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What is Competitive Intelligence?
Collecting Competitive Intelligence is essential as it gives you insight into knowing what your competitors are doing and the threat they present to your company's survival.
The value of Competitive Intelligence can build your market share, launch new products, turn your company around, or eliminate competition from the playing field.
Competition is a fact of business life. If you have a customer, chances are someone else out there is trying to steal them away from you. New competitors are popping up all the time, and old competitors are constantly changing, upgrading, or innovating their technology, products, services, customer experiences, strategies, pricing, and advertising approach.
Does your company really know who your competition is? Do you understand how to minimize your competitors’ strengths, and take advantage of their weaknesses?
In-depth Competitive Intelligence analysis will reveal pieces of the road map you need to capture the lion's share of your marketplace, separate yourself from your competition, and how to eliminate those competitors from the minds of your prospects and customers. Compass Correct will evaluate your competitions strength in your marketplace... including identifying the main differences between your company and the major players in your industry segment.
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The Steps of Competitive Intelligence
1. List All Direct Competitors, Gather All the Possible Sources of Marketing
Get a 360 Degree View of Your Competition
Whether planning to launch a new company -or looking to better position an existing company...Competitive intelligence is critical to its survival.
Track your competition's complete digital footprint, both on and off their website, from social media to review sites to app stores and beyond. Catch subtle changes to your competitor’s website or the latest customer discussion thread.
Track the latest announcements and investments your competitors are making. See what events they're sponsoring, what awards they're winning, and what coverage they're getting.
Get the inside scoop via employee feedback and personnel trends. Identify competitor strengths and weaknesses from employee reviews, key leadership changes, and office openings.
Catch any changes to features, pricing, and packaging to drive executive and product strategy. Know when they add, remove, or repackage features and functionality.
Hear what real users think of your competitors' products through third-party site reviews. Get insight into product and service gaps by monitoring help articles and forum threads.
Stay on top of your competitors' positioning and messaging, both on and off their website. Catch new website sections added, new design and branding launched, and changes to company profiles on third-party sites.
See which customer case studies are getting added or removed, and take note of industry or use case focus. See which partners they're adding or removing to get insight into product strategy and where there may be gaps.
Monitor what your competitors are publishing across the web so that you can create differentiated content and get insights into their target audience and keywords. Social media activity shows you what they're promoting and how, and can surface opportunities for you to participate.
Review the latest conversion campaigns and promotions running in your market, even if they're still in testing mode. Get inspiration for differentiated campaigns and take advantage of this insight into marketing strategies.
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