A competitive analysis gives you the ability to identify your competition's strengths and weaknesses, create more effective marketing and conversion tools and grow your business. "Victory comes from finding opportunities in problems." Sun Tzu
Understanding your competition benefits your business significantly. Learn How!
Common questions, concepts and focus. Grow your business, refine your business!
Find out everything about your competition and learn more about the long-term benefits
NOT A BUSINESS NEED - IT IS A NECESSITY!
A competitive analysis, or a competitive intelligence (CI) analysis, is an important undertaking for any business. It gives business owners an understanding of how their company stacks up against its competitors, and provides them with insight into what they can do better. The goal is to present information in a way that allows businesses to make smarter strategic decisions based on concrete data rather than hunches or guesswork.
The importance of a business doing an analysis of all of its competition cannot be understated. By looking at the competition’s business operations and marketing efforts you can figure out what you are doing better and worse than your competition and adjust accordingly - it gives you an in-depth knowledge about your competition. By understanding what your competition does well and how they are doing it, you can also come up with new ideas to make your products or services even better than it already is. A properly performed competitive analysis will give you significant insight on both the internal and external factors within their businesses. You will learn why they are succeeding or failing - both things you desperately need to know.
If properly performed, you will gain significant insight into what their business does both internally (operationally, pricing, employee happiness etc) and externally (marketing, PR, advertising, etc). It allows you to understand how your company stacks up against competitors and gives you an overview of what they are doing better or worse than you. The sheer amount of content online if properly researched and analyzed gives you the ability to truly understand what your competition is doing, what they are not doing and what their weaknesses are. Most importantly it can tell you where you need to improve your business operations or marketing and sometimes even the entire focus of your business. Amazon started off as an online bookstore - analysis showed it a clear picture of a much larger opportunity and they chose to follow the data. It is important you follow the same concept for your business in order to sustain growth and maximize profitability.
It is important to note that a competitive analysis is important both for small and large companies - along with startups or businesses that are 15 years old. The main reason is because it gives your business the best opportunity to succeed both in the short and long term. It also is vital in protecting your business because you learn firsthand what your competition is and is not doing. In addition, a competitive analysis will help ensure that your business is taking advantage of its opportunities while still managing risk. In order to conduct a good competitive analysis it is important to understand your business goals in the short and long term. It also is important to write down ahead of time what you think your business strengths are and what you think your weaknesses are.
We have all seen the stories of companies unwilling to adapt to the ever changing market in their specific industry. A well thought out and analyzed competitor analysis gives you the insight you need in order to understand your competition, predict their next move, adapt your marketing to increase brand awareness and understand your weaknesses compared to them. They are likely doing the same to you and trying to figure out your weaknesses in order to exploit those in their marketing, indirectly of course.
As an example, one company was notorious for always running late with their appointments. Their competition after a thorough analysis figured this out and began an advertising campaign guaranteeing to be on time or early for all their appointments. They furthered this offer by promising free services if they were not on time. Their business grew dramatically because of this one very small yet important detail while the other companies business dwindled.
Your competition knows your weaknesses or will wise up to them eventually - a competitive analysis will give you insight into their weaknesses, but also your weaknesses. This allows you to focus on improving those issues while trying to figure out how to market your product/service better than your competition.
There are numerous goals of performing a competitive analysis and they are different for every company. When you meet with SayWhat Consulting we will go over your specific goals along with giving you our recommendations. Obviously the primary goal is to improve your business. Here are five common goals but please keep in mind this is just the start of the list.
1. Understanding Market Conditions - It is important for your business to understand the overall conditions of the market you are in for your specific company. This will analyze the current and future predicted trends in order to create a strategy that fits best with what the market conditions demand. This helps you stay competitive in both the short-term and long-term with what your industry expects to happen over time. We will analyze both your specific geographic market and also the national trends as well.
2. Identification of Competitors - An analysis of competitors is an essential part of any competitive analysis because it allows your business to identify who your true competitors are instead of all of those who can potentially compete against you. This will be discussed further in the next section.
3. Identify YOUR business strengths and weaknesses - A competitive analysis allows you to identify your unique strengths and weaknesses that will allow you to improve in these areas. This makes it easy for a company to focus on what they do best but also focus on improving on areas that need help in order to grow your business. Business owners always believe they understand all facets of their business and competition. Business owners that are willing to learn and adapt always see more profitability and more business growth.
