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How to Use Competitive Intelligence In Setting Your Strategy
Sales Win Loss Interviews
Competitive intelligence solutions have become increasingly popular as companies look for an edge against their competition. While competitive intelligence means different things to different people, its ultimate goal is to help businesses make smarter decisions and improve performance. Below are a few of the top competitive intelligence products and services that your B2B sales team can benefit from:.
Gathering Competitive Intelligence
However, competitive intelligence should be an ongoing effort , not a one-time snapshot, even in small and medium sized companies. According to the Strategic and Competitive Intelligence Professionals SCIP , competitive intelligence is the legal and ethical collection and analysis of information regarding the capabilities, vulnerabilities, and intentions of business competitors. Inform your B2B marketing strategy — What competitors are doing, and likely to do, impacts how, and even if, you should enter a new geographic or vertical market, or dedicate resources to expand existing market share. Competitive intelligence impacts what your marketing strategy should be. For example, a marketing plan for a new geographic market should include an overview of active competitors or those likely to enter. Based on this, your strategy might be to focus on existing customers with operations in the new geography. Provide insight to sales — An overview of the competitive landscape and specific competitor profiles provide insights and a deeper understanding for the sales team that they can use to be more strategic and to more quickly on-board new reps. Knowing competitor claims and pricing helps sales respond better to win deals based on value , not just price.
Competitive intelligence took off in the US in the s. Understanding the strengths and weaknesses of competitors is critical in determining a business strategy. A profile of competitors is required for product planning, pricing, strategy and acquisition policy. Competitive intelligence CI is, as the term suggests, market intelligence that is focused on finding out as much as is possible about business competitors. All companies face some level of competition. Given time, a considerable amount of intelligence can be obtained on competitors.