Competitive Intelligence: Resource for Tech Business Long-Term Survival
With the rapidly evolving nature of today’s technology it’s vital that tech companies think a few steps ahead to ensure long-term survival. Gathering customer and competitor information should be a continual process for businesses, regardless of their size or longevity in this marketplace.
Once this information has been sourced a business can analyse and put specific strategies into action that will strengthen the service they offer and hopefully entice additional customers.
Why you need competitive intelligence
Obtaining competitor information is one of the best ways to understand not only the other companies your own company is up against but also to help you set a plan for the future. If you understand your marketplace fully you can set pricing, target specific customer bases and even consider diversifying your products and services. Your tech company has to keep the clients they have but also has to entice new ones even if that means attracting your rival’s customers. Thanks to the internet it’s no longer just staying ahead of the high street traders but also levelling the playing field with overseas businesses.
The lowdown on the competition
There are plenty of simple routes towards obtaining the information you need to improve your business potential. Undertaking a director search will enable you to find out the strengths and weaknesses of your rivals, including their financial data. You can also check press reports, advertising, search for products and services that are similar to your own as well as checking out those business directories. All of the information you gleam from these sources can be analysed but you do need to ensure you have obtained the right data.
What to look out for
Information that you will need includes your competitor’s products and services output as well as their pricing details. The venues they use to target their customers as well as their customer loyalty packages and after-care policies should also be sourced. It’s also important to check customer feedback as this is where you can uncover both positive and negative issues faced by your rivals. A search for new products to be unveiled in the marketplace should also be undertaken to ensure you’re not faced with any surprises over the long-term.
Social media research is vital
Tech companies especially will know how important social media and networking is in today’s business world. Social networking sites, company websites and business blogs are some of the best places to pick up information on similar companies to your own. These online portals can also provide a great deal of information on products, pricing, customer feedback and target audiences. There are plenty of free software tools on the market such as social trackers that can provide you with customer demographics as well allowing you to compare your traffic against other companies.
Once you have analysed all of the information you should be able to set in place improved business strategies to give you an advantage over the competition. This won’t happen overnight and collecting this type of intelligence is an ongoing process. But being able to provide and promote a highly completive service will attract new customers as well as helping to keep the ones you already have.
Image by Martin Terber, used under the Creative Commons license.
