List of Basic Competitive Intelligence Actions to do
The article is a list of basic competitive intelligence actions as an introduction to the subject.
1. Monitor Your Competitors’ Strategies:
Understanding how your competitors work can help you better anticipate their next moves and ensure you’re in the right place at the right time. Keeping track of what they’re doing, which markets they’re entering, and the innovations they drive can benefit your company.
2. Analyse Your Target Market:
Having an understanding of the target market is essential to assess the potential success rate of any new product, service or organisation that wants to enter a particular market. Analysing who is buying from whom, potential customer profiles and competing offerings within the industry can help inform decisions on how to position your offering.
3. Research Emerging Technology:
With technology changing so quickly, it is important to keep up with emerging technologies so as not to be left behind by competitors. Keeping up with technology will ensure you have stayed ahead of the curve, allowing you to develop strategies that will outpace the competition and stay relevant in your industry.
4. Conduct Customer Surveys and Focus Groups:
Talking directly with customers or running focus groups are two ways companies can gain valuable insight into what motivates them when choosing a product or how they perceive certain brands compared to competitors. Focus groups offer a way for companies to gauge different activities like marketing campaigns, test concepts and gain insight on what would encourage purchasing one brand over another.
5. Monitor Social Media Activity:
Following your competitors on social media platforms such as Twitter, Instagram, LinkedIn etc., can give you information about the latest trends and news in your sector before other businesses catch wind of it too late.
6. Utilise Data Analytics Platforms:
There’s no shortage of data analytics tools that can be used to monitor competitor performance and gather insights around customer preferences or behaviours to gain market intelligence or analyse any changes in consumer behaviour due to external factors like economic downturns or policy changes abroad etc. Tools like Google Analytics provide access insights into website performance metrics like traffic sources compared across webpages, providing quick, actionable information on user engagement levels online, which provides further context when assessing competitor performance levels online.
7. Track Online Reviews & Ratings:
Being aware of consumer reviews not only helps manage reputation but also provides valuable insights about what customers actually think about a competitor’s product or service – something that could be incredibly helpful when formulating new strategies yourself, as it may suggest areas where there could be potential blind spots in the market for business growth opportunities!
List of Basic Competitive Intelligence Actions
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