However, competitive intelligence should be an ongoing effort , not a one-time snapshot, even in small and medium sized companies. According to the Strategic and Competitive Intelligence Professionals SCIP , competitive intelligence is the legal and ethical collection and analysis of information regarding the capabilities, vulnerabilities, and intentions of business competitors. Inform your B2B marketing strategy — What competitors are doing, and likely to do, impacts how, and even if, you should enter a new geographic or vertical market, or dedicate resources to expand existing market share. Competitive intelligence impacts what your marketing strategy should be. For example, a marketing plan for a new geographic market should include an overview of active competitors or those likely to enter. Based on this, your strategy might be to focus on existing customers with operations in the new geography. Provide insight to sales — An overview of the competitive landscape and specific competitor profiles provide insights and a deeper understanding for the sales team that they can use to be more strategic and to more quickly on-board new reps. Knowing competitor claims and pricing helps sales respond better to win deals based on value , not just price.
How to Use Competitive Intelligence In Setting Your Strategy
Sales Win Loss Interviews
With this in mind, we have identified 8 tips and insights on how to better your brand through benchmarking, drawing on our best practices and insights from our global databank of several hun Before developing a strategy, organisations need to analyse and understand their environment, both as it is now and as it will be. The major focus of strategic decision-making is how best to ensure a fit between the organisation and its environment. Many research studies provide measures on satisfaction and loyalty, but few provide measurements on perceived value. So, there is a need for a new tool that more accurately measures perceived value; this is where the Net Value Score comes in. Businesses now operate in a world in which information is more readily and publicly available than ever before. In this white paper, we look at the influence this has had on gathering competitor and market intelligence. It's so easy to do, and so useful, that it's amazing more companies don't do it. Profiling the competition plays an important role in four decision making areas: product planning, setting future strategies, pricing and acquisition policy.
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Competitive intelligence solutions have become increasingly popular as companies look for an edge against their competition. While competitive intelligence means different things to different people, its ultimate goal is to help businesses make smarter decisions and improve performance. Below are a few of the top competitive intelligence products and services that your B2B sales team can benefit from:. CI Radar is an all-in-one competitive intelligence solution for businesses. CI Radar cuts down the time it takes to collect competitive data by monitoring products, competitors and keywords mentioned in documents and articles, so marketing and competitive intelligence teams can spend more time analyzing the data. The result is a service that allows businesses to stay ahead of the competition. That new competitor almost put the company out of business because there was no knowledge that the emerging competitor even existed.
Competitive intelligence took off in the US in the s. Understanding the strengths and weaknesses of competitors is critical in determining a business strategy. A profile of competitors is required for product planning, pricing, strategy and acquisition policy. Competitive intelligence CI is, as the term suggests, market intelligence that is focused on finding out as much as is possible about business competitors. All companies face some level of competition. Given time, a considerable amount of intelligence can be obtained on competitors. Researchers seldom have unlimited time and so must set out to collect as much information as possible within confines. In some companies competitor intelligence CI is a continuous process. Topics that are usually featured in a competitor intelligence gathering exercise are:. The range of products sold by the competitor, their performance, specifications and prices.
