Tag: competitive intelligence

The Top 5 Examples of Competitive Intelligence

Recent convergence of technology, changes in consumer behavior, and societal embrace of remote work has changed how people interact with vendors, products, and services. This convergence resulted in business environments where more people are online more often. Additionally, their willingness to transact on the web is greater than ever before. Collecting market insights through competitive intelligence (CI) is critical. Why is CI more important right now?

These changes have created the perfect environment for e-commerce platforms. After all, monitoring consumer behavior over the web is much easier than in brick and mortar locations. Cookies, tracking pixels, device IDs, cross-device tracking, and other smart technologies allow companies to collect data about their customers with the click of a button.

The challenge in CI collection is to pursue a clear competitive advantage by developing specific, surgical insights. Paying a small fee can result in a ton of information from 3rd party partners that track online activity, but purchasing information available to industry rivals does not provide the granular insight needed to win your market.

So, how can I advance my business or product using Competitive Intelligence? Keep reading to explore the benefits of CI and learn about primary research.

What’s Primary Research and CI?

Analysis based on these Competitive Intelligence insights should derive from primary research. Primary research can be sourced from someone with an in-depth knowledge of your company or industry. They are accessible to you, but are outside the public domain. Sound too exclusive? Too time-consuming? Too messy to quantify? Don’t know where to start? You’re in the right place.

There are five primary research sources. These sources include your customers, channel partners, Subject-Matter Experts (SMEs), company employees, and investors. Each source holds valuable insight into your product, company and industry, and has a special lens based on their position. Additionally, they maintain ideas on how to stay ahead of industry trends, while positively impacting their bottom line and gaining more market share.

Customers

Customers are the most important primary research sources. After all, they use your product and likely have ideas for improvements.

Gathering information from customers should occur throughout your customer’s lifecycle.

A rational consumer evaluates all their options when they need to solve a problem. Naturally, this evaluation will include your competitors. Through evaluating similar products, they calculated the opportunity cost of doing business with you versus your competitor. Understanding that calculation can be a secret weapon. Understanding opportunity cost can assist you in identifying product features that constitute real value. Conversely, understanding what frustrates your customer about your product is essential. Understanding customer pain points can lead to more informative changes.

Channel Partners

Channel partners are relevant and often underused sources of CI — suppliers, vendors, dealers, and distributors. And what do they have in common?

Each role has exclusive insight into your product or service components. They may also have direct access to your competitors and customers.

Channel partners often know or interact with your rivals on a regular basis – especially in homogeneous markets. They understand the technical details of the industry that can help differentiate your deliverable. Channel partners know where you can source components, and understand the details of your logistics network. Generally speaking, channel partners are responsible for measuring how well and how frequently your product needs replenishment.  In short, they know a TON — which makes them invaluable to the process!

Vendors may have knowledge of the questions consumers ask and what product features repel or rouse them. Many companies see the value of building strong relationships with channel partners. They leverage a channel enabling strategy to educate and train employees.

There are numerous avenues to team up with channel partners to collect CI. Some of these include looping vendors into specific CI analysis products, creating comparison charts, brainstorming sessions, team building, and offering incentives for sourced feedback.

SMEs

 Albert Einstein once said, “You need experience to gain wisdom”.

This is true for many subjects, and competitive acumen is no exception. SMEs have access to two types of data which could have a huge impact on your CI efforts. The obvious is their experience; years, possibly decades of raw, empirical, and directly-acquired data. SMEs were “there,” when “it,” happened. Sometimes when “it,” happens, “it,” is all that anyone remembers. But SMEs may know “‘the why” behind the “it.” And often the “why” is the true motivator, and the hidden jewel of opportunity.

The second type of data SMEs have access to is perception. They hold hard-won wisdom. The seed of this wisdom is experience, but the outcome is something more valuable.

Company Employees

Company employees have direct access to most primary CI sources. They also have access to your product, company, partners, and even competitors. As such, company employees are both CI channels and sources of information.

Salespeople, technical support employees and concierge staff are in direct contact with customers. Each of these groups have a tangible understanding of what CI gaps your customers can fill. Additionally, they can elicit or ask for this data during interactions such as salespeople, technical support employees and concierge staff are in direct contact with leads, vendors, suppliers, contractors and current customers. Each of these groups maintain a tangible understanding of what CI gaps the sources can fill. These groups can elicit or ask for this data during interactions such as sales or regular meetings, and customer support calls..

Investors

Investors include any group or person who has a vested interest in funding, improving or advancing your company. They have an intimate perception into your industry only accessible through personal interactions. Many companies seek out direct interaction with investors through an Investor Relations official. These officials can dialog with investors to gain a variety of CI insights. Investors live on a diet of analytics from shareholders, financial analysts and other industry sources. In addition to tracking your company’s competitive positioning, investors look to see who is interested in funding your rivals. They also often know experts in your industry. Investors may consult with these experts to inform their decisions or provide assessment.

Schedule a Demo with Adapt Intel Today!

Collecting market insights through CI is important, but don’t be fooled! Widely-available CI tools solely focus on internet available information and are rarely good enough to inform differentiated action. And, differentiated action is what gives you an advantage and higher revenue. As easy as it may seem to click a button and get informed, don’t solely rely on commonplace data. The best way to accumulate CI information is directly, from primary sources you already have.

Want to streamline collection from your primary sources? Schedule a demo now! Adapt will show you how to leverage your existing resources to glean transformational insights. With these insights, we can gain more knowledge, make better decisions, and contribute to a stronger bottom line.