How to look at your competitors using Competitive Intelligence |
How to look at your competitors is a quick list of things you can do to start thinking about them. To develop your competitive advantage in your market. And of course, it has to be a list of eight.
1. What do they do differently?
Look at your competitors and define what they do differently to you, how they are selling, marketing and communicating their message to the world. And also their supply chain, products, terms and pricing strategies.
2. What are they good at?
Work out what they excel at and what their customers like about what they do.
3. How can you emulate them?
How can you take what they are doing and improve on it? To a point where you are going to attract more customers. Perhaps even their customers. Look at their product and techniques to make them better.
What is Competitive Intelligence?
Competitive intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive intelligence offers certainty, competitive advantage, insight, growth & security. 4. What can you do differently?
Create something that your competitors don’t have yet. Take what you do and combine it with what your competitors do. See if you can do something different. The offer and ways of doing things that will differentiate you.
5. What are they doing? Really doing
In terms of their products or services and how they do things, look at what they do to attract and keep customers. It will not be just because they offer an excellent service or product. People buy off people, and everyone claims excellent customer service even when they dont. So how are their business development and relationship management structured. And define what they are really doing. Yes, they may be selling power tools, but they are actually selling the hole in the wall made by the cordless drill. Airlines never advertise the type of fuel they are using. Or the pilot’s experience or the lack of space between seats in coach. They sell the ease, comfort and luxury of getting to your exotic destination.
6. What are their weaknesses?
What are your competitors’ weaknesses? They will have some, and not every customer will be delighted with everything they do. Can you identify things you could improve on? To create a competitive advantage.
7. Why should customers choose you over the competition?
Time to be honest again. Look at your competitors and decide why customers should use them and not you. Why do their customers love them? This thinking will get you to look at the situation from a different angle. Hopefully, bring better insight.
8. Ask their customers
You will come across their customers all the time. Ask them why they use your competitor and not you. Most will not tell you, but some might. And it will get them thinking about why they use them too. Possibly open a new opportunity to develop a relationship with a new prospect.
How to look at your competitors using Competitive Intelligence
How to look at your competitors was a quick list of things you can do to start thinking about them. Hopefully, it’s the first step in creating more competitive advantage within your market.
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