A business’s success largely hinges on how it handles its competition. Can the business outshine its competitors in strategy? If yes, then it’s likely to become successful. Competitive intelligence (CI) encompasses the collection and analysis of information related to your competition. This includes proactively identifying the strategies they are implementing, which of their methods gives back the best results, and how they gain their customers. According to NetBase Quid, a company that can exploit competitive intelligence fully gets a step away from realizing unprecedented success.
Why is CI critical?
Through competitive intelligence analysis (CIA), the business will identify its competitors’ strengths and weaknesses. This insight will allow it to develop ways to stand out in the market to make it easy for the consumers to identify its brand. Additionally, the company can create better marketing campaigns that are more effective by learning from its competition’s successes and failures. This means that the business can develop a perfect strategy for success that’s free of mistakes that might curtail its progress.
The best CI tools
NetBase Quid pointed out that there two main CI tools that yield the best results for businesses. These are SWOT analysis and Win-Loss analysis.
SWOT analysis is a popular CIA tool employed to identify the internal and external factors influencing a company’s success. Thus, the business can familiarize itself with its weaknesses and take action to turn them into strengths, take advantage of the available opportunities, and make the company more stable. SWOT analysis involves identifying:
Strengths: The strengths of a business are its advantages over its competition. It’s crucial that you also see from the perspective of your customers what your company has as its most vital assets.
Weaknesses: Your weaknesses as a company are what put you at a disadvantage and make you lose sales. Knowing your weaknesses will enable you to understand what you need to do to perform better.
Opportunities: What engagements or windows do the company have that will benefit it? These are its opportunities, and leveraging them will allow you to have a competitive edge.
Threats: These are outside factors that a company has little or no control over that can hurt its operations and performance. These include technological change, economic downturns, and supplier prices increase.
This competitive intelligence analysis tool enables a company to understand its sales numbers and performance from its customers’ perspective. This involves engaging with existing customers and also previous customers who might have left due to dissatisfaction. This helps the business familiarize itself with its current prospects and what it can do to improve them.
How to conduct a Win-Loss analysis
- Identify your ongoing rate and Win-Loss ratio
- Determine your Win-Loss analysis goals
- Approach suitable interview candidates
- Specify the logistics of the interviews
- Create a questions list
- Pick the interviewer and prepare them
- Do the interviews
- Compile the findings, share, and act on them
- Choosing between a SWOT analysis and Win-Loss analysis
There is no better competitive intelligence tool between a SWOT analysis and a Win-Loss analysis because they focus on different areas and deliver different results. As a business looking to engage in CI, it’s best to go with both tools. This will allow you to get comprehensive feedback that will enable you to develop an all-round action plan for the best results.
About NetBase Quid
NetBase Quid is an industry-leading social analytics company that offers a trailblazing platform where businesses can pursue all their social analytic needs. This platform provides various tools that address social media listening, competitive intelligence, and many other social analytics needs. In the years that the company has been in operation, it has risen to serve world-class companies like Coca-Cola, Lloyds Bank, and Warner Brothers.