You really don’t design data when you visualize, you design your understanding of the data – David McCandless (Author)
Amongst the highly competitive world of sports, national teams and popular clubs who enthrall audiences across the world, only an elite few conquer the summit of success. They do this not by analyzing and course correcting their own players’ performances, but by thoroughly finding data-points on opposing teams as well. Competition analysis can steer a team from being merely successful to being elite.
Modern day businesses are no different. Companies spend a lot of resources analysing their market and own product lines to carve successful strategies. With the current cloud-based, dynamic analytics tools, they are able to track the right metrics and KPIs within the organisation. However, what if competition analysis can be tracked and visualized in a similar manner and frequency?
But first, why look at your competition?
Serial entrepreneur Peter Thiel describes the ideal market conditions to kickstart a business, in his best-selling book Zero to One. He says that an ideal market condition to start a business is one where your product/service is 10x better than what is available currently. Thereby creating a monopoly. Though the author’s agenda might be a probable long term goal, but it fails to help most companies who currently serve consumers in highly competitive markets selling highly similar products. However, what differentiates a successful brand from a mediocre one is how they sell and service and not what they sell and service. This is where competition analysis can be an antidote to rise above the competition.
Analyzing competition allows businesses to achieve two things:
1) Visualize how direct competitors are progressing and
2) Compare the business’ performance in the market
There are numerous examples of how a healthy comparison of competitor data can help you gain new perspectives:
Like how are people communicating on your competitor’s social channels or what your competition’s annual reports indicate?
How many of your customers have conducted business with your competition?
These questions are just the tip of the proverbial iceberg. Look across the footlights and scan your competition, there’s more to them than meets the eye.
Competition on your dashboard
The impact of competitive analysis married to your existing analytics tool, and the ability to visually represent the ideal metrics about the competition, can transform your business and marketing strategies.
As the cost of storing data plummets, companies now collect vast amounts of data. The probabilities of deriving competition insights from the huge data sets lends a deeper perspective of the market as well as the business.
A hybrid solution which melds your existing analytical ability with bespoke data visualization tools to enhance your market insight is the need of the hour.
Value and profit become entrenched in the data sets
Many industry leaders believe that data is the new currency, and competition data is undervalued. Bespoke visualization of competition behaviour is vital to throw light on obscure relationships with variety of data sets. Data visualization allows you to gain better understanding about your competition.
The concept of a hybrid analytics tool which tracks consumers and competition has become an invaluable resource to acquire and develop. An integrated dashboard lends you an additional weapon in your arsenal to chart your own path to elite success.
If you are nodding your head with a gesture of acceptance to the importance of analyzing your competition through data, then pre-order this ebook designed to get you started.
Else schedule a free consultation with us as the next step to get a customized competition analytics dashboard for your business.