The gold standard of research information is competitive intelligence, without a doubt. It is what you do with it, however, that makes all the difference. That is why it's imperative that you operate more than just as a collector of information, and leverage these competitive intelligence insights to take actionable steps to seize opportunities. Being able to spot risks and opportunities before they strike is key to being agile and competitive, and creating fluid business strategies that directly address this.
Here are the top steps you have to take if you want to turn Competitive Intelligence into actionable recommendations:
Impact on Product Development
A robust product strategy stands on the pillar of data driven competitive intelligence; however real value comes when those features and functionalities insights are turned into correct actions.
Using alternative solutions' analysis should enable a competitive differentiation strategy and distinguish the company’s offering from competitors in the market, by changing your product roadmap. When you focus on their technological deficiencies you can create a set of FUDs that should impact your products planning.
Perfecting Sales Pitch (Battle Cards!)
Competitive differentiation focuses on sales, marketing, technology, cost structure matrix, and other vital areas. The goal is to identify and exploit comparative advantages while addressing areas needing improvement.
Competitive intelligence is key tool in creating the perfect marketing collaterals and pitch deck. Any sales team wants actionable, timely, impactful collateral to support them in a competitive deal, especially when handling objections. If the sales team can leverage competitive sales enablement materials, there is an increase in your competitive win rate and, ultimately, an increase in revenue.
Battle cards provides comparative advantage analysis to any division dealing with product development, strategy, and marketing. For instance, the sales or customer handling team can refer to these battle cards while on a phone call with a prospect. A compelling battle card has a combination of tactical and strategic information. Information such as basic information about a company, landmines, win/loss stories, current events, pricing, and customer handling situations can help any employee at any level of the company to cope with any similar situation that happened before or can handle any situation which is in line with the previous situation.
Adjustments in Competitive Pricing Strategy
Redesign your pricing and packaging based on how you stack up against your competition. If your competitors are winning more business due to certain elements within their pricing and packaging structures, adjust yours to be more competitive.
One of the most important actionable insights provided by competitive intelligence differentiation is price-to-win analysis, also recognized as competitive pricing. This process works to find the sweet spot between a competitor’s behaviour, profitable price, and the buyer’s aspect of the solution. This process aligns a seller’s strategy with the buyer’s needs while differentiating their solution in a competitive situation and helps turn competitive intelligence into actionable insights.
Social Media Intelligence Leads the Way
There are many elements of success in a marketing strategy. Today marketing strategy social media, media driven. Competitive intelligence helps fill gaps by analyzing competitors’ strategies, content strategies, and the quality of the content.
With the help of this competitive intelligence, one can improve their social media reach by looking at their social media posts and engagement and monitoring which platforms their competitors use to build a successful approach.