4. Identify the strengths and weaknesses of your Competition - This is self-explanatory but knowing what your competition does well, does poorly and everything in between can and will help your business grow. It really is as simple as that because it allows you to make educated decisions about your businesses growth strategy along with knowing how to exploit their weaknesses in order to gain more business.
5. Educated Marketing Decisions - A business cannot make educated marketing decisions unless they know what their strengths and weaknesses are and how they stack up against their competition. It is also easy to find out what marketing is working for them and what is working for you. One of the most important things usually gained from analyzing your competition is new segments that you have not yet identified. There are thousands of marketing companies out there and most have unique ideas and certain strengths - analyzing what others are doing might give you a new marketing idea that will generate a new source of revenue, new type of client or even a brand new service.
As mentioned before there are numerous goals and it is company specific - the 5 mentioned above are just a few of the common ones - of course using SayWhat Consulting our competitive analysis will be 100% focused on your actual business.
This is one of those simple methods that most businesses choose to overlook. We have multiple dozens of metrics we evaluate just like this when we perform a competitive analysis for your business.
ONLINE REVIEWS: Online reviews give extremely valuable insight into your business but also into your competitions business. Online reviews are blatantly straightforward and you can review all of them and develop common themes. For example, in evaluating a random company, you can evaluate their reviews and give them certain scores for certain subjects. After doing this for dozens or hundreds of reviews patterns always immerse. There will be common themes of both positive and negative reviews that can give you very real insight into your competition. If not returning phone calls is a common theme, then you know they likely are very busy or poorly staffed - but you know for sure they are not focused on clients and closing leads. What changes to your business would you make? How would you change your marketing based on that one simple fact? There are numerous immediate changes that we would recommend that will increase your business revenue. We do this for dozens of categories and can help you - based on real data develop specific marketing plans to increase your volume of clients by beating out your competition.
This is just one sample of many ideas, however it is important for you to understand the valuable information out there that you can use in order to improve your business.
It is important that you have a full analysis done at least once a year; however we feel that it is much more beneficial to do it twice a year. The main reason for this is because the world of marketing and competition evolves so quickly which can make certain things outdated a few months later. At minimum doing a full analysis yearly is recommended.
You can also choose to perform a less intense and more specifically focused analysis a few times a year focusing mainly on certain subjects, like your competition's online marketing.
This is one of the easier subjects to discuss because you should know who your direct competition is. However, there are two factors that most business owners overlook. The first is that competition can change frequently so it can be a revolving target which makes it more difficult to truly know. The second is new businesses that you do not know of yet. They may look very similar or offer the same service/product as you but their fresh ideas and new business special offers can make them a threat to you especially if they are well funded which is very common nowadays. It is important for every business owner to keep these competitors in mind at all times when conducting research on their industry or planning strategy for their own company.
When SayWhat Consulting performs a competitive analysis for our clients we follow a very specific protocol that has proven to be successful time and time again. The first is we ask our clients who they feel their top 3 competitors are. We conduct the same research as well. We will then focus on our clients top 3 competitors as they see it, the 3 that we chose (if different), one newer company that might be a potential threat in the future and one well known company in the same industry but in a different major market.
We do this for a few reasons. The first is who you think your competition is sometimes is not your largest threat. This is why we come up with our list of 3 as well, to broaden the field. The reason we choose a potential up and comer business is because they still have the hungry start up mentality and likely are using newer methods of marketing or fresh ideas that can benefit you. The reason we choose a similar company in a completely separate market is because every area tends to follow similar marketing techniques. Marketing efforts in Los Angeles are much different than in New York - which means they are using different techniques and likely different marketing agencies. This will give you fresh ideas that are focused on your business and proven in other major markets.
Most business owners don’t conduct a competitive analysis for their business mainly because they are not aware about it even being an option or even a need. In my experience, most entrepreneurs believe that they can do things better than others. By conducting a competitive analysis, they will learn from both success and failures of their competitors and will gain valuable insight into their competitor’s weaknesses and strengths. Not only does conducting a competitive analysis help with current marketing strategies but it also helps with future marketing strategy as well.
There are numerous benefits both in the short and long term for your business. Here are 10 of them.
1. Gives you detailed insight into your competition.
2. Increases your profitability
3. Gives you an advantage over other businesses that don’t do one.
4. Helps identify areas of improvement for current and future marketing strategies.
5. Helps control costs by avoiding mistakes made by competitors
6. Reduces risk associated with new products or services
7. Improves sales
8. Increases Client Retention and Loyalty
9. Gives your business a distinct competitive advantage over your competition.
10. Gives your business the highest chances possible of long term success, sustained growth, maximum profit and happy clients.
