If you are the head of a company's strategy, chances are good that you have collected a lot of data about your company, about your customers, and about how well your products are selling in varying parts of the nation. However, you might not be as practiced at getting real-world, practical value out of the information that you have gathered. You are going to need to improve your competitive intelligence strategies to get helpful information out of all of your data. Here are some tips for getting the job done.
1. Use an ADL Matrix
ADL matrices, or Advanced Distributed Learning matrices, are free and open source tools that companies can use to figure out what their strategy should be for the future. You should have gathered enough data to figure out what your position in the market is and whether that position needs to be improved. You should also have enough information to determine where you are in the cycle of a business with regards to maturity. An ADL matrix helps you put that information together by telling you what your strategy should be based on how mature your company is and how strong your market position is. You simply find the square that applies to both your maturity level and market strength.
For example, if you have a strong market position and a growing company, then the ADL matrix suggests that you try to take control of the market with a greater level of aggression than you might have previously shown and to increase the speed of your growth by investing in new technologies.
2. Use Value Chain Analysis
Value chain analysis will allow you to look at your customer information and determine where the value of your products fall for customers. This technique relies on the data about your customers, their typical income, and the amount of money that they are willing to spend for particular products. You can see that one feature of your product is worth enough to a customer to allow you to increase the price of the base product by more than 50% if the feature is included, where another feature doesn't improve the value of your product enough to warrant a price increase for your customers. This will allow you to identify what is important to your customers. By knowing what your customers value, you can plan new features and products that are far more likely to be commercially successful.
In order to get started with value chain analysis, you will need to download a template. Once you have the template, you can start filling in the labeled boxes with the relevant information.
For more information, talk to a company that specializes in competitive intelligence. They will be able to help you use the free tools linked above more effectively and help improve your business.Share
12 February 2016
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