The process of setting up a system to gather and analyse competitive intelligence is an increasingly important part of running a successful business. But it can get quite complicated. In this article we detail how to collect competitive intelligence using video so that you can get ahead of your competition.
Let’s dive in!
Why bother with competitive intelligence research?
Competitive intelligence feedback is very useful in understanding what your competitors are doing and how they are perceived by the market. With an understand of how you and your competitors are perceived by the market, you can take steps to correct your positioning, or double down on your strengths and competitors weaknesses.
How to collect competitive intelligence using video?
Start by creating a survey on Re-View.
When creating a new project on Re-View for the purposes of collecting competitive intelligence, it is important to ask open-ended questions that will elicit detailed responses.
Open-ended questions are important in a competitive intelligence research project because they allow the researcher to gather detailed information. Questions like “when considering our product, what other brands did you consider buying from” and “of the other brands that you considered buying, what were the pro’s and cons of each that you considered?”
Who should you include in your competitive intelligence research?
Customers, employees and other stakeholders, such as suppliers, distributors, and industry analysts, can also provide valuable insights into your competitors. They each have a distinct point of view that is worth taking into consideration. For instance:
- Customers can provide insights into a competitor’s product offerings, pricing, and promotion.
- Employees can provide insights into a competitor’s culture, structure, and operations.
- Stakeholders can provide insights into a competitor’s strategy, financials, and partnerships.
Remember, it’s important to be ethical when collecting competitive intelligence.
- First, if you are caught engaging in unethical activities, it could damage your company’s reputation.
- Second, you could be sued for engaging in illegal activities.
- Finally, and most importantly it is simply the right thing to do.
In order to be ethically responsible, be very clear and up front about who you are and what sort of research you are doing. This will allow people participating in the research an opportunity to ask questions and opt out if they are unable to participate.
What should you do once you have video insights?
Once you have gathered information, it is important to analyze it to identify trends and insights. Once themes have begun to emerge in the feedback, it’s worthwhile plotting the data using a SWOT analysis.
A SWOT analysis is a strategic planning tool that can be used by businesses, organizations, and individuals to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or undertaking. It’s helpful to use a SWOT analysis in order to make the most of the opportunities available to you, while also being aware of the potential risks and challenges that you may face.
After using a swot analysis you should have a better understanding of your company or project, and be in a better position to make informed decisions about how to achieve your objectives, taking into account the resources that you have available.
Worth noting is that competitive intelligence research is not a ‘one and done’ type affair. The best competitive intelligence programs are continually completed. This allows brands and companies to respond to changing market conditions.
If you want to get started with competitive intelligence research using video, Re-View is the simplest and most affordable solution for collecting video feedback and competitive intelligence from customers.
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