We are experts at evaluating competition and figuring out where they are weakest, strongest and exactly how to approach it from a business and marketing standpoint. As expert business consultants we know how to identify strengths and weaknesses of businesses and turn those around. Specifically we have conducted numerous competitive analyses for our clients and the benefits gained are always enormous. Usually the best place to start is getting a free online marketing audit but of course if you prefer just contact us via email or give us a call.
Understanding your competition is imperative for your business growth and sustainability. A detailed and professional competitive analysis gives you the ability to know your competitor's strengths and weaknesses compared to your business and much more. Here are some of the most common questions.
A direct competitor is a company that offers a product or service that directly competes with your offerings. This can be in the form of a product or service that is offered by another company or a product or service that you offer to your customers. This is of course simple to understand but well worth pointing out. There are times when businesses feel like they are direct competitors but after you analyze what they do and their target clientele you realize they are not direct competition. A simple example of this would be a law firm specializing in divorce next door to a law firm specializing in business law. They could work together in certain cases but they would not be marketing to the same clients. On the other side, a simple example of a direct competitor would be a criminal law firm next door to another criminal law firm. They would be direct competitors focused on getting the same clients.
An indirect competitor is a company providing a product or service that can be used as a substitute for your product. Indirect competitors might not be actively trying to take customers from you, but they are a threat because they offer a product or service that can be used in place of what you offer. An indirect competitor could be a company offering a similar product to what you sell but at a lower price. It could be a company selling a completely different product or service that is used by your customers instead of what you offer. The importance of understanding these alternatives is vital to identify while understanding your competition because they can hurt your bottom line. However, many businesses have adopted these indirect offerings into their own company to gain clientele and not lose current clients. A great example of this is hair transplant clinics which offer surgical solutions to losing hair but also offer topical products that are proven to work as well. This allows them to target both their current target market and expand into a new market, with the hope that if someone is not happy with one, they will have the option of the other.
By keeping track of what your competitors are doing and how their marketing is working, you will be able to see what works and what doesn’t and be able to adjust your marketing to be even more effective. You can also keep track of their audience and see if there are any segments that you can try to target with your marketing. By doing this, you will be able to stay ahead of your competitors and be sure that your marketing is always working to build your brand rather than harm it. You might be the best company in your industry, but if nobody knows about you, how does that help your bottom line? One of the best ways to start filling that void and getting more new customers is to find out how your competition is attracting them. Where do they spend their advertising dollars? What events do they attend? What content do they share on their social media platforms (like Facebook, Instagram, Twitter, LinkedIn etc), website and newsletters?
Knowing how your competitors are attracting new clients can help you either decide to follow in their footsteps or try to find ways to be more competitive against them. It also lets you better understand what methods you are using that they are not and vice versa. An in-depth competitor analysis will also allow you to keep track of your competitors’ marketing activities and adjust your marketing efforts accordingly. By keeping a close eye on your competitors, you will be able to respond to their moves much more quickly than if you do not have a close eye on them. A competitor analysis is something that every business should be doing, and it is a great way to start your journey towards effective marketing. An in-depth competitor analysis will also allow you to keep track of your competitors’ marketing activities and adjust your marketing efforts accordingly. By keeping track of what your competitors are doing and how their marketing is working, you will be able to see what works and what doesn’t and be able to adjust your marketing to be even more effective. You can also keep track of their audience and see if there are any segments that you can try to target with your marketing. By doing this, you will be able to stay ahead of your competitors and be sure that your marketing is always working to build your brand rather than harm it.
It is important to identify your target demographic. This will help you create better content and reach the people who are most likely to buy from you. It is important to identify your target demographic. This will help you create better content and reach the people who are most likely to buy from you. This is why it’s important to do some research and figure out who your ideal customer is. Once you know who they are, you will be able to tailor your marketing efforts toward them and make sure that you are always reaching out to the people most likely to buy from you. This will help ensure that your marketing efforts are as effective as possible. Another benefit of knowing your target audience is that it will help you avoid marketing to the wrong people and wasting your marketing budget. By knowing who your target audience is, you can avoid making marketing mistakes that will waste your marketing budget and ultimately hurt your business.
