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competitive benchmarking

Six Competitive Benchmarking Best Practices to Enhance Your Growth Strategy

Businesses across the globe are shifting their focus to building top-notch customer experiences. So, having a competitive benchmarking strategy is vital to stay ahead of the game. Although competitive benchmarking essentially involves comparing your company’s performance with those of the key competitors, it is much more than a casual and anecdotal view of the competition. It also involves pinpointing which of the competitor strategies to focus on and also provides an idea on the benchmarking metrices to use. A well thought-out competitive benchmarking strategy is a worthwhile pursuit that will yield desired results for businesses. It helps to measure the performance of a company and compare it to others over time. Take a look at these six competitive benchmarking best practices to follow for effective and impactful business results.

Competitive benchmarking best practices

Begin early

Understanding competition and gaining a clear overview of their strategies is like a map that shows a business the path to their ultimate destination. The sooner this is done, the better for companies to transition from a reactive to a strategic organization. Half the work in competitive benchmarking is done if businesses know where to begin. Also make it a point to establish a measurement and tracking system that keeps tabs on the progress.

Maintain a timeline

Competitive benchmarking is an extremely time consuming process as it involves researching competitors, analyzing opportunities of improvement, and implementing changes. It is advisable to limit the scope of benchmarking to research and other activities that can be finished within a time period that reflects a typical planning cycle in the company. By doing so, businesses can analyze how they compare to their competitors early in the cycle, implement changes, and share the results that can help in better planning for the next quarter.

Take inspiration from other industries

Organization can gain useful insights from analyzing companies operating outside their industry. Start by identifying one critical problem and then understand how companies in other industries with similar challenges are handling the situation. Understanding how companies in other industries are solving challenges can help organizations frame similar strategies to overcome their problems. For instance, examining how companies in the retail industry handles customer grievances and their increased focus on customer experience can help companies in other sectors to follow similar strategies to retain their customers.

Use meaningful metrics

There are several metrices that can be used to measure the overall health of a business. This makes it essential for businesses to be collectively clear on which metrics define superior performance and world-class customer support. Benchmarking research should be limited to factors that are standard across the industry, making comparison easier. Before rolling out the plan, it is also important to involve various teams to reach a consensus on how these metrics will be measured. Furthermore, focusing on key business-driving metrics like revenue, order volume, and cost of goods sold makes researching competitors and measuring success more effective.

Focus on operational improvements

Once an organization gains a clear understanding of where they want to be, focus should be shifted to team operations rather than emphasizing only on metrics. Statics can only be studied to make improvements, however, factors such as people, processes, technology, and strategies can be improved to enhance the overall performance of the business before it is too late.

Choose the right peer group

Key factors including location, size, industry, product category, and business model should be taken into consideration based on the company’s goals. For instance, if the prime objective of an organization is to understand how your performance compares to companies similar to theirs, they must limit the peer group to the same industry. However, if the intent is to gain perspective on different business processes and push the team to think outside the box, studying companies in different industries could prove to be a great option.

competitive intelligence

How Competitive Intelligence is Changing the Game for Retailers

The cutthroat competition in the market today is making it more challenging than ever before for retailers to benchmark their pricing assortment and promotions against their counterparts in the market. Furthermore, trends such as the growing inclination towards mobile shopping apps and the rising influence of customer reviews in buying behavior are adding to the complexity. Ergo, to gain a competitive edge in the market, every retailer must leverage competitive intelligence solutions.

What is competitive intelligence?

The information collected by a company relating to its target market and key competitors, which is then analyzed to create a highly effective business strategy is termed as competitive intelligence. Competitive intelligence tools are used to assemble important market information and derive actionable insights. Competitive intelligence solutions include a deep-dive exercise wherein businesses unearth the finer points relating to their competitor’s business plan including their customer base and the markets in which they serve.

When it comes to your competition, the more you know about what they're doing now and what they're planning to do in the future, the better decisions you'll be able to make. Request a free proposal to know more about our competitive intelligence solution.

