Competitive Intelligence is collecting and analysing information from competitor's landscape. It warns you of the risks involved with your products and helps you take quick decisions.
Benefits of Competitive Intelligence-
1) Helps to understand strategies of other companies selling the same product or service.
2) Makes you aware of the strengths and weaknesses of competitors.
3) Keeps you informed of developing market trends.
4) Verifies that your marketing efforts are going in the right direction.
5) Helps you predict your competitors’ business plan and next moves.
How to gain competitive intelligence?
1) Distribute surveys to people with questions related to your competitor’s product and try to find out their experience of using such products.
This way you will also learn about the demographics of your customers.
2) Visit exhibitions and trade shows to gain insights. Visit the booth of a related company and inquire about their services.
3) Buy your competitor’s product and do reverse engineering to understand the features they offer.
This practice is very common in every industry.
4) Use your network to gather such information.
5) Follow social media accounts of your competitors.
6) Never hesitate to help them when they reach out to you. Check if it is a win-win proposition.
These tactics can help you decide if your future expansion or growth plans will be successful, in line with market trends, and solve your customers’ problems.
It will also help you know what problems are not being solved by your competitor’s product.
This post is a part of Blogchatter A-Z Challenge- #blogchatterA2Z. Check out my A-Z Challenge theme, or read previous posts.Find Your Business AdvisorsBuild Your BrandCyber-secure your business.Design Product for market needs.Practice Effective CommunicationKeep IT FitGo extramile for your customersInduce Halo Effect