Competitive intelligence is a technique used by companies to understand more about the industry’s competition with the ultimate purpose of increasing business revenues. Every company must look for unique methods of outperforming other organizations in the same industry so that it can control the entire market and thereby increase sales. However, conducting market intelligence is not a simple technique. Here are some of the best steps that companies should use when conducting market intelligence.
Identify Business Competitors
The first step in the entire process should include understanding the competitors in the market. It will be challenging to develop a competitive strategy in the market if a company does not know the potential competitors. In most cases, companies focus on identifying the leading five direct competitors in the market because these are the organizations that directly impact the company. However, it is also necessary to understand the indirect competitors as well.
Formulate How to Track Competitors
After identifying the possible competitors in the market, the next step should involve coming up with innovative techniques of tracking how competitors are working in the industry. As it stands, digital footprint sounds to be the most appropriate method of determining how competitors are working and the strategies they want to incorporate in the market. Nevertheless, it is necessary for an organization to try and come up with some unique offline tracking strategies to have a comprehensive overview of the competitor.
In the entire competitive analysis process, the most exciting part has everything to do with gathering intelligence. It is also the most critical phase because it will be providing the information that a company will be using to achieve its objectives in the market. Some of the unique methods of gathering competitive intelligence include analyzing announcements, social media posts, content marketing techniques, and possible customer engagement strategies. The entire process of gathering intelligence should be exhaustive so that a company can come out with some possible insights.
Organize the Data Collected
After gathering intelligence, the next step in competitive intelligence should have everything to do with organizing the data collected. Remember, the process of gathering data took sufficient time, and the data collected must be sorted. In this process, every detail should be organized such that it is easier to understand and communicate for actionable intelligence. Unnecessary data that does not provide insights or any pattern should not be considered.
Communicate Intelligence Report
There is no need to waste considerable resources in the entire process if the report’s findings will not be communicated to the parties involved. Communicating everything about the competitor to those who are supposed to formulate the necessary business strategies is very important. These reports are essential in the survival of a business in a very competitive environment. These reports help a company to come up with a specific competitive strategy that overcomes the technique used by the competitors.
Acting on the Findings
After reporting on all the findings of the competitive analysis, it is vital for the company to act accordingly and make maximum use of the opportunities the data is providing. For example, suppose a company is struggling to amount to a comprehensive online strategy. In that case, the company should aggressively focus on this area to further damage the approach that the competitor is incorporating. Also, if the competitor is succeeding in a specific area, it is wise to develop countermeasures.
NetBase Quid has been conducting competitive intelligence since its inception. The company understands the necessary steps that need to be considered if an organization will find the data collected through competitive analysis useful. Therefore, if a company is looking for unique competitive analysis techniques, it would be advisable to consider NetBase Quid’s services.