Existing Products and Services -- In a competitive intelligence study, we would go beyond learning what percentage of sales each product area represents. We may learn which areas the competitor is placing more attention on, and which product categories the competitor is less interested in, at this time.
Competitor Perceptions of its Existing Products and Services – Knowing precisely how the competitor defines its unique selling point or value proposition for its products, or types of products can be very helpful. Imagine plotting all of your competitors’ product positioning strategies on a map and learning, for example, that not one of your competitors is focused on being the clear service leader. Depending on your core competencies, culture, and the dynamics of your market, that may spell an opportunity for your company.
New Products and Services – It is important to learn what is most important in developing new products: speed to market, low product cost, low development cost, product performance, innovative features, quality and reliability, service –ability or flexibility. How are new product developers rewarded? What metrics and measurements of success do they use? Generally speaking, how important is new product innovation to this competitor? It is obviously also important to know what the competitor is developing. Sometimes competitive intelligence researchers learn precise details about a new product, its launch date, and its benefits and characteristics. In other cases, it might be helpful to learn merely some insights about a general problem being addressed, an opportunity being seized, or a threat being dealt with.
Customer Demand -- All new product developments are obviously intended to please customers in a new way. It would be interesting to know what drives new product development (is it the direct result of internal engineering or external voice of the customer research?)
Suppliers and the Role of Sourcing -- Some companies expect suppliers to advise and offer inputs to the new product development process; others do not. Suppliers can sometimes offer a technological improvement or development that results in a new end-product feature or benefit.
The Market -- The final aspect of product competitive intelligence concerns the intended marketplace for the products. There may be specific geographies, channels, or end-customer segments being targeted. It would be helpful to know if it will have universal appeal or if it is designed to serve the needs of a specific niche.
For more information, read our white paper on the subject: Click here
Recent Comments