Most successful business owners know that have as much information about potential customer as possible is beneficial. If you are looking to take your own company to the next level, you should be focusing on not only your customers, but your competitors as well.
Gathering market intelligence on your competitors can help you improve your position in the market. Here are three types of market intelligence that you should be analyzing when it comes to evaluating your competitors in the future.
1. Organizational changes within a competitor's company.
The way in which a company is organized can have a profound effect on productivity. If changes to a business structure are not managed properly, that business could lose its established place within the market.
By knowing when your competitors are making organizational changes (and the types of changes they are implementing), you will be in a better position to increase sales and gain recognition within the marketplace while these changes are occurring.
2. Planned product launches.
Having an understanding of your competitors' product lines can be beneficial when it comes to releasing new products of your own. A lot of excitement tends to be generated when a new product hits the market, and product launches can be a great way for companies to help improve their position within the market.
If you are planning to use a product launch to attract new customers, it's essential that you time your launch around any product launches your competitors may have planned. This ensures that your launch will not be in direct competition with another, allowing your company to maximize the potential benefits of a product launch in the future.
3. Scheduled promotional activities.
It's not uncommon for companies to schedule promotional events and sales over the course of a year. Taking the time to research when your competitors plan to launch their promotions can help you avoid financial losses during these discounts.
Coordinating your own promotional activities with those of a competitor ensures that your products will be competitively priced in the minds of consumers. You will avoid losing potential sales due to discounts being offered by a competitor when you take the time to gather information on your competitors' planned promotional activities.
Gathering market intelligence on your competitors can be a beneficial way to protect your own company from financial loss. Understanding your competitors' organizational changes, product launches, and promotional activities will help you become more successful in the future.
For more information, contact a company like Customer Foresight Group, Limited market research company.