Competitive Intelligence Importance
Competitor tracking is gaining wider significance because of its underlying importance in influencing market position. Proper competitor tracking mechanism explores finer ways to have a better market position and an increased customer base. Competitive intelligence has always been a mandate today and a compulsory ingredient for an accurate strategic planning. Can a cricket team fight against its opponent without properly analyzing their strength and weakness? It’s the same like going in the battle field without knowing enemy’s game plan. If this happens, certainly the chances of winning are nearly impossible. What is the ultimate goal of every marketer??? Of Course, a rising market share… and how can this be achieved? Through a deep analysis of market trend, checking customer orientation, knowing about the competitors and their market segmentation, making a proper R & D of strategies and then accordingly making out your own plan. All this requires dedicated efforts and eagle eye view upon moving market
What You Need To Identify While Studying Market Competition
Competitive intelligence is a step by step approach to drill down the opponent’s strategy. It’s not a single step but a series of small phases to be studied for getting the complete picture of the same.
Competitor tracking is a deep rooted secret of establishing better market hold. Identifying the implicit aspects, exploring the prevailing opportunities and putting a strong strategy forward, one can strongly compete even with the most prominent competitors and surpass them. The techniques mentioned above give you a necessary start for getting an all round information for the opponents.