Stay ahead of the competition with AI-driven tech intelligence
August 20, 2020
August 20, 2020
Do you know what your competitors are doing and where they’re headed? Analyzing competitors on a continuous basis, helps a business to gain strategic advantage, determine its weaknesses and identify threats and opportunities. The importance of obtaining sufficient competitive intelligence to gain and maintain a significant competitive edge is well established. The better you understand your competitors, higher are your chances of beating them.
A competitive landscape analysis enables you to:
- Identify gaps in the industry
- Plan new products and services
- Develop a robust marketing plan
- Enhance return on investments
A typical competitor analysis process comprises of the following steps:
- Determine who your competitors are.
- Understand your competitors’ products and offerings.
- Analyze the marketing strategies and tactics of your competitors.
- Scrutinize and assess their promotional strategies.
- Take note of the financials and revenue generation.
- Conduct SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.
A key source of information and analyses is missing in the standard process – technical data. This data proves to be an indispensable source of competitive intelligence. Technology related information can be used to gauge the present and future activities of the competitors, as well as understand where a specific industry is headed. A competitor analysis using such information can reveal the following:
- The competitors with the strongest and weakest position in the market
- The competitors’ R&D direction and focus
- The competitors’ current technology developments and future direction
- Potential partnerships, alliances, and M&A among competing companies
- The geographical preferences and markets in which the competition is most active and where it intends to grow in the future
- Emerging technologies and companies in the area of interest
Analyzing complex technical data for multiple competitors along different dimensions is however an onerous task. The existing methods to study this data and gather insights are laborious and require months of effort by subject matter experts. This makes it too expensive and ineffective for businesses to follow such approaches.
How to track competition in two simple steps?
Tech Tracker not only addresses these issues but also provides a solution that analyzes all technical information and provides you with insights within minutes. The AI-powered Tech Tracker gives you the much-needed competitive intelligence and helps you monitor your competitors on an ongoing basis. Watch the video below to understand how it works.
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