Understanding the ideal customer of your competitors can also be very helpful. By understanding what their target audience looks like, what their needs are, and what their wants are, you will be able to better understand how they market their products or services and how effective that marketing is. If a competitor has a certain segment of customers that they seem to be having trouble reaching or attracting, then it may be worth trying to reach out to those customers with a different form of marketing than the one that they have been using. By keeping track of what works for other businesses in similar markets as yours, you can learn more about what works in business in general and use this information in your business endeavors. It is also important to understand who their ideal client is, especially when it is different from yours. If you offer similar or the same services but they have a different target market, more often than not it would be a new demographic your business should consider targeting. Once you have identified their target demographic, it is easier to create content that resonates with their audience. This will help you in increasing conversions, engaging with your target customers, and most importantly, increasing your profits. Now that you know the types of clients that this company works with, think about how you can tailor your message to appeal to them. What can you say in your content that would make them want to choose you over their current provider? What problems do they have that your business can solve? It usually is a similar marketing campaign but just slightly adjusted for the new demographic you are targeting. This alone can increase your business income significantly because you instantly increase the number of possible customers.
This is a difficult task and is hard to know 100% accurately - but with a properly performed competitor analysis, you can identify issues that arise that can hint at the level of profitability of your competitor. We use many factors to determine this and many signals can help you make that determination if your competition is profitable or not. With that said, there is no 100% accurate way to know and we have to be very clear about that - at least in the private sector. The public factors that you can look at that will help you determine the health of your competition are many if you know how to look and what to look for. As an example, one very easy solution is to look on Glassdoor and check out reviews left by former and current employees of the company. There are certain things to look for in those reviews that can suggest a financial issue, operational defects and things that a company not struggling financially would do to retain their employees. We have evaluated hundreds of these potential signals which can help you identify this potential flaw in your competition that can be used to your significant advantage. There are also numerous other external signs that a business may not be healthy financially. These can include a significant rise in the amount of time it takes for refunds to be issued, a drop in customer service ratings, a large number of negative reviews about the company on social media mentioning these specific issues or a significant drop in the number of customers.
Additionally, you can also look for signals that the company may be struggling to retain employees. These can include excessive turnover, high turnover among top performers, or a significant increase in employee complaints or lawsuits. We have identified over 40 specific signals that can help you identify a company that may be struggling financially. These signals are not all the same and some have more weight than others. We have ranked each one of these signals based on its potential to help you identify a competitor that may be struggling financially which gives you a unique ability to specifically create marketing plans that will greatly benefit your business. Depending on the health of your business, it can also provide you with other growth options like possibly acquiring your failing competition and implementing your successes, instantly growing your market share and clients.
This can be very difficult to determine and requires a great deal of research and analysis. However, you can greatly benefit from this information. If you can identify what your competition’s customers like about them, you can create a marketing plan that will specifically target those positive attributes and make your business appear as an alternative. This will help you attract more clients and increase your market share. Researching your competition is a must if you want to be successful in growing your business. Understanding what their customers like about their business will help you better your product or service as well as have a much stronger understanding of what you can do to market your business more effectively. . You can do this by reading reviews on their company and creating a keyword report on what their customers are saying. This will give you a general idea of what they like and dislike. You can also review social media sites like Facebook, Instagram or Reddit to monitor interactions and comments. There are numerous other locations online you can monitor to get a strong grasp of what their customers love about their business. In addition to understanding what their customers like about their business, you should also understand what makes them different from the competition. This will help you create a marketing plan that targets these differences and makes your business appear as an alternative. Understanding how you are different from your competitors will help you better understand how to market yourself and why people should choose your business over theirs.
This is something that is often overlooked by many businesses but is crucial for the success of the company in the long run. It is very easy to get carried away by positive feedback, especially when it comes from your target customers. However, it is also very important to identify the negative feedback and look for patterns in it. This will help you identify the areas where your product falls short and you need to improve. Equally important is doing that same research and analysis on your competition because it gives you a gateway to understanding how to better advertise your services showcasing the benefits of choosing you over your competition.
Understanding the issues that customers have with your competition gives you the ability to highlight those issues subtly in your marketing by promoting the benefits of choosing your company over them. Understanding your competition is not just about understanding their attributes and identifying the negative ones. It is also important to understand what they charge for their services, how they market their company and how they position themselves in the market to get a complete picture of what you are up against. This will help you understand how to better promote your business without spending too much money on marketing and advertising. Understanding your competition is an important part of marketing and advertising. It gives you the ability to understand what they are doing right and wrong and how you can better position yourself in the market. It also allows you to understand what customers' issues are with your competition and how to address those issues by promoting the benefits of choosing your company over them.
