“Your job is to understand your competitors better than anyone else. Ignoring competitors is the same as ignoring customers.” – Hiten Shah, Founder, FYI & KISSmetrics
Competitive and market intelligence benefits all sectors of your business; it helps you craft better products, arms sales, and marketing teams, gives further context to your development and design teams, and provides guidance into navigating your business into a blue ocean.
Competitive and market intelligence is the fuel for companies that want to disrupt existing markets. Only by getting a full understanding of the market and the customer’s needs can you spot the gaps and missing parts of the equation. Just think of how Airbnb was able to understand an existing need and craft their own market.
Let’s break down those benefits across each area of your organisation.
When you gather competitive and market intelligence, you learn where there are gaps between your rivals and your customers through online forums, reviews, marketing documentation; you also learn more about your customers from how the rivals in your market are adapting and changing to meet those needs. These changes extend beyond product features to strategic hires, market positioning, and more.