How Competitive Intelligence can thrive your business?
Updated: Feb 6, 2021
Every business strives to be at the top of their game all the time. Well, so does everyone else.
So what will it take for you to stand out in the crowd?
Well, the answer is very simple.
A smart investment move in competitive intelligence and trust in your instincts.
So what is competitive intelligence?
It’s the cheat code to acing the market by learning about the market and figuring out where is your company lacking. Competitive intelligence provides you with business stats and insights about consumer behavior and habits which can further be used to sell your products in a way that yields more profits and better efficiency.
But that’s not all, let’s take a look at a few questions that competitive intelligence can answer for you.
Who is your competition?
The market is filled with companies in every domain. Some of which are better than you and some not so much. In such a case figuring out who your true competitor is, can prove to be your biggest advantage.
What market area be tapped into by rivals?
Knowing which area/positioning your competitor is about to take next can prove to be a huge advantage. Not only will you be able to predict their next move, but also counter it when the time comes.
What are your competitors planning?
Knowing what’s brewing in your rival’s head is always an advantage. If you know what they are thinking, you can work on counter strategy.
Where should your company be in the next 10 years?
Now that’s a tricky one to answer. Competitive intelligence analyses how your company is performing currently and based on changing market trends and your capabilities and resources,
it can predict where your company might reach in the next 10 years. This includes mapping rival’s operational patterns and reforming company’s inside trends to reach a benchmark set for the next 10 years.
What does competitive intelligence give a company?
Helps determine prices that can give you an edge over others.
Predict future strategies by predicting the influence on cost modification.
Automate the prices to guarantee the uniformity of cost while at the same time removing error-prone jobs.
Carry out product positioning while revenue possibilities.
Mimic the time what-if circumstances for predicting alternative method results.
Localize rates based on consumer needs and habits.
What does competitive intelligence yield for you in the long run?
Action bases insights- knowledge about the kind of activities that must be undertaken.
Anticipative insights- Circumstances that may take place.
Analytical insights- what occurred in the past and why?
Detailed insights- what’s taking place based on real-time information.
How is it done?
Scrutinize automation possibilities.
Constantly be on the look-out for the jobs that can be automated. It is best to automate whatever possible lest you are stuck doing very difficult jobs manually.
Insights need to be immediate.
Produce applications that make it easy for employees to get real-time insights. They can be really helpful while dealing with difficult clients.
Collect responses for performing and well as non-performing locations.
The most useful feature of CI is the location-specific understanding. They help connect with the consumers better by telling you how to adapt to their local culture and habits.
Identify violations taking place within your approach.
Make your approach smarter. You can’t simply decrease the cost when your rival does and then expect outstanding results. You need to think 10 steps ahead and work accordingly.
Want to use competitive intelligence to provide your business with that boost? Contact us at Datahut, your big data experts.