When and how to implement competitive intelligence in a startup?
One of the reasons why some companies make it to the top and claim their profits is adequate efforts put in the research and competitive intelligence. Market research is tactical while competitive intelligence is strategic in nature. Competitive intelligence is one of the differentiating factor that defines the long term success of a startup.
Most of startups, SMEs entering competitive markets thinks, the approach for market research as a strategic business functions. But CI is far more than just strategic function it provides critical information about the competitors, customers and other business environment factors.
Whether it a startup os established business, business owners need to prioritize CI as a major business functions strategy. CI helps to gather important data to help answer the following question:
a) How to compete in an ever changing market climate ? b) How to identify competitor strengths and weaknesses? c) How to gain information about the opportunities and threats prevailing in the market? d) How to device marketing, growth and conversion strategies?
In all competitive intelligence helps to synthesize insights about the rivals and helps to define market segmentations and map out gaps in the market. Hence competitive intelligence is an important tool for scanning the marketplace, so that the efforts are in the right direction.
Also in the case of a startup, breaking into a new market against existing players can be a little challenging. So it is always advisable to gain information about the competitive landscape and drive business growth with competitive intelligence with:
a) Sufficient product information b) Marketing Tactics c) New Opportunities
Hence the benefits of applying competitive intelligence seem quite clear and advantageous for both customers unmet needs and the business owners.
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