Starting and growing a business doesn’t happen without information. As a business owner who wants to dominate his or her chosen market, you need to know who your competitors are, what the market is like and where the opportunities lie; you must have the answers to questions like:
- Who are your primary competitors?
- What customer needs and preferences are you competing to meet?
- What are the similarities and differences between their services and yours?
- What are the strengths and weaknesses of each of their products and services?
- How do their prices compare to yours?
- How should you plan to compete: Offer better quality services, lower prices, more support, and / or easier access to services?
- How are you uniquely suited to compete against them in your marketplace?
In a sales-hungry, crowded marketplace information is power, and the best-informed competitor often lands the lion’s share of clients. If your company doesn’t have a competitive intelligence system in place, get one.
CompassPoint Investigations is experienced and understand the unique needs of business owners putting together a program to evaluate, monitor and out-maneuver their competitors.
Simply put, competitive intelligence is gathering and analyzing information about your competitors for the benefit of your own business development. Data on pricing strategies, customer service and marketing tactics can all be studied to sharpen your business tactics.
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”
– Sun Tzu
Even if your competitors do not know you yet, you need to know where your competitors’ strengths and weaknesses lie and be able to identify the opportunities and targets in your chosen marketplace. Through the use of competitive intelligence you will obtain a clear picture of the difference between the way you and your competitors are conducting business with the ultimate goal of doing everything better than the competition.
Most small-business owners are not prepared to face up to the awful truths about their own companies- especially because we work so hard on them; oftentimes they become our identity. The truth though is that there is a very slim chance that we are doing everything better than our competitors. Instead of feeling badly about the idea that we are not better than everyone else we should feel great about our efforts because we can learn from them and make the necessary improvements. Knowledge is power.
Competitive intelligence is not cheating, stealing or engaging in sabotage. To do so is “Industrial Espionage” and is patently illegal; our investigators will NEVER break the law working on your behalf. Competitive intelligence is, however, observing keenly, with an open mind and being committed to improving upon our shortcomings and seizing the opportunities we find. Competitive intelligence is both inexpensive and informative but it is not a secret; keep in mind that business information is more plentiful than ever today and that your competitors are probably reading articles just like this one too.
Top business owners from all aspects of commerce gather intelligence on their competitors, their industry, and especially, themselves. As more business are competing for a shrinking market the competition is getting smarter and evolving every day; the only way you are going to know how you measure up to them is by actively engaging in regular intelligence gathering efforts.
Small-business owners have hired CompassPoint Investigations to assist them and are now “Top business owners” today.
What market do you want to dominate today?
Call us to discuss your needs and let’s start working on that today. (850) 637-8096 for a FREE and confidential phone consultation.
Suite A# 170
Pensacola, Florida 32504
FL PI Lic. #A 2500251