You are offering a better service, but one of your competitors are constantly beating you into the ground by being cheaper than you? They could be trying to buy a market share, and unless they have very deep pockets, their price cutting tactics can’t last very long. Do they even have a pricing strategy?
It could be that they have a significant cost advantage over you or that your cost structures are bulging at the seams. All is not lost as Competitive Intelligence can help you understand what’s going on so you can decide what you are going to do about it.
What is Competitive Intelligence?
Competitive Intelligence is the ethical collection and analysis of competitive information to enable you to avoid surprises, think more moves ahead, and minimise uncertainty to enable more informed strategic decisions. It gives you the ability to differentiate yourself and stay ahead of the competition, and in many cases, can be the unspoken, hidden key to success.It’s just knowing the answer.
Find out what their headcount, distribution, materials and other overheads applicable to your industry. Understand their business strategy and production process. Assess how much money do they have to play with, do they have any debt and are they able to manage it?
Who are their suppliers and are they getting a better deal than you? Are they sharing costs with other parts of their business etc? and be honest, what are they doing better than you?
About Octopus Intelligence
Octopus is a global Intelligence service company. Answering the questions to help you grow.
We help brands and investors like yourself reimagine how you can beat your competitors, make more money, be disruptive, and enter new markets. Enabling you to grow faster with more certainty with Competitive Intelligence, Due Diligence and good old common sense. We live in an increasingly uncertain, competitive and ever-shifting world. What you need is active real-world strategy. Where deep expertise combines with Competitive Intelligence based actions. To answer the what and the how, for the now and the next.