Guide To Competitive Intelligence Research-Learn In 5 Minutes
When creating a competitive intelligence program, you need to establish a system that allows all teams across the organization to work quickly so that they can gain an edge over their competitors. Because every business, and every department, has to handle the competition. There are countless products and services trying to grab the consumer for more than an instant.
The purpose of the article is to enable you with real-time insights, aligned with your overall strategy. This guide will walk through the steps needed to get an effective competitive intelligence program launched.
We shall start with the basics of competitive intelligence research, what sources to monitor, how to use them, and different ways that businesses use Competitive intelligence.
Fundamental steps of Competitive intelligence research
Competitive intelligence services is usually operated through the website or offline. But, the basic purpose in both cases remains the same for us. We make such kind of possibility that generate more engagement and leads, in the turn more revenue product that is beneficial for the main company and hired competitive intelligence agency.
- Evaluating of your program
Make sure to create an actual difference, before starting a competitive development research program. Engaging your stakeholders is a critical component of success, and their involvement is essential for your competitive program to drive profitability.
Analyze the issues that concern your executive team across departments, and present competitive intelligence as the solution. Analyze their past experiences with competitive intelligence; what worked, what was confusing, and what would they like to see in the future?
Identifying the competitive threats your organization faces will not only demonstrate the need for competitive intelligence. But it will guide the focus of your competitive intelligence program and the metrics for measuring its success.
Defining these benchmarks early on will now provide a clearer idea as to what you need to deliver. If you want to see how your efforts are doing, and what you can do to improve, then check out our Enabling Competitively Maturity Model. Remember, there is no universal method to measure your competitive intelligence program.
- Competitive analysis
Data collection is a top priority for many of Product Marketers. Collecting information on your competitors can be extremely time-consuming. Collecting information on your competition is seldom fun. Some people are more likely to enjoy developing competitive strategies to position themselves against competitors in their market.
The challenge in gathering competitive intelligence is knowing how to gather external data, how to source information from within, and ultimately, understanding which information is important to the company.
By engaging in the competitive nature of their sales teams, communication lines began to open up and far greater amounts of competitive insights were shared across the organization. Moreover, the sales team was able to participate actively in the competitive intelligence process.
- Development of techniques
In order to build a meaningful business intelligence program, it requires creating competitive messaging and strategies. Your sales team needs to know how your competitor is talking about themselves so they can effectively sell their own product and maximize its value.
The marketing team needs to know how your competitor is presenting themselves at events and promoting themselves so they can adjust their messaging accordingly. If you know what your competitors are going to say, you can decide how to position yourself ahead of time.
You can provide all of the information that your salesforce requires and provide it at the right point in the sales cycle by creating an online business profile framework. Ensure the content is simple to understand and easy to use.
The executive team, marketing team, and product team can all benefit from strategic cards by gaining competitive insight. This broader alignment of the organization is known as competitive enablement; it keeps everyone on the same page.
- Engagement Via content
The executive team uses email heavily and prefers communication with graphs and diagrams that help to visualize issues at a high level. When you’re building a plan to distribute your competitive information, it’s critical to take your key stakeholders into consideration. The success of your competitive intelligence program relies heavily on how well you communicate your insights.
It has been difficult to build a workflow around updating data and distributing real-time content with the CI programs. In addition to good content, your program must have a strong content management strategy in place so that you are delivering fresh content and continuing to establish trust with your stakeholders.
The most disheartening result for a CI team is when all of the hard work you put into creating competitive insights goes to waste. The keys to beating your competitors sit unread in your inbox, PowerPoint slide, or word document while another deal goes over your head.
The analysis and distribution steps of your competitive program will be far easier if you build those steps into a repeatable process. Once you have extracted the key insights from your research, it is time to present them. To beat your competitors, you need to know where their strengths and weaknesses are.
Maybe you spot something in their product that your sales team can capitalize against in deals. Their support team may have received some negative reviews recently.
- Sale through engagement
After the follow-up of four steps, this one is the last step that is the end result. Because, getting sales is the ultimate goal of a Competitive intelligence consultants, By applying the above three steps in the right direction, you can easily take the results at this point.
After working through a channelized way, this is not the last point after sale you can move through the social media channel and track the progress of your competitor even you are at the top of the page or services. This Observing attitude will help you to persistent your position for the future.
Last but not least
This article is complied to keep in view the competitive intelligence research working mechanism. Considering how many steps are involved and through which way tactics are made that are helpful to compete with the competitors. Still, if you have any questions related to the Competitive intelligence (CI) research you can drop a comment.