Two Questions That Provide Competitor Intelligence Statistics
Competitor intelligence statistics might 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.
To start gathering competitor intelligence statistics, you need to answer two questions:
How Do You Identify Your Competitors?
How Do You Determine Your Competitors’ Intelligence Statistics?
What Businesses Comprise Your Competitors?
Before you actually start gathering competitor intelligence statistics, you need to identify your competitors.
So you’ve to know which businesses are your competitors. Your competitors usually include more businesses than you think.
Now don’t answer this question quickly. Give it some serious thought and research before you begin gathering competitor intelligence statistics.
If another business is meeting the same customer need that you meet, then they’re competing for that customer’s money.
For example, if you are an online marketer selling information products, you might think that only other online information marketers are your competition. But any kind of information seller, no matter where the information products are marketed, is a competitor.
When you identify your competitors, then you are ready to start gathering competitor intelligence statistics:
List your competitor’s officer names,
Determine each competitor’s perception in the market,
Identify each competitor’s key product,
Determine each competitor’s total percent of business sales from that product,
Note whether the competitor is public or private,
Determine how many shares, that public corporation competitors still own,
Determine the value of each competitor’s present shares,
Find out how much cash each competitor reserves.
Reveal each competitor’s venture backing,
Learn who the lead investors are for each competitor,
Provide each competitor’s last two year’s sales,
Compute how those sales have effected each competitor’s percent growth, and
Locate each competitor’s primary sales channel.
After learning all this information, you’ll be well armed with competitor intelligence statistics.
What Are Your Competitors’ Intelligence Statistics?
Once you’ve determined your real competitors, you’re ready to begin accumulating even more detailed competitor intelligence statistics.
You need competitor intelligence statistics on:
Each competitor’s price for the competing product or service,
How well each competitor’s product is made or service is provided,
How well each competitor serves its customers,
The number and types of products sold by each competitor,
How each competitor distributes products,
The percent of the market that each competitor holds,
How much profit each competitor makes,
And any other statistics specific to guide your business decisions.
To easily visualize the results of all your research, list each competitor and rank each by each statistic with:
1 for an extremely weak competitor, to
10 for as very strong competitor.
If you take this approach to using competitor intelligence statistics, you can find the ideal opportunities for your products and services. So start today gathering your own competitor intelligence statistics.
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