Competitor intelligence statistics may sound too difficult to acquire. But with the tips in this article, you'll learn to gather information to give your business a competitive edge.
You start by answering two important questions:
Who Are Your Major Competitors?
What Are Your Competitors' Intelligence Statistics?
Who Are Your Major Competitors?
Before you actually start gathering competitor intelligence statistics, you need to identify your competitors.
This requires that you identify your competitors by answering the question "Who are your major competitors?"
You need to really think about what your business does before you start listing competitors.
If another business is meeting the same customer need that you meet, then they are competing for that customer's money.
If you are a carpenter making cabinets, your competitors are more than just other carpenters. Any business that makes storage units of all kinds are your competitors.
Once you've made a list of all your competitors, you need to gather competitor intelligence statistics that:
Get a list of each competitor's officers.
Learn how every competitor is perceived by the market,
Identify each competitor's key product,
Uncover how that product contributes to each competitor's total sales.
Determine which competitors are incorporated and sell shares,
Note how many shares are outstanding,
Determine the value of each competitor's present shares,
Find out how much cash each competitor reserves.
Determine the venture capital invested in each competitor,
Learn who the lead investors are for each competitor,
Determine how much each competitor has sold in the past two years,
Translate those sales figures into percentage of growth for each competitor, and
Determine the channel through which each competitor makes most sales.
When you have gathered these competitor intelligence statistics and information, you will have a good understanding of your major competitors.
How Do You Determine Your Competitors' Intelligence Statistics?
After identifying your major competitors and acquiring a wealth of information about them, you now need more in-depth competitor intelligence statistics.
You need competitor intelligence statistics on:
What each competitor charges for the service or product that competes with yours,
How good each competing product is,
What kind of customer service each competitor provides,
The product range carried by each competitor,
How each competitor distributes products,
The market share captured by each competitor,
The amount of profit attributed to each competitor,
And other statistics that provide you with insights about your competitors.
Now include the statistics for each competitor in a table and assign a ranking to each using:
a one to represent a weakness for a competitor, or
10 for as very strong competitor.
The more competitor intelligence statistics that you gather and analyze, the more competitive you can make your business. Start now and give your business a competitive boost.
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