The Power Of Competitive Intelligence - How To Identify Customer Trends

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The Power Of Competitive Intelligence - How To
Identify Customer Trends
Staying ahead of customer habits is essential for
success in todays cut-throat market. While
contending on multiple fronts, eCommerce
companies must pinpoint the trends that will be
significant for their precise industry and must
act in an expeditious manner. To do this,
businesses increasingly leverage Competitive
Intelligence (CI) a method of analysis that
provides an invaluable understanding of market
trends. Studies reveal that 90 of Fortune 500
Companies already leverage CI to gain a
competitive advantage.
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• CI has been around for quite some time.
  Businesses can use it to unlock concealed market
  possibilities and determine what developments are
  expected to influence the respective sectors. It
  also grants companies the capacity to exploit
  emerging market trends and distinguish novel
  customer demographics.
• What Does Competitive Intelligence Bring To The
  Table?
• In essence, CI is the strategic accumulation,
  scrutiny, and interpretation of publicly
  available information concerning competitors and
  the wider market. The objective of CI is to
  provide decision-makers with a more thorough
  understanding of their environment.
• This is accomplished by recognizing and
  investigating the merits and drawbacks of the
  rivals offerings, approaches, finances,
  advertising techniques, branding, etc. As such,
  CI is an integral part of the informational
  arsenal utilized by enterprises nowadays. It can
  play an influential role in informing strategic
  decisions about markets to target, the launch of
  new products and services, and the investment in
  resources.
• As an example, think of an eCommerce business
  leveraging CI. With a proper CI framework in
  place, this business would be able to
• Monitor competitor prices and decide whether
  certain adjustments are needed to their own
  pricing strategy.
• Narrow down on the product assortment of
  competitors, identify gaps in it, and ultimately
  offer a product mix that could attract more
  demand.
• Comprehend the branding, engagement strategies, se
  rvice launch strategies, etc., of other
  eCommerce businesses.

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• Techniques To Utilize Competitive Intelligence
• Favorably, businesses can employ several
  strategies and frameworks to get CI right.
  Heres a rundown of the ones that work the best
• Market Analysis
• A comprehensive qualitative and quantitative
  assessment of prevailing market trends can be
  conducted through a market analysis. In the
  context of CI, market analysis gives eCommerce
  enterprises a comprehensive understanding of
  their sector and the trends that underpin it.
• Through a thorough scrutiny of news stories and
  research data, it is possible to grasp the
  development of the specific eCommerce ecosystem
  and discern what the customers prefer. With this
  newfound acumen, eCommerce businesses can refine
  service design, strengthen promotional campaigns,
  and upgrade sales approaches.
• SWOT Analysis
• An analysis of Strengths, Weaknesses,
  Opportunities, and Threats (SWOT) facilitates a
  concrete comparison between competitors and ones
  own business. This methodology effectively
  evaluates potential market expansion alongside
  any hardships that may impede commercial
  advancement.
• As an illustration of SWOT analysis, lets
  consider the case of The Coca-Cola Company
• Strengths
• A whopping 42 share of the global soft drink
  market

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• In-house secret recipes for their soft drinks
• Weaknesses
• Hard to keep up with the health industry
• Difficulty in changing current positioning
• Opportunities
• Very few actual competitors
• A substantial opportunity to increase their
  market share if they adapt to current health
  standards
• Threats
• Companies that are offering healthier
  alternatives to Coca-Cola
• Negative press media coverage can harm the
  brands reputation in the long run
• 3. Social Media Monitoring

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• Social media conversations are a great source of
  information to uncover preferences, needs,
  attitudes, etc. They also help unearth brands
  that are preferred by your buyers in the social
  community.
• Product Intelligence Cross Referencing
• We discussed market analysis at length above.
  Product intelligence and cross-referencing are
  more granular arms of market analysis, for they
  concentrate through and through on competitor
  product analysis.
• In the eCommerce landscape, products are often
  the primary determinants of market competition.
  Hence, it makes sense to
• Run pricing and feature analysis of products
  offered by competitors
• Drill down into customer feedback and reviews
• Gauge the performance metrics (reliability,
  efficiency, etc.) of the products
• Identify which products are exceptionally similar
• Identify gaps by cross-referencing product
  portfolios
• Learn how product content is distributed across
  channels
• CI Makes The Comprehension Of Shifting Consumer
  Preferences Easier
• With the knowledge gleaned through the process of
  competitive intelligence, eCommerce ventures can
  obtain an in-depth comprehension of their target
  customers preferences, habits, and actions and
  adjust their offerings accordingly.

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By collecting and scrutinizing facts and figures
concerning competitors and the business
environment, companies can make enlightened
decisions, refine their approaches, and enable
growth in the competitive eCommerce
market. Partner with EnFuse today to effectively
carry out Competitive Intelligence and ensure
your eCommerce business remains at the forefront
of your industry. Read More Automating Product
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