While the old saying that what you don’t know will hurt you is true, the converse is even more powerful. Power comes with knowledge and your business will go to new heights when you take advantage of what you do know. Your key to success is continual intelligence gather to gain a competitive edge.
Your competition is defined as the companies in the marketplace who are after the same target group of customers as you are with similar products or services. In fact, if they do their job right, no one will come knocking at your door looking to buy from you any more.
You have to go way beyond understanding what the competition is doing right now to have good competitive intelligence and online survey software can be a great help. When you are gathering information correctly, you’ll know which areas of the market they haven’t got a plan for. Know this and your company will gain market share and have a strategic advantage when it comes to in-house innovation.
Establish Solid Customer Connections
Your customers are more knowledgeable about certain aspects of your industry than you are. They know which company has the best prices and which ones have stellar customer service.
That’s because customers take the time prior to every purchase to compare and contrast what is available from you and your competition. When you remain connected with your customers, you will be better able to meet their needs and deliver the best product or service on the market.
Knowing what your customers want even before they know what they want means that you can feel a need before anyone else does. Your customers will start turning to you to solve their problems since you always seem to have a solution.
Don’t Waste Information
There are tools available that will help you to share and consolidate information across the organization to every team within the company. Perhaps the product design issues that your engineering team has been grappling with will help your customer service when they talk during sales calls.
Control The Competition
As your insight into your competition grows, you will soon be able to find spaces in the market that no one is serving. You’ll get a chance to provide a solution for a problem that no one else has been able to identify. Tools such as Questback’s can help immensely with this.
A case in point is the iPad from Apple. No one even knew that everyone wanted a device that was portable but packed with graphic power. They didn’t look at what customers wanted, they looked at what they needed.
When you take the time to understand your competitors, you’ll earn the advantage. However, understanding your customers will earn you the edge.