How to Make Competitive Intelligence Your Competitive Advantage

How to make competitive intelligence your competitive advantage

We’re consistently amazed at how many business owners admittedly don’t know who their competition is, or go to the other extreme and claim that they have none. If that’s the case, you should have 100% of the market share, right?

Everyone has competition, even if indirect (in-house services, online services, economy, fear, etc.) Furthermore, if you spend all of your time thinking only about your primary competition (real or perceived), another company or product might swoop in and beat you both out. When companies get tangled up in rivalries, they often miss out on more important things (while Coke and Pepsi were battling it out, they failed to cash in on the arrival of energy drinks — Red Bull is now the most popular soft drink in the world).

The best way to counter your competition, is to identify who or what it is, what they're claiming, and ask yourself, "Do we do it differently? Do we do it better? Will our customers value the distinction? Can I prove it? How?"

It boils down to three basic steps:

  1. Gather data from a bunch of different websites
  2. Analyze the data
  3. Interpret the results

The problem is, it tends to be a tedious, time-consuming process woven with endless opportunities for distraction — particularly as half of the relevant information will be buried under the noise of the internet.

So if you don't have the team to do it for you, identify humans or bots that have the resources to conduct competitive research that will help you make informed decisions about how you position and market your business in relation to your competition. It doesn't mean that you'll emulate them. On the contrary, being aware of what they're doing will enable you to confidently create your own unique position in the marketplace and in turn, be the one that stands out in a crowd and the one customers seek out most.

If you need help getting a leg up on the competition, contact us: info@incitecmo.com.