#4 Solution Spotlight: How to turn data into a competitive advantage

Have you ever missed a trading opportunity because you didn't assess the market situation correctly? How many times have you set a price "on the side" without knowing your competitor's pricing policy? And how many opportunities have you missed because you didn't know that the market was breaking and your competitors were ahead of you? Because in today's business, information superiority is the key to success.

And how to get it? The answer is Competitive Intelligence.

In an environment where the market is constantly changing and competition never sleeps, Competitive Intelligence (CI) is a key tool for strategic decision making.

It's not about spying, it's about systematically gathering and analysing information to help you understand how your competitors are thinking, where they're going - and how you can get ahead of them. Information is gathered from legal and ethical sources - for example, publicly available data, websites, annual reports, quotes, social media and customer reviews.

Why is CI important?

• Better decision making - With up-to-date information on your competitors, you can more accurately set pricing, communication or enter new markets.

• React early to changes - When you know what your competitors are up to, you can prepare before others.

• Identify opportunities and threats - CI reveals holes in the market and competitors' weaknesses that can be exploited to your advantage.

• Strategic planning - Helps managers set long-term goals that take into account current market realities.

What can you watch?

• Competitors' products and services

• Pricing strategies and promotions

• Team changes, acquisitions and investments

• Online presence and marketing campaigns

• Competitor customer satisfaction (e.g. from reviews or discussions)

Competetive Intelligence is already a reality in today's business. Here are some examples 👇👇👇

📊 For example, the European branch of the insurance company Allianz has identified new customer segments, optimized its pricing strategy and developed a digital product for reporting claims in 60 seconds thanks to CI. The result was faster response to market needs, higher customer satisfaction and better differentiation from competitors. CI has thus become a key tool for digital transformation and staying ahead in the European insurance landscape.

However, CI has applications in all segments. Pharmaceutical companies can use CI to track the progress of competitors' clinical trials and anticipated new drug launches. Based on this information, they can adjust their own R&D (research and development) and the timing of their product launches.

Fashion e-tailers use CI to monitor competitors' prices, promotions and new collections in real time. This allows them to set dynamic prices and smartly plan seasonal offerings.

An unnamed electric car manufacturer uses CI to benchmark competitors' battery technology developments and charging network expansions. It then uses the results to make investment decisions and create marketing messages 🤔

For companies selling their services through a network of partners, it is very important to know the price level and terms of sale of their services on partner platforms. For this, #CompetitiveIntelligence gives them great tools and opportunities.

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Competitive Intelligence is not just a nice-to-have.

It's a key tool for growth and is definitely no longer the preserve of large corporations.

In an era of open data, monitoring tools and publicly available resources, anyone can gain a competitive advantage - if they know where to look and how to work with the information. Whether you're a carrier, insurance company, manufacturer or startup, CI allows you to stay one step ahead.

According to data from 2024, up to 40% of Fortune 500 companies will be replaced by previously unknown firms within a decade because they have failed to respond to the growing need to use Competitive Intelligence.

CI thus becomes a matter of survival - not just growth.

📉 Companies that ignore market developments are going out of business.

📈 Firms that actively use CI change before the market forces them to.

If you're not using CI yet, start. Let me help you.

Autor: Ondřej Fatka, Data Driven Business Consultant & Managing Partner Lundegaard