Many business owners have a myth that competition is a threat. However, I feel that competition is an opportunity that brings out best in the market and of course, the one who leads is the smartest of all! Gaining complete knowledge about your competitors through competitive intelligence is the key to success in today’s competitive business environment. Paying a close attention to competitors can help you design or create a better product that might already be in the market with a huge demand and huge competition.
For startups and new businesses, competitors could be viewed as an existence of mature market with already prevailing high demand for the product or service, giving an opportunity to introduce a better and improved product. Starting a new business or entering a new market, assessing the competitive landscape is a must. This would give you a solid understanding of strategic development.
Knowing competitors before beating them is the best strategy!
Here are tips to outsmart the competition with competitive intelligence!
The first step in the competitive intelligence is to know your competitors. Though it though looks easy but in reality, it may not be when you are foraying into a new territory. A simple trick would be to search in Google using three to four variations of keywords and see the businesses that are coming up on the first page and top results. These would be probably the prime competitors for your business.
2.Keeping record of competitors
The second step would be to create a list of competitors for analysis and gathering full business intelligence. A detailed competitive intelligence of competitor can help you provide strategic information for business decisions, identify a gap that is giving them a competitive edge, and most important you can even forecast their moves. Maintaining an up-to-date record of your competitor is a tedious job. You can outsource such it to an experienced competitive intelligence service provider like iSN global solutions while you concentrate on your business.
Competitive intelligence allows you to identify gaps or in fact, it performs a SWOT analysis of your competitor. This helps you to acknowledge the area where your competitor is lacking. You can convert this weakness of your competitor into an opportunity for yourself. For example, the best-selling product in your country is launched by your competitor. But you can modify the product for the international market and launch it there. With the help of competitive analysis, a business can easily identify the market gaps that can be filled. Monitoring the competition closely helps, but do not let it hamper your vision. You should always focus on driving value and meet the requirements of your prospects or target audience.
4.Defining sales strategy
A sales strategy holds more impact than on the customer base as it is directly related to them. Knowing what promotional strategies competitors are offering to close the deals can help you create better sales strategies. You can get an added advantage if your competitor is passing any message or value that core competitors often provide then you can get an added advantage. Data collection about competitors and the trends in the market would definitely help the sales team to answer the questions, better branding and creating a good position in the market for the company.
5.Boosting marketing efforts
As a business, do not let your competitors outdo you in your marketing efforts. It is great to monitor their social sites, websites, and blogs. You can even attend their webinars, or sign up on their websites for their newsletters. Keep a tab on the information that they share about the topics they focus. Identifying the gap in the content, i.e., overdone topics and not done topics can help to get an edge where the competitors are lacking in creating content.
Gaining competitive intelligence about the competitor and the market is not as easy as it appears. Hence, it is always recommended to take the help of a professional competitive intelligence service provider for accurate and better insights and in-depth knowledge about the competition like iSN global solutions. We have in-depth experience about our client’s competitors and markets. We offer many other services like mystery shopping, support sales services, online research and much more. Visit our website and beat the competition smartly with iSN global solutions services and climb the success ladder.
Image credit: thoughtburst, competia, seoaware.