When looking at how your business compares to your competition, it is also important to understand how your current customers view you compared to them. Understanding how they view you will help you identify what aspects of their experience can be improved and what their problems are with your company and its service or product. Understanding a customer's preferences for a service or product or the other things that are important to them when purchasing a relevant product can help improve the marketing strategy. For example, if social media plays an important role in a customer's life, that should be integrated with all marketing strategies. More importantly than finding out what customers love about your business is trying to figure out your biggest dislikes. This is important because these are the first steps to improving your business and making sure that you’re offering the best products and services to your customers. One of the best ways to figure out your largest issues is by diving deep into any negative reviews or feedback you have received from customers. This includes reviewing all of the review websites but also polling your customers and staff. It is not a fun or easy process to learn about all of your flaws but it is one of the best investments you can make because these are all internal factors that you are in complete control over which gives you the ability to take immediate action. The easiest way to do this is to ask your customers questions. Find out what they want and need from your business and what they dislike about what you offer. The more detailed the question the better. For example, if you own a car wash, you might ask your customers something like “What do you dislike most about our car wash?” or “What would you like to see changed about our car wash?” These are very broad and open-ended questions and will likely receive a variety of different answers. Asking something more detailed like “What did you like about our car wash?” will help you receive more detailed feedback from customers. By trying to figure out the issues with your business now, you avoid larger issues in the future.
It is not enough to have a product or service that people want; you need to be identified as the go-to provider. Understanding and highlighting your company’s strengths can help you attract new customers, retain existing ones, and even help you team up with partners. A company’s strengths can be anything from its brand recognition to a specific product feature. To find your company’s strengths, you can conduct internal and external analyses. Internal analysis can include things like collecting feedback from customers or doing a SWOT analysis. External analysis can include things like conducting industry research or benchmarking against competitors. When you find your company’s strengths, you can use them to your advantage through your online and offline marketing efforts. You can even create specific marketing campaigns targeted toward highlighting those strengths specifically to the targeted consumers that care most about them. This can easily be done through pay-per-click advertising and also social media marketing. A well-thought-out content marketing campaign can also be quite effective in highlighting your strengths.
When marketing the strengths of your business as compared to your competition, it is important to understand their weaknesses as well as mentioned above. This will allow you to specifically have marketing campaigns that target your strengths while gently calling out their weaknesses. This has been proven effective with both online and offline marketing campaigns. This will help to create a win-win situation for both the consumer and the business. It is important to effectively differentiate your business from your competition. If you do not, your marketing efforts will likely be ineffective. This is because there are many similarities between businesses and it is difficult to differentiate them from each other especially when there are no clear differences. A good way to help differentiate your business from the competition is by having a strong online presence with strong brand differences. This allows you to display all of your marketing materials consistently, which will allow you to effectively advertise all of the different aspects of your business. With this consistency in marketing, it will be easier for consumers to spot the differences between one company and another. It is also important that you have effective branding and messaging as well as a clear understanding of who exactly your target audience is.
By doing this, you can create a consistent message that reaches out directly to consumers that are looking for specific types of services or products. This will allow you to better understand what they want and how they want it delivered, which in turn allows you to tailor your service or product more appropriate for them. You can also use these same strategies when targeting key decision-makers within an organization through an effective content marketing campaign. There is a lot of good additional information about competitor analysis and how to conduct them on HubSpot.
It is important to market your company in a way that sets you apart from your competition and showcases all of the benefits for customers to choose you instead of choosing them. However, your perceived competition might not be your largest competition. The entire purpose of properly performing a competitor analysis is to identify your actual competition and what they are doing differently from you. The best way to identify your competition is to look at the market and see who is offering a similar product or service to what you plan to offer. Once you’ve identified the competitors you need to figure out how you can make your business better than theirs to stand out from the crowd. An easy way to do this is by looking at their website, social media accounts, and marketing materials. Once you have this information, you can analyze the different ways you can outdo your competitors. This can be done in many different ways, but the most important thing to keep in mind is that you need to offer something different. There is no point in trying to be exactly like your competitors since you are sure to fail. Most people want something different, and if you are trying to be exactly like your competitors, you won’t stand a chance. It is important to remember that who you think your largest competitor is does not mean that they are in actuality. It takes a lot of research and many times we will find companies that we knew little about that have a much larger market share than we were aware of. A properly performed competitor analysis will identify all your potential competition as well as rank them by numerous factors from threat level to your business, percentage of market share and so on.
