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Two Questions That Provide Competitor Intelligence Statistics

Jun 2, 2008
Competitor intelligence statistics provide the best information about your competitors and enable you to make good decisions about your product and business.

To start gathering competitor intelligence statistics, you need to answer two questions:

How Do You Identify Your Competitors?

How Do You Determine Your Competitors' Intelligence Statistics?

Who Are Your Major Competitors?

Before you actually start gathering competitor intelligence statistics, you need to identify your competitors.

This requires that you identify your competitors by answering the question "Who are your major competitors?"

You need to really think about what your business does before you start listing competitors.

If another business is meeting the same customer need that you meet, then they are competing for that customer's money.

If you are a carpenter making cabinets, your competitors are more than just other carpenters. Any business that makes storage units of all kinds are your competitors.

Once you've completed identifying the businesses that comprise your competitors, it's time to start accumulating competitor intelligence statistics on them:

Get a list of each competitor's officers.

Determine each competitor's perception in the market,

Identify each competitor's key product,

Discover how much of each competitor's total sales come from that product,

Note whether the competitor is public or private,

Note how many shares the corporation has sold,

Determine the value of each competitor's present shares,

Find out how much cash each competitor reserves.

Know how much venture capital supports each competitor,

Discover the primary investors for each competitor,

Determine how much each competitor has sold in the past two years,

Calculate how those sales have effected each competitor's percent growth, and

Determine the channel through which each competitor makes most sales.

After learning all this information, you'll be well armed with competitor intelligence statistics.

How Do You Determine Your Competitors' Intelligence Statistics?

Now that you know who your competitors are and have lots of details about them, it's time to really delve into competitor intelligence statistics.

This competitor intelligence statistics includes:

How each competitor prices competing products or services,

The quality of each competitors product or service,

The quality of each competitor's customer service,

The product range carried by each competitor,

How each competitor distributes products,

The market share captured by each competitor,

Each competitor's profit,

And other statistics that provide you with insights about your competitors.

You can put this information in a table for each competitor and rank each competitor on each statistical variable with:

one point for each that a competitor does poorly, and

10 for as very strong competitor.

The more competitor intelligence statistics that you gather and analyze, the more competitive you can make your business. Start now and give your business a competitive boost.
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You can read Competitor Intelligence Statistics Examples from my business. Discover more about Marketing Your Small Business.
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