In any business or industry, it is beneficial to predict how the competitor will act so that you can be prepared with a counter-action. This requires you to pay attention to different sources of information for identifying the behavioral patterns along with other factors that influence how the participants will act. This information is known as competitive intelligence data.
First, It is important to understand what competitive intelligence data collection is and how it differs from spying. However, it is to be known that when competitive intelligence is performed within legal bounds, it is not just permitted but can also boost the decision-making capacity of a company’s several departments.
Definition of Competitive Intelligence
Competitive intelligence is the process of collecting data and competitive analysis by a company based on openly available data on their competitors. The data and insights are then used to create robust business strategies that enable them to beat the competitors. This type of competitive data can be in advertisements, web content, press releases, patent filings, etc.
It is known that competitive intelligence data mining is different than spying as it only uses data gained via legally acceptable processes. It is not like industrial espionage, which consists of extracting information that laws permit to be kept hidden. Examples of such information are trade secrets or a company’s insider information.
How Competitive Intelligence Helps Aftermarket Manufacturer
The aftermarket manufacturers can benefit from competitive intelligence data significantly. It helps with competitive market analysis, which in turn enables them to come up with strategies and business decisions to stay competitive and boost sales as well as profit margins.
If you are wondering why is competitive landscape analysis important, it is to be noted that your competitors can be one of your most prominent teachers. This is because you and your competitors are looking to impress the same target audience. Mostly, you both are doing the same, but one can be better than the other in one or more ways.
Here’s a look at how aftermarket manufacturers can benefit from competitive intelligence data analysis:
1. Smart Sales Strategies
If your sales team gets an insight on how your products are performing as compared to the competitors, they will be able to analyze and address the concerns from the buyer’s viewpoint. This will help them to direct the conversation, focusing on their strengths. The sales team can get an insight into the products via product analysis, and the data can be used for your benefit.
2. Customized Marketing Campaign
The competitors are identified as competitors as they are selling the same product as you to a similar target audience. With the help of competitive intelligence analysis, you can understand how they are failing or succeeding in reaching the target audience. You can learn from their journey and develop your competitive intelligence strategy for positioning your marketing campaigns and targeting specific audience niches.
3. Improved Product Development
With the help of competitor monitoring tools, you can gain a detailed insight into the competitors’ products. It gives helpful information to your product development team as they can understand how the competitor’s products are packaged and priced. It gives your team a great push and a starting point for designing the products for the company.
4. Mitigating the Risk
One of the significant purposes behind competitor website analysis and studying their business is to earn from their mistakes and shortcomings. Why should you repeat the same mistake as them? You can use it as an opportunity to tap the area where they lag and target the customer base with your strengths. You must look at what worked in their favor and what all strategies the competitors have tries. This will help you minimize the chances of your business implementing strategies or approaches that doesn’t work in the market and which your competitor’s might already have improved over time.
Use of Competitive Intelligence Data
1. Setting Benchmarks
It is competitive intelligence data that offers you an idea on how to measure your own performance. For example, if the competitors has benefitted from a certain promotional or advertisement campaign, it can be an indicator of how you can expect your campaigns to perform. The data can be used as guideposts for developing your own strategies. On the contrary, if they failed to fetch results from a specific campaign, you can learn from them and look for a different channel for promotion.
2. Informed Decisions
Business decisions driven by strong competitive market research shape the direction of your strategic business moves. Every team and member in your company can benefit from competitive intelligence monitoring. Sales team can change and adjust their pitch on the basis of competitor’s weaknesses. The marketing team can customize their messages to beat the competitor. Your product team can create a blueprint for your product based on the features of competitor’s products as well as the blind spots they haven’t addressed yet. Robust competitive intelligence data is the key to empower your departments and team for making strong decisions.
Tips for Competitive Intelligence Research
1. Identify the Competitors
One of the first steps for competitor price analysis is to identify the major competitors in the market that can be a threat to your business. Your top competitors are the ones that your potential customers will choose if they don’t choose you.
2. Set Goals
The competitive intelligence data can equip every department of your business with a lot of information and insight. It is better to select a few focal points to kick-start your journey. Decide if you wish to refine your marketing, create new products or refresh your sales strategy.
3. Gather your sources
There are ample sources of data, but not all data is competitive intelligence. It is essential to prioritize so that you don’t end up with a lot of data. Look at your goals and find sources that support these goals. Pay attention to competitor’s website, social media accounts, ads, etc.
4. Competitive Intelligence Culture
Competitive intelligence is a culture and everyone’s job. The team must consider competitive data while making decisions. Share competitive intelligence data with your team regularly and keep them abreast of various competitor moves. After a point, it will become a part and parcel of your business practice.
Technology is moving forward on a break neck speed. So, leveraging on advanced technologies for data extraction, analytics, market research and gathering insightful data in real-time. Competitive intelligence data is an ongoing and consistent process, so opting for automated tools is the right move for every business.
There are tools in the market that help you with competitive analysis services. The automation saves time and also improves accuracy of the data. It enables you to make strong business decisions for sales and revenue growth and tapping increased market share.
Insightful Strategies Just a Click Away
Online business has always been a dynamic landscape. Companies struggle to find their audience and make them buy their products or services in such a transforming business arena. In such scenarios, a strong tool is a must-have. Strategic steps and business decisions that helps in positioning your company in the eyes of your target audience. With competitive intelligence data, you can have precise information in real-time. So, seizing opportunities will not be a task anymore.
What are you waiting for? Book a demo to harness the power of competitive intelligence data for your online business today!