Competitive intelligence in the retail industry

As companies in the retail industry fight for the biggest chunk of the market share, competitive intelligence services can be leveraged to gain a complete picture of the competition’s front end, back end, logistics, supply chain, and marketing strategies. Experts at Infiniti Research believe that competitive intelligence is already revolutionizing the way retailers plan and execute their strategies. Here’s how competitive intelligence can benefit companies in the retail industry:

Competitive intelligenceIdentify new market opportunities

When retailers identify the rival’s weaknesses by leveraging competitive intelligence solutions, it helps them instigate ideas to fill these gaps through product or service improvement and other innovative ideas to enhance customer service. Competitive intelligence can help companies in the retail industry to identify untapped opportunities and thereby solve customers’ unmet needs. Conducting regular competitive analysis will give retailers a clear idea of the areas of improvement in terms of product or service performance, company policy, and customer interaction.

Analyze market trends

In order to survive successfully and beat the market competition, it is imperative for retailers to be aware of the latest market trends and analyze what their counterparts in the market are doing to stay in the game. By using competitive intelligence solutions to learn about other businesses, technologies, and the buzz in the market, retailers can discover the market trends that have the potential to garner more customers and increase sales. Competitor research gives retail companies a chance to learn about how the marketplace runs and understand the spending culture of customers in a particular market.

Enhance product offerings

Using competitive intelligence tools, retailers can monitor their competitor’s product features and pricing strategies. Through this they can understand the ebb and flow of their SKUs’ pricing across the industry. By keeping a close watch on the competitors’ product offering companies in the retail industry can determine the ideal mix of SKUs to offer and identify potential opportunities for improvement.

Better decision making

Knowing what the competitors are doing makes it easier for retail companies to plan their next move. Retailers will be able to stay competitive if they can anticipate what similar companies are planning. The competitive intelligence information may confirm that the current direction will keep them competitive. In other cases, they may realize they need to steer the company in a different direction based on what competitors are doing.

Not sure on how to gather your competitor’s data? Request more information to know how our competitive intelligence service can help.

Internal benefits of competitive intelligence analysis in retail

Benefits for the marketing team

The data gathered about the competitors’ marketing efforts, whether that be content marketing, events, social media, messaging, or A/B tests, can be used to improve and implement innovative marketing initiatives. By collaborating with the product team, the product marketers can craft powerful messaging strategies to assist with upcoming product launches or other marketing initiatives.

Benefits for the sales team

The information that is obtained from the competitor’s sales teams, and products can be leveraged to improve the company’s sales collateral, demo scripts, and other sales processes. If the information gathered is turned into sales battlecards or competitor profiles, the sales team will be well equipped with the information needed to turn competitor data into actionable insights. Furthermore, this can give the sales team the competitive edge that they need to close more deals.

Benefits for the product team

Retailers can improve their product offerings by gathering information about competitors’ products through their websites, customer reviews, and online forums. The product team can analyze the specifications of the competitors’ products, how they work, and what people like (or dislike) in order to make improvements to their own products.

Top companies across industries use an external partner to gain better data insights and report positive results from that decision. Don't have time and expertise to undertake competitive intelligence on your own? Get in touch with our experts now!

How Can Business Intelligence Solutions Benefit Companies in the Transport and Logistics Industry?

Challenges such as increasing compliance complexities, growing competition, volatile fuel costs, and constantly-evolving consumer demand have made it difficult for companies to sustain profitability, let alone expand their market presence. This has taken the tension between maximizing profits and cost-cutting to a new fever-pitch. With the increasing competitive pressure, companies in the transport and logistics industry have been forced to walk the tightrope of delivering a consistent brand experience and balancing price competitiveness. However, growing material and labor costs coupled with market volatility have made it difficult for companies to sustain profitability. This has compelled leading companies in the transport and logistics industry to focus on leveraging benefits of business intelligence solutions for developing effective strategies for growth.

At Infiniti Research, we understand the impact that business intelligence and analytics can have on your transport and logistics business. And to help companies in the transport and logistics industry excel in the competitive market landscape, our team of experts has highlighted the key benefits of business intelligence solutions for companies in the transport and logistics industry.

