Competitive Intelligence isn’t just for mega-corporations. It can assist practically any business to compete better, grow faster and make more profit.
Depending on the industry and your situation, we will select one or more analytical techniques to understand your competitive environment.
Here’s a brief overview of the techniques we may implement on your behalf.
Also known as the Five Forces Model and created by Harvard’s Michael Porter, Industry Analysis provides an excellent framework for analysing the current state of play in an industry, and exposing opportunities (some would say “imperatives”) for action to strengthen a company’s competitive position.
A properly-conducted industry analysis can take many weeks to prepare and execute but the benefits (read: maintained or increased profitability in the face of competitive pressure) can last for several years, paying back hundreds of times the investment.
You have, by now, undoubtedly heard of SWOT Analysis. But many people’s experience is to have been in a group with a consultant simply listing off strengths and weaknesses on a whiteboard. At the end of the session no new insights were delivered and no new actions agreed.
Our proprietary version of a SWOT Analysis typically follows detailed market and competitive analysis, so that the workshop we lead is a strategic planning session. The goal is to determine how to use actual (not simply perceived) strengths to maximise opportunities and counter threats, while at the same time creating a plan to mitigate weaknesses.
The result is a detailed study of your business with direct real-world applications for your business.
Determining your competitors’ strategic options is an essential component of competitive intelligence. This analytical tool maps their strengths and weaknesses, with a view to producing an offensive and defensive action list.
Fully implemented, it involves employing a number of observational, secondary and primary research (face-to-face) techniques to form a comprehensive picture of your competitors’ strategic position.
Interpretation of the gathered information produces insights into what their next moves are likely to be, what their likely reaction to your next moves will be and what weaknesses can be exploited.
Customer Value Analysis.
Arguably falling under the definition of Market Intelligence, CVA is designed to ensure that current and future iterations of your product or service set deliver more value for money than competitive or substitute offerings.
The desired result is achieved through one or more intelligence-gathering efforts including personal interviews with customers, product previews, focus groups, surveys, test marketing and win/loss analysis that examines why a customer defected from or to a competing product or service.
No matter which analytical techniques are selected, the intelligence effort concludes with a comprehensive exploration of the findings and recommendations in a workshop for your leadership team.
Our services are available as a standalone activity to increase your competitive position or as part of a comprehensive profit growth programme. To talk about how we could help you compete better and make more profit, let’s talk on 1300 36 20 27 or submit an enquiry.