When you search for companies’ in-house information, it can be difficult to source reliable data about your business competitors. However, the process can be made simpler with a few tips and strategies.
What is Competitive Intelligence?
Competitive intelligence concerns itself with what rival businesses are doing to steal business away from competitors. This means strategic planning, thinking, and research are needed to ensure you gain customers’ time and money, without having to worry if another business is taking your clientele. In order to succeed in gaining a profitable amount of market share, it is important to know how your competitors operate and what the driving force behind any given company is, before deciding what its weaknesses are; this is where good research comes in, and it helps to have a good look at the competitors’ websites and plans, as well as advertisements and reviews given by customers.
There are many services for analysing reports and researching websites to track competitors’ documents and progress. Useful information can come in the form of tracking market share and budgets, as well as identifying what consumers are saying about a product or service. These insights can lead you to examining your own services – could they be better presented or offer greater value for money?
Once you can assess your competitors’ marketing strategies, how they currently operate, and the outlook of various companies, you can determine how to best increase your own market share.
Using Strategic Intelligence in the Market
Strategic Intelligence concerns itself more with a competitor’s future and their long-term goals. Here, the long-term goals involve what the company plans to offer its customers, therefore it helps to learn about the types of people the service is catered to and the suppliers needed to operate the business. It is important to see how a company can grow to provide a service for more people, so identifying whether or not there is a widespread audience who need such services. Again, it helps to look on a company’s website to get a feeling for what direction the company may be headed in.
To gain further information, some people employ counter-intelligence, which requires information technology to crack the competitor’s long-term goals and company secrets. For small businesses, counter-intelligence is most often unnecessary, as using tools such as a search for companies’ in-house information at Duedil, is sufficient.
Increase Your Market Share
When running a business, it can be difficult to plan what direction your company should be headed to, and how best to cater services to a wider clientele. Knowing what competitors are up to while using sufficient research and planning can open the doors to a wealth of knowledge that can help a business increase its market share, thereby paving the way for success.
Know that you know how to search for a company’s in-house information, you can give yourself a better chance to understand how the companies you’re curious about operate.
Guest post provided by Duedil
Company house information image from Shutterstock