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Business Forecasting

Top 3 Ways Competitive Intelligence Can Drive Your Marketing Strategy

In a transitional world, brands are defined by the content they create and understanding what content is resonating with your competition is critical to the success of your business. Moreover, having a solid understanding of your competitors and how you differentiate yourself and your business paves the way to success. Being cognizant of your similarities is very important, especially when it comes to your marketing strategy and your consumers. This is where competitive intelligence helps. It acts as a key to sound market research and helps identify your niche. Competitive intelligence enables you to fine tune your content on what works for your market based on the successes and failures of your competitor’s content. Furthermore, it provides insights and intelligence on what is needed to thrive in the ever-changing world in which we work and live. In this article, we have talked about some of the effective ways competitive intelligence can drive your marketing strategy and boost your ROI.

How can competitive intelligence drive your marketing strategy?

#1. Competitive intelligence helps in analyzing the content that resonates

If there are too many players in your marketplace, there is a lot of information that you can tap into to create a solid marketing strategy. Competitive intelligence helps you to identify what works for your target market. It helps in researching your content and makes your experiment more focused and the learning curve less steep. It also aids in unveiling the content that drives the most engagement. This way you can design your marketing campaign better. 

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#2.  Competitive intelligence aids in examining the pricing that adds value

Competitive intelligence helps you understand the pricing regime in your industry which allows you to deliberately pitch yourself as a credible alternative. By knowing what the top players in your industry charge vs their services vs customer loyalty, you canGet More Info gain actionable insights into what the market values are and their existing business models.

#3. Competitive intelligence assists in formulating sales strategy that works

Sales strategy is perhaps the most crucial aspect to the success of any business. Competitor intelligence helps you to understand what your competitors are offering. This further paves the smooth way of engagement with the existing customers in your industry. This is also sometimes called a competitor displacement strategy. Acquiring new customers will also be easier if you spend time studying the successes and failures of your competitors.


Want to know how Infiniti’s competitive intelligence services can help you gain smarter insights and take real-time decisions? Contact us now!

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3 Ways in Which Competitor Analysis Can Help Companies in the Packaging Industry to Expand Consumer Reach

Undoubtedly, the packaging is one of the most lucrative industries with immense growth potential. But the market share is not evenly distributed, and smaller suppliers are usually struggling to compete with larger suppliers due to their wider reach and presence across a wide variety of sectors. This helps them to undercut on products without having to compromise on their overall profit margins. Therefore, it can be said that it is a tough, competitive landscape for smaller packaging companies but, nonetheless, there are various competitor analysis tools that can help them take on the big players in the industry. This is where developing a competitor analysis framework plays a very significant role. Packaging companies, With the aid of competitor analysis, can adjust their own prices Get More Infoaccording to industry standards, boost brand loyalty, and identify up and cross-selling opportunities. In this article, we have explained the three ways packaging companies can improve their customer relationships with competitor analysis.  

Benefits of a Competitor Analysis Framework  

Adjust your prices accordingly

In today’s competitive market, even the smallest difference in price can turn a loyal customer into the competitor’s new acquisition. Packaging is a cost-driven market and customers in this industry are in the dollar seat. If there is news that one particular supplier is offering cheaper goods elsewhere, customers will undoubtedly move on. Therefore, without the right competitor analysis framework to help you assess the buying behavior of customers, your response time will become slow and you’ll lose your customers. So, it is very important to take complete advantage of technology to gain greater insights into the health of your business to make you act decisively and fast.

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Benefits of Competitive Intelligence Services That You Can Never Ignore

Running a race blindfolded is never easy and getting to the finish line is even more difficult. You could say the same thing about an organization that doesn’t use effective competitive intelligence services. A company that is not able to analyze and monitor what is happening in the world outside the business is very similar to a blindfolded runner who can’t see hurdles, changes in direction, or other runners in his path. Competitive intelligence services help gain a real-time view of your competitive landscape. These services focus primarily on the competitors of a business. They also help record the competitive actions in the market and observe and analyze the data to derive effective conclusions. With the help of competitive intelligence services, companies can keep a track of the past activities of their competitors, which further helps them to forecast the activities of the future. This aids businesses to formulate proper business strategiesAsk An Analyst_IR and improve the financial operations of the businesses. Thus, businesses never lose the vision of their goals. We at Infiniti, have discovered are a few essential uses of competitive intelligence services that no business can avoid. (more…)

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