30 Jun Competitive Intelligence Services: Tips to Get Critical Insights
Competitive Intelligence Services: Tips to Get Critical Insights
The greatest loss to a business might occur not because of what the organization already knows about, its consumers, markets and competitors but because of what the business failed to know. This is where competitive intelligence services come to the rescue of a business.
By undertaking competitive intelligence research and analysis in an intensive and organized way, a business can find critical insights on various issues as underlined below:
- A comprehensive study of both direct as well as indirect competitors.
- Competitor intelligence snapshots development.
- Strength and weaknesses of the brand as well as the competitors.
- Internet infiltration and search performance research
- Pricing analyses of the brand with respect to competitors.
- Product analysis of the company and the competitor.
- Supply chain and distribution analysis.
- Research on seasonal discounts and promotions offered by the competitor.
- Competitors and market mix analytics study such as the use of media channels and advertising agencies and the ROI on the same.
- Research analysis about the territory size and market size with respect to competitors.
- Digging opinions of the prospect and sentiment analysis of user based on the comments they give about a specific brand, product or service.
- Research on market share analysis of the company and its competitors on the basis of Revenue and Units.
- Analysis of consumer support and sales cycle.
- Deals that are lost and precision analysis.
- Analysis of the total cost of ownership.
Competitive intelligence services enable its customers to always be at the forefront in the global scenario by making them powerful to understand the competitor tactics, strategies, placement, pricing of products and even the promotional strategies.
With competition becoming intense day by day, a proper and unique mix of the domain, technology and process using online and offline research to track competitors are becoming very essential. This provides the organizations with the needed strength and strategies to undertaken prompt and quick data driven decisions.
Using competitive intelligent services, an organization can amalgamate information from varied sources such as the company reports, secondary and syndicated data, primary research, and data analytics including digital and social media analytics.
Constant tracking of the market and competitors
The team of experienced competitive and market intelligent analysts keeps constant watch and track on the market developments that happen and the competitor activities.
Beneficial Automated Competitive Intelligence Platform
The automated real-time competitive intelligence platform encompassing all the 4p’s of marketing such as product, placement, promotion, and pricing provides an immense advantage to strategic heads, product managers and to marketing and sales leaders by strategically blending the market mixes for a long-term competitive edge.
Competitive intelligence offers an early warning message by alerting companies that the competitor has some plan lined up that is likely to impact its business. For this identifying the probable and main competitors who can impact the business along with anticipating the plans they are making for the current and future is very essential. This is how and where competitive intelligence helps businesses in its decision-making.