The Marriage of Competitive and Customer Intelligence

Why focusing on customers and competitors is key to an effective sales force.

The world has shrunk dramatically in most aspects of our daily existence. Communication, marketing, and even dating can be set up and done a wink of an eye. Enormous alterations and modifications to even huge entities are occurring everyday brought about by the ever-shrinking society. A particularly popular bank today being bought by a little-known player in the same industry tomorrow is not an unheard of event. Service–oriented outfits are being forced to lower down prices, minimize cost, expand their clientele, strategize their marketing thrust, and keep afloat because of the fierce competition thanks to globalization.

To keep not only abreast with the ever-increasing competition rivalry (since other entities that formerly belong to other fields of enterprise are now diversifying and are within your shores of expertise) but also get ahead in the market, information is power. Knowing the most important aspects of your trade and more will not only help you organize your business better but will also help you plan ahead. Being able to forecast what will be transpiring in the next couple of months is essential in mapping your next moves.

Now, there are two major types of information that you have to acquire in order to “get ahead”. To start with, you have to know what your clients currently want and what they will want in the near future which is dependent on external forces. Take for example the banking industry. Formerly, people were accustomed to going to the banks, doing their transactions via the teller’s window. But look at the banking industry now. All major transactions, cheque issuance, fund transfer, balance inquiry, payments, account debits, etc., can be done in the comforts of your home via the internet. Imagine a banking institution unable to give these luxuries to its clientele.

Second, you have to know what the other companies are doing. What are their weaknesses? What are their plans? What do they currently offer that you do not have yet? What can you offer that they do not have yet? Armed with these data, you can now plot your tactics in the coming months. However, keep it mind that the competition is doing the same. So, you always have to assume a step ahead. You have to continuously presume that whatever you have thought of, they already have, so think a step further on that idea. In fact, think two steps ahead. Getting the right information and analyzing it correctly will give you the edge when nit comes to planning and mapping out your company’s next lines of focus, thus solidifying your foothold on your market.