In the vast global marketplace, businesses operate in dynamic and often fiercely competitive environments. One of the key means to gain a competitive edge is through the early, deep, and ongoing analysis of competitor data. The more you know about your competition, the better you are equipped to outperform them.
From pricing strategy to customer behavior, from marketing approach to product development, data points are the compass that can guide your strategic decisions.
As a content marketer working with Aomni, an AI platform for B2B sales, I have seen that this awareness is not the end, but the means to an end: developing powerful strategies that contribute to a winning market performance.
In this article, we'll cover everything you need to know about competitive data points including:
Simply put, competitive data points are pieces of factual evidence, numeric or otherwise, that show you something about your competitors. They cover a wide range of business aspects – everything from customer insights to pricing, from marketing strategy to product features. Because of their broad scope, the value of these data points lies in their ability to provide a comprehensive overview of where you stand in your industry or market segment.
Competitive data points paint a picture of your industry landscape, helping you understand where you fit within it. They inform you on what your competitors are doing right, what could be improved, and what gaps exist that your product or service could fill. With this data, you can aim to:
The type of competitive data points you seize upon will depend on your industry, your business, and the areas you desire to improve. Here are some notable categories:
By analyzing things like customer reviews, comments, and social media posts for your competitors, you can gain an understanding of what the market values.
This can tell you how aggressively you should price your product, or if there's an opportunity to offer more value for a slightly higher cost.
Looking at what channels competitors are leveraging for promotion, can give you ideas for your own marketing strategy.
Seeing what additional features or benefits competitors offer can give you ideas for your own product enhancements.
Indicators like hiring initiatives or expansion plans can tell you a lot about a competitor's health and trajectory.
Competitive data points can be gleaned from a variety of sources, including but not limited to: competitor websites, online customer reviews, social media monitoring, market research reports, press releases, hiring platforms, and industry events. While this may sound overwhelming, sophisticated sales intelligence tools can make this process exponentially more manageable.
Once you have the data, the next step is to put it to work. Some quick ways to action include:
Use insights gleaned from the market to make strategic enhancements to your product or service.
Inform and improve your own marketing strategy, and provide your sales team with important competitor information that can help them handle objections and drive home your unique selling propositions in sales conversations.
Identify gaps and distinctive points in your offer to create a compelling, unique positioning in your industry.
The intelligent and targeted use of competitive data points gives a business the opportunity to transform raw data into rewarding strategies. Tools like Aomni AI platform can assist with this by providing the tools for account research and actionable competitive insights in a ready-to-use format, taking your business to new heights of competitive proficiency. To stay ahead, stay informed, and use that knowledge to your competitive advantage.