services. And like last time, it’s Innovation rather than just imitation.

Assuming they are doing their job correctly, they should be looking at what you are up to. As a result, competitors’ may adopt and enhance your good ideas. So make sure your enhancements blow your customers’ socks off. Or make it, so they can’t just copy. 

What they’re doing the same as you

Why are they doing it the same as you? Especially if you are not impressed with the other things, they do? Again this may help you rethink what you are doing. And make you more aware of future competitors who may already do it better than you.

Analyse these areas to determine if you have got it right. And even if you have, keep watching your competitors. Right now, they are likely to be planning changes and improvements. 

How can analysing competitive information find exploitable opportunities?

In conclusion, analysing the competitive information is a great way to find exploitable opportunities. By finding the gaps in the competition’s strategy, you can create a plan that will help you overtake them in the marketplace. So, if you’re looking to succeed in business, closely analyse your competitors’ strategies!

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