With competitive landscapes becoming more dynamic, it is important to stay ahead of the competition by using competitive intelligence.
Competitive Intelligence Research is the process of gathering and analyzing information about competitors, customers, and markets to develop a better plan than others for their business. It aims to make business decisions and create a strategy that helps the company stay one step ahead of the competition.
It involves identifying competitors you want to monitor, determining key areas of interest and setting your goals, gathering data on your competitors, centralizing information, creating a competitor profile and sharing the findings with relevant parties
A competitive intelligence report is likely to include current and emerging competitors, customer profiles, market intel, pricing and more.
There are several ways to collect information about competitors. Some of them include attending professional conferences, analyzing industry reports, analyzing your competitor’s website and SEO strategy, defining competitor’s social media marketing strengths and weaknesses, analyzing competitor’s content marketing strategy, analyzing competitor’s email marketing strategy, conducting a survey among your competitor’s customers, suppliers, and employees, hiring your competitor and more.
Research agencies can help you with competitor research by providing you with a comprehensive analysis of your competitors’ strengths and weaknesses, their market share, their marketing strategies, their pricing strategies, their product offerings, and more. They can also help you identify new opportunities for growth and expansion in your industry.
Need help with Competitor Research & Analysis? please contact us now through vuthy@mrtsconsulting.com