Potential competitors are those major companies or start-up companies that are likely to be interested in expanding their operations or even purchasing your company. Your information on these potential competitors will help you to plan for the future and create a plan of action throughout the years. The strength and weaknesses of your competitors should be thoroughly analyzed to determine where you can do better. You want to improve your chances of success by looking at what the competition is doing now and where they are headed in the future. The more you know about your potential competition, the easier it will be to stay one step ahead. The goal of analyzing your future competition is important because it helps you identify new possible business segments and potential customers. It is also important to know that if other businesses are seeing the value of your business services, there is a solid chance you can also gain from starting to market towards the services they are offering. If it is simple for them to move into your business arena then it is likely just as easy for you to do the same thing in their market.
Compilation of information into a shapeable and efficient form is called Competitive intelligence, also known as Competitive analysis or Industry intelligence (market, people, process). It is used both as a tool for internal analysis and as a strategic tool aimed at understanding business processes within an industry to anticipate future trends that may affect a firm's strategic direction or profitability. The core function involves management planning based on insight into other firms’ strengths, weaknesses and opportunities relative to those of the firm being analyzed (market share & growth opportunities correlated with market share & growth opportunity). This results in a comprehensive picture that may facilitate decision-making about one's business operations; these insights may also be used by top management as input for strategic decisions about future business strategy or tactics for marketing initiatives for current products or services. Typically this form of analysis focuses on high-level company assessment and/or sectoral analysis (industry situation analysis, industry issues analysis, and industry conditions analysis) as a basis for strategic decisions. The core function also includes the assessment of competitor strengths and weaknesses (competitive intelligence, competitive knowledge). Competitive intelligence is intended to provide a company with information that can guide decisions made by the firm in its market activities and to assess the likely effect of competition on those activities.
This involves ascertaining information about competitors through the collection, collation and interpretation of data concerning their financial position; product range; product quality; marketing strategy; advertising budget; personnel makeup; price structure and market share. This form of analysis aims to gather information and trends from all sources that are towards the goal of understanding a particular business environment (market/industry) within which the company operates. This will enable a company or an individual competitor to make a better decision about life cycle management or growth strategy improvement to survive and prosper in this market environment. Competitive intelligence can be used by both small as well as large company’s right from the start-up stage to establish daily operational levels towards achieving commercial success vis-à-vis competitors.
Competitive intelligence has several uses which include:
1. Brand building – Companies do not just aim at maintaining their existing brand but want their brand recognition even higher than before from consumers who might buy their products due to the awareness generated by it. If a brand has a good reputation among customers then this increases sales for them which in turn boost the company’s image too resulting in increased sales.
2. Market segmentation – The major objective behind conducting competitive intelligence is to build a niche market for the company and gain in-depth knowledge about how best to reach out to segments of target customers.
3. New product development – The aim behind new product development is to have the best product that could be manufactured by the company drawing out an extensive strategy from the known market environment which will enable them to reach markets that were not even there in their minds before. Evidently, this was accomplished by collecting information on competitors and their products which can be used by a company in generating more innovative ideas through research and developing new products with innovative features to sell at lower costs while keeping up with its competitors.
4. Customer service improvement – Overcoming customer dissatisfaction issues are always difficult for companies and if they could overcome such problems easily then they would certainly do that without any hesitation at all depending on the success rate in sales worthiness of their business venture. Customer satisfaction is highly developed when it comes to finding out what products are used by people until now and how they would respond towards this new product. They might be introduced into the existing market as soon as possible if said new product is found suitable enough for being made available among consumers worldwide. Competitive intelligence can be used very effectively for a company or an individual competitor to find out about feedback received from its customers after buying commodities or services from them or regarding certain features offered by another competitor’s business venture which has been made available to the general public.
5. Improved quality assurance – This is highly implemented by companies for them to be able to replicate every good quality feature offered or created by their business ventures for them to be able to produce a lot more items at a lot lower costs and in return good profits to be earned by their products or services that they offer. Quality assurance is usually used especially when it comes down to how effective and efficient one’s business venture can let go of the said commodities or services they were offering until the date at competitive rates which are of high-quality standards being safe from all manner of security flaws being flaws that might lead customers into buying other commodities and services from different businesses on sale as well as introducing such new economies as well as other positive effects these new features might bring about within an individual’s lifestyle.
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