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Tips on Getting Competitor Intelligence Statistics

Competitor intelligence statistics may sound too difficult to acquire. But with the tips in this article, you'll learn to gather information to give your business a competitive edge.

You start by answering two important questions:

Who Are Your Major Competitors?

What Are Your Competitors' Intelligence Statistics?

Who Are Your Major Competitors?

Your first tip is to identify all your competitors. Until you know who they are, you don't know which businesses to gather competitor intelligence statistics on.

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

Now don't answer this question quickly. Give it some serious thought and research before you begin gathering competitor intelligence statistics.

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

For example, if you are an online marketer selling information products, you may think that only other online information marketers are your competition. But any kind of information seller, no matter where the information products are marketed, is a competitor.

Once you've made a list of all your competitors, you need to gather competitor intelligence statistics that:

Determine the executive officers for each competitor.

Discover each competitor's reputation.

Note the major product for each competitor,

Determine each competitor's total percent of business sales from that product,

Note the ownership status of each competitor,

Note how many shares the corporation has sold,

Provide each public competitor's recent share price,

Find out how much cash each competitor reserves.

Know how much venture capital supports each competitor,

Reveal each competitor's lead investors,

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

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

Locate each competitor's primary sales channel.

By gathering all the information above, you'll acquire a wealth of competitor intelligence statistics.

What Are 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.

You need competitor intelligence statistics on:

Each competitor's price for the competing product or service,

How good each competing product is,

How well each competitor serves its customers,

The number and types of products sold by each competitor,

The distribution outlets that each competitor uses,

The percent of the market that each competitor holds,

How much profit each competitor makes,

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

To easily visualize the results of all your research, list each competitor and rank each by every statistic with:

1 for an extremely weak competitor, to

a ten for a strength.

Using this approach to competitor intelligence statistics, you will make more informed business decisions and make your products and services more competitive. So waste no time in gathering your own competitor intelligence statistics.

Article Source: http://www.uberarticles.com/articles

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