Why competitive intelligence is about winning more sales?

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Why competitive intelligence is about winning more sales?

If you’re not constantly evolving, you’re falling behind, and this brief article asks why competitive intelligence is about winning more sales.

Your competitors are always looking for an edge in the market. They’re researching new ways to reach their customers and new ways to serve them better. That’s also your customers, by the way. If you’re not doing the same, you’re falling behind. Constantly evolve your business by:

  • – Researching your industry and your competitors
  • – Innovating your products and services
  • – Improving your customer service
  • – Keeping up with changes in technology

If you don’t, your competition will leave you in the dust.

Don’t let your competition get the best of you. Here’s how to keep your competitive edge:

  1. Know who your competitors are
  2. Keep track of their progress
  3. Understand their strengths and weaknesses so that you can take advantage of them
  4. Analyse their marketing strategies. See what they are doing right, missing a trick and what they are going to do next
  5. Identify their target audience
  6. Stay ahead of the game by knowing what’s happening in your market
  7. Plan your own strategies accordingly
  8. Take action based on more certainty

If you’re not doing competitive intelligence, then you’re not going to win. It’s as simple as that. 

What is competitive intelligence? 

Competitive intelligence is the process of gathering and analysing information about your competitors. 

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.

Why is it important? 

Competitive intelligence allows you to make informed decisions about your business, products, and strategies. 

How do you do it? 

There are several ways to do competitive intelligence. You can use online tools, hire a competitive intelligence research firm like us (hello 👋 😊 ), or do it yourself. 

What are some of the best online tools for competitive intelligence? 

There are thousands of online tools that can be useful for competitive intelligence, and Google alerts, social media monitoring, and web scraping are just a few. But before you do the easy bit of collecting lots of information, understand what you want to look for and why you are doing it.  

5. How can you use competitive intelligence to win? 

Competitive intelligence can be used to make informed decisions about your business, your products, and your strategies. It can also be used to find weaknesses in your competitor’s strategy and capitalise on them.

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Want to win in business?

So if you want to grow and win more business, start and end with competitive intelligence, so you know:

  • Your competition
  • Their customers
  • Who loves them and dislikes them, and, importantly, why?
  • Their strategies
  • Their strengths
  • And their weaknesses (Don’t just do a boring SWOT analysis and think that’s it)
  • What are they going to next
  • How to win more business
  • Use this to your advantage

Why competitive intelligence is about winning more sales?

In conclusion, competitive intelligence can be a powerful tool to help businesses like yours win more sales. It helps you understand market trends, identify opportunities, and form strategies to maximise their competitive advantages. With access to accurate insight, companies can make informed decisions that lead to better customer segmentation, higher conversion rates, and improved customer satisfaction. At the same time, they can develop proactive measures to stay ahead of your competitors and create a solid growth strategy for your business. And you don’t have to bore yourself and your team to death by just doing a SWOT!

This is a drawing of the Octopus Intelligence Logo By Octopus Competitive Intelligence, Due Diligence, Competitor Analysls, Market Analysis, Competitor Research and Strategic Business Development to beat your competitors, increase sales and reduce risk

About Octopus

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  • Win more business

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