What benefits of competitive intelligence help find competitors & understand your market more?
This is an ever-growing list of benefits and questions to help you understand your market more. We ask what benefits of CI (competitive intelligence) help understand your market more. It’s so much easier than ever to conduct competitive intelligence, research and analysis. It’s not rocket science, requires time and effort, and is more than a quick Google search. You can track, research and analyse your competitors. To understand what they are doing, going to do and what makes them successful.
There are a few benefits of performing CI, including:
- Discover what customers are saying about their and your own products and services
- Identify the areas competitors are better than you and look at how you can improve what you are doing
- Create new ideas to serve customers better
- Isolate new marketing channels and routes to market
- Understand why their website ranks higher on Google and other search engines
- Spot and create new opportunities, gaps, and market trends
- Understand how you are performing and where you need to concentrate more firepower
- Isolate, manage and mitigate risks
- Understand what not to do by learning from their mistakes
How much of a threat are they to you?
When taking a look at your competitors’ products and services, the key aim is to determine:
- What are they offering to the market?
- What are they not offering?
- How are they offering it?
- To which customers?
- How up to date is their thinking and sales processes?
- And how innovative are they?
- How much of a threat are they to you?
- Who are their sales agents?
Products and services are likely in a constant innovation cycle in technology industries. If you operate in the tech industry, it’s critical to be as sure as you can about what and who you are up against. You need insight into your competitors’ products to stay ahead. Here are some more questions which may help you understand your market more:
- How are their products positioned in the market? Do they offer low-cost products? Or compete with high-quality offerings or products unique?
- What key marketing channels do they use to distribute their products/services? Is it retail, brokerage, franchising, direct marketing, affiliate marketing, or in-house sales teams?
- What are the strengths and weaknesses of their products?
- How can you sell effectively against them?
- Do their regularly discount their products?
- What’s the discount size?
- Can they afford to discount more? Is a discount sustainable?
- How does their pricing structure compare to yours?
- How innovative are their products?
- And how often do they update their features?
What benefits of competitive intelligence help understand your market more?
This page is an ever-growing list of the benefits of competitive intelligence. The article discussed what benefits of CI to help understand your market more. And it explained how it’s much more accessible to conduct your CI. You can track and understand what your competitors are doing. What they are going to do and what makes them successful.
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What is CI?
It’s 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.