Running a successful business is not as easy as providing something that customers like and sitting there, waiting for profits. You need to be proactive to actualize your earnings in today’s highly competitive market. One of the many elements that determine a business’ profitability is its preparedness for various issues, especially those that might affect its branding and operations.
Competitive intelligence discovers and analyses different metrics on multiple issues to give you an advantage over businesses similar to yours. One of the areas in which competitive intelligence will be essential is MAP policy enforcement. The minimum advertised price (MAP) policy exists for the promotion of fair competition in different markets, protection of seller margins, prevention of underpricing, and maintenance of brand value and identity.
Understanding the data collected in competitive intelligence and using it to make rational decisions, such as setting your products’ MAP, requires a good report of various indices. The following are some of the indices included in competitive intelligence reports:
Competitive intelligence is not limited to what your competitors are doing, but it helps to know what they are up to. Some competitor indices that would be essential for your company to gain a competitive advantage are profiles of crucial leaders and the competitor’s financial well-being.
Understanding your competitor is vital from an operational angle. This will enable you to develop strategies to counter your competitors.
Most modern operations center on technology. You may not, however, afford to invest in all types of technology. With a competitive intelligence report, you can gain insight into what technologies will emerge. Technology indices are based on what the current technologies are, their weak signals, and what present and future technologies will make a difference in your business.
Businesses today operate in different geographic markets. You should have information on different geographic markets encompassing their economy, legislation, politics, regulatory and legal factors, and environment. Geographical indices will give you a clear picture of what to expect in a specific area. This allows you to come up with policies that reflect the situation in a market and thus maximize profits.
These are essential for deciding your product’s pricing and marketing strategies. If you have one customer making up over 5% of your revenue, then you have a particular category for these customers. Moreover, you will need to invest in various intelligence-gathering tools focusing on these customers. These tools allow you to customize various elements of your business.
Comparative intelligence data might become useless if you do not understand the metrics on your report. By segregating your report into the above indices, you will boost your odds of getting many benefits. Moreover, the segregation will allow compact storage and easy retrieval of information for decision-making. With an effective tool after the payment of a small subscription fee, you can keep track of various elements that affect the profits you stand to make. Work with an expert to help you understand the indices and apply them to your company to maximize returns.