When I ask my clients, ‘What keeps you awake at night?’ The common answers I receive are:
- How should I gain market share against my competitors?
- How can I make better decisions and enhance organizational performance?
When I ask them ‘What has been your success rate to get answers for above?’ The answer is never so confident.
It is imperative for businesses to benchmark activities and effectiveness against those of competitors. It helps to get a clear view of the competitive landscape. Knowledge of your competitors also gives you the edge to continue improving, so you are able to set your company apart and take it in a different direction based on what competitors are doing.
Though we understand the importance of competitor intelligence, the implementation, and execution, however, is always a challenge. Most of the companies either resort to desk research or paying a bomb for an existing report, which may have some relevance from the overall industry perspective. However, it fails to address the core functional, financial, and strategic areas, which are critical for an organization to have.
Primary Research can give the answers
Primary Research is an answer to that, which most of the organizations struggle to achieve either due to lack of capabilities in-house or due to challenges in finding companies, which specialize in getting competitor intelligence using extensive Primary Research.
Competitor intelligence activities can be grouped into two main types –
- Tactical, which is short-term such as capturing market share or increasing revenues and
- Strategic, which is long-term such as key risks and opportunities facing the enterprise
Over the last several years, SG Analytics Intelligence has been helping organizations across industry verticals in defining, gathering, cleaning, analyzing, interpreting, and visualizing their competitors’ data. Thus it enables C-suite and other decision makers to make strategic decisions moving forward.
While leading the Primary Research practice at SG Analytics, I clearly saw that competitor intelligence can get you answers to troublesome questions such as:
- Who are the key customers of your competitor?
- How do competitors push their offerings in the market?
- Which services competitors focus on within the various categories?
- Which pricing strategy do competitors use?
- What is the market share of key competitors by product or service?
- What is the key distribution model being used by your competitor?
Summing it up
Running a business means constantly balancing costs and benefits of projects, actions, and even measures. I know from my personal experience that considering this environment, it is always tempting to cut costs whenever possible, but I also strongly believe that competitor intelligence is the wrong niche to save money on. The value of the gained insights easily surpasses the costs for most companies.
Note: We are one of the leading market research and analytics company in New York
SGA Editorial Desk