Who can be surprised by Competitive Intelligence?
Those who use it, because they will become the best player in the market.
Those who don’t use it, because their competitors will do it and they will become better than them.
How is competitor analysis done, for example?
Through a number of techniques, such as:
- Profiling – this involves collecting information about products/services, prices, customers, target markets, etc.
- Financial Analysis – This involves the analysis of financial data, income, expenses and profit, number of employees, margins;
- Market Share Analysis – Evaluation of each competitor’s share in the general market (e.g. by region or sector)
- Strategic group mapping – involves mapping the strategic position of each competitor in the industry (for example, by product line or customer segment)
- PESTEL analysis – examines macro-environmental factors, such as political / economic / social / technological / environmental / legal factors that may affect the demand for products/services in different regions or geographical sectors.
What does it actually help with?
- Improves market positioning and competitive advantage – Understanding what competitors are doing allows companies to develop effective business strategies
- Identify opportunities for growth and innovation – Competitor analysis provides valuable insights into new markets and potential opportunities for growth or innovation
- Improves understanding of the environment in which you operate
- Show market dynamics – A thorough analysis of the competition will give companies a better perspective on industry trends that could affect their performance over time
Who knows how to make Competitive Intelligence in Romania?
Krugman & Partners experts have decades of experience in the field and offer customized services to clients who understand that in this way they will become the best in their market segment.
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