Know your competitor better to develop your strategies that should yield better consumer patronage. Most companies are spending huge amounts on evaluating their competitive intelligence. However, simple steps in the initial stages to gauge competitive intelligence should help the organization in strategizing better for wider market acceptance. This would also help you evaluate your standings in the value chain.
- Analyze the competitor behaviors and the trends in the market
- Preferably attend trade shows and understand the market demands
- Scan similar advertisements and understand the strategy behind it
- Scan social networks for competitor announcements and assess the target audiences with sops offered. What are the keywords they are toying with and their PPC ratios
- Think from your competitors angle as to what their threats and imagine where they place themselves on the value chain
By evaluating the above points on a one-to-one basis is sure to yield phenomenal results immediately. Ensuring these steps with always having a backup plan, success is not far away. This is part of the series of articles published by Way2World for your benefits. Pl share your experiences to firstname.lastname@example.org, to serve you better. With inputs from internet – Rajkishan