Opinions expressed by Business owner contributors are their own.
Competitive intelligence, or CI, is a crucial component of business strategy. It helps you understand your competitors, identify new opportunities and better predict market trends.
Competitive intelligence is an ongoing process, not a one-time information document. Plus, it’s not just about the competition. It also includes insights into your customer and their needs, which can help them stay ahead of the game in their industry. You’ll be able to anticipate trends and opportunities before they occur, giving your customers a competitive edge over their competitors and enabling them to grow their business faster than those without access to this type of information.
Related: Your business is failing because you have a bad strategy. Here are 5 tricks for the perfect business strategy
Don’t rely on what you think your customers or competitors want
We often assume that we know what our customers or competitors want – this is a mistake. It’s easy to do this when you’re working with a company in a similar industry, but it’s important to remember that each client has unique needs and interests.
You should always start by asking questions about your client’s or competitor’s business goals. These questions will give you insight into what they’re trying to accomplish and how they hope to achieve it—information that can be invaluable as you build relationships for them in the future.
Get other perspectives
There are four main groups you need to talk to:
- Users of your product or service, including current and former users. They can tell you how they use it, why they like it or not. They can also give insight into people who don’t like it. And if they’re former users, they might have valuable insight into why they’re gone. You’ll need as much detail as possible so that you can use that data in a competitive intelligence analysis later (for example, “Users say this feature is confusing”).
- People who don’t use your product or service but would potentially be interested in using it if he knew more about what it does and how it works. These are potential customers for whom there may not be a buying opportunity at the moment: they don’t know enough about your offer yet! Ask them to talk about their business needs so you can market effectively in the future. For example: “This company thinks our product might help them solve their problem.”
- People who are not currently using a competitor’s product or service but would potentially become a customer if you offered one at an attractive price or with better features than the competition offered (for example, “These guys love our product because we provide x at only half the price of its competitors.”) If these people were already using something else – and they had a good reason for doing so – would you like to know if there is something specific about those products/services that makes them unsatisfactory; if yes then perhaps these shortcomings could be addressed through innovation efforts within yourself?
- People who are already using your product or service but have not yet been convinced of its value (for example, “We’re working on getting these kids to see the benefits of our product; we think they’ll like it once they try it.”). These are potential customers you may need to spend more time educating about why your offering is better than your competitors’ offerings.
Related: Customer Intelligence as a Predictor of Revenue
Fully understand your audience and their needs
It is crucial to understand the needs of your audience and the needs of your competitors. A comprehensive competitor intelligence program can provide a wealth of insight that will help you better understand the landscape, the needs of your customers, and how they fare against their competitors.
Understanding the needs of your audience is essential to any successful business venture. You need to know what matters to them so you can meet those needs with an innovative solution or product. This can be as simple as knowing who they are (demographics), where they live (geography), or what they like (lifestyle). It could also mean figuring out what motivates them; why should anyone buy one product over another? How many people do I need to sell my product each year to break even?
Related: 9 ways to meet and understand your audience
Identify different audience segments
Once you’ve identified your audience, the next step is to segment them into different groups based on their needs. This will allow you to create a solution that meets all these needs. For example, if you’re selling a product to help people lose weight, a group might be people who need something simple and easy to use. Another group might be more tech savvy and want something more complex and customizable. Knowing how each audience sees fitness products will help you see which aspects of your offering matter most to each audience.
Related: 7 Outdated Habits That Will Cripple Your Business
Experimentation can help you understand customers and competitors and identify new opportunities
Experimentation is a vital part of the process. Experimentation can help you better understand your customers and competitors, identify new opportunities, and discover ways to make your offerings more competitive. One such example is A/B testing. This type of experiment compares two versions of a single item to see which works better, improving conversions, sales, or whatever you’re looking for. For example, it could be an A/B test of an email subject line that compares “Doing these four things will help you increase sales” to “Doing these four things will help you grow sales by 50%. %”.
Make sure you are fully informed before moving forward with a new product or service
To stay ahead of the curve, you need to constantly gather information from as many sources as possible. Talk to your customers and make sure you are fully informed before moving forward with a new product or service. Conduct interviews on what they think is missing in the market and see if there is a gap that needs to be filled. See data from recent surveys, reviews, or complaints your business has received. See what competitors are doing and take notes on what works for them and what doesn’t. Talk to people in your industry who can provide feedback on how they perceive your business and suggestions on how it could improve its services or offerings.
#produce #quality #competitive #intelligence