Who are your Competitors? – discovering who your competitors are (as if you didn’t already know) is very important to ensure that you are offering the best product in your industry. Being able to identify your competitors can help you to find out more about what they are doing better or worse than your brand, and also can help you to listen to what their customers are saying about them.
Who are the Customers of Your Competition? – again this is important so that you can listen to their conversation about your competitor’s brand and see what they do/do not like about that company, and rework your product/service accordingly.
What are the Customers of Your Competition Unhappy About? – are you repeating the same mistake that your competitor is doing? Well by monitoring what your competitor’s clients are complaining about can help your brand to not mimic whatever made these consumers unhappy. You can also take that one step further by advertising the anti-“whatever they didn’t like about competitor’s product/service.” For example if they are complaining about the slow and poor customer service, advertise your GREAT customer service and provide incentives to these people to switch over to your brand.
What Has Your Competition Been Successful With and What Have They Failed At? – as illustrated above, the opposite can also occur. Your competitor is has just created a great product that is very user-friendly and reliable. Your consumers have been complaining about the complicity of your product, and for that reason, your clients are switching over. In monitoring what your competition is doing well, you can do your best to replicate (in a lawful manner), and perhaps even surpass the user-experience of your product/service.
When Did Your Competition Start Gaining/Losing Followers/Customers? (spotting trends) – this is a very important aspect of competitive intelligence to consider especially because in looking at time periods, you can then track it back to an event or experience that could have caused the gain or loss. For example, your competition started losing customers/followers around the same time that its well-respected and mature CEO retired—people may have lost faith and trust in the company enough so that they felt they didn’t want to give them the business anymore (this is your chance to swoop in, and ensure them that your brand will take care of them in the way that your competitor’s brand used to).
When and How Often Does Your Competition Engage With Customers? – engaging is such an important aspect in gaining a loyal and faithful brand following. If your clients know that you value their input, and respond to their questions/concerns/comments quickly and effectively, they will be more apt to return again for further product purchases/services.
Where Does Your Competition Put Most of Their Marketing Efforts? (what media types) – knowing this information is helpful when gathering competitive intelligence because we can start to understand their business strategies and plans. If we know they are putting most of their marketing efforts into their website, then we know that perhaps they are lacking in the social media marketing area, and we can zero in and capitalize on this hole. It’s also good to know where the unsaturated areas of your market lie in the online marketplace, so that you can take advantage of the lack of usage in this area and be one of the first to set up stake with little to no competition.
Where Do Most Customers Share Their Opinions About Your Competition? (what media types) – this is a great place to camp out because obviously if the majority of the competition’s clients are gathering and sharing thoughts in one specific area, then you will get the most insight in that specific area. Gaining customer insight is crucial to the success of your company for your own brand and for your competitor’s brand because there is always room for improvement, and customers will tell you which areas are lacking.
Why Are Customers Choosing Your Competition Over Your Brand? (what do customers value) – again listening to what customers are looking for in a product or service will help you to mold into the company that your customers dream of. Look to see what your competitor’s customers like about their brand and cross-reference it to that of your own…do you have similar programs, or are they lacking in comparison to your competition?
Why is Your Competition Making Certain Business Decisions? – Predictive Analytics allow you to be better prepared for future changes in the competitive landscape .