“If you ain’t first, you’re last” – Ricky Bobby
The Twenty-First Century introduced unmatched innovation, built off the back of key internet players like Google, Microsoft and Yahoo, who created a whole new market for businesses to explore. Barriers to market entry are the lowest they have ever been, which creates incredible opportunity to pursue entrepreneurship; on the flip side, competition is hyper intense, with consumers exhausting products and services at the fastest rate in history… because they can with the bevy of endless options!
Sun Tzu’s lesson “know yourself and know your enemy” in The Art of War is a key strategy for businesses in today’s marketplace known in corporate America as “competitive intelligence.” Competitive Intelligence (CI) is the collection of highly targeted market and consumer perception data related to a set of specified competitors. A comprehensive understanding of the competition, the marketplace and the consumer’s perception of the marketplace allows your business to anticipate trends and new technologies, potential shifts in the market or, more specifically, shifts in your industry.
Effective Competitive Intelligence data collection provides unmatched benefits to businesses eager to secure market share. With a robust CI program, you can:
- Identify current trends in the market and predict future trends
- Anticipate competitive movement and adjust strategy accordingly
- Identify and satiate consumer needs through product development and customer service
Regardless of the size of your business, outsourcing CI to a specialty organization saves time, overhead costs and energy best spent focused on your business rather than the competition.
Crowdsourcing engages a network of individual Contributors to complete a series of tasks or projects in real-time by gathering crucial business data for strategic implementation.
Finding timely, reliable data sources at a mass scale and allocating the resources to organize, analyze and strategize that data is a massive project. Crowdsourcing Competitive Intelligence is an effective means of rapidly acquiring a high volume of quality data at an affordable cost.
The Retail Audit
A crowdsourced retail audit collects accurate, real-time data from Contributors on in-store conditions for both your brand and competitive brands.
A particularly effective tactic for CPG, FMCG and garment brands, a thorough audit can assess competitive brand performance including product placement, new product introductions, in-store promotions and discounting, stock and sell-through, traffic volume and more.
Data collected from a retail audit can help your team refine the present customer experience based on voids in the competitive landscape, predict future movement from the competition, identify existing trends and predict future trends.
Sentiment and Surveys
A sentiment analysis survey rates interactions with a particular brand on a positive or negative scale.
Results from this type of survey can identify gaps in the market and anticipate the current and future needs of your target market segmentation, taking advantage of any issues potential customers may have with your competitor’s user experience.
Consumer interviews can also serve as effective predictors of future consumer preference or demand trends in your industry.
Contributors receive qualitative interview questions to disperse to their respective communities and submit the responses for analysis. Insights gained from the data collected can help your business capitalize on any disruption in the market.
Crowdsourcing with Premise
Premise’s crowdsourcing technology uses a robust, innovative mobile application to collect real-time data from an extensive network of Contributors around the globe. These local Contributors provide an unbiased, unique perspective that allows them to collect extremely granular data and glean valuable consumer and competitive insight on a local level.
Are you interested in learning more about how Premise can help you collect data through crowdsourcing to improve your brand’s competitive intelligence? Visit https://www.premise.com/ or email firstname.lastname@example.org. We can’t wait to help you become more data-driven.