This article asks will your products evolve with Competitive Intelligence? Assessing the market using just using open-source data available data produces an unrealistic view of your competitors and their products.
What is Competitive Intelligence?
It’s knowledge about your competitors and their products. The knowledge that is not readily available. And, it’s the information you need to dig a little deeper to find, often in places people where don’t want to share.
It’s asking the questions to get the answers you want to know. Also, it helps you make decisions and take action relying on more certainty, rather than guesswork and dated assumptions.
Competitive Intelligence allows you to avoid surprises, think more moves ahead of your rivals, and minimise uncertainty when you make business decisions. It gives you the ability to see through or stay ahead of the competition, and in many cases, can be the unspoken, hidden key to success.
Fog of market and PR
Competitive Intelligence will clear the fog of marketing and PR so you can understand what’s really happening with your competitors current and future products. To reveal what products are doing well and what features are attracting interest. Isolating which competitors have the best products and capabilities and what are they trying to develop.
The media may be blinded by new technology within your market. But what do consumers really think about it. And what do these potential customers care about? Competitive Intelligence allows you to gather evidence that demonstrates the truth to enable you to set a way forward confidently. So you can reduce the influence of the media bubbles and hype when making decisions.
What the market is saying and what the media is telling you often contradictory. So testing your assumptions will allow you to focus your resources, features, new products, services that your customers will buy. Competitive Intelligence will speak to the right people to make to uncover the in-demand offers.
Gaps and threats
Isolate what your competitors are working on and what are they struggling with. A key to Competitive Intelligence is knowing where to look. And who to ask to isolate your competitor capabilities and weaknesses.
This Intelligence and the insight from your customer will assist you in deciding where to isolate your product development efforts with an understanding when challenger products are going to hit the market.
This article asked will your products evolve with Competitive Intelligence? Assessing the market just using open-source data from a Google search will produce a false view of your competitors and their products.