Plan on an ongoing intelligence gathering effort on competitors within your business plan

In order to formulate a competitive market plan it is essential to collect accurate information about competitors. Perhaps for this reason alone, with regard to developing an entirely valid understanding of the business operations of competitors in a market, it makes sense for businesses of any size to include an ongoing intelligence gathering activity in the business plan. Without an accurate understanding of the costs that competitors incur bringing products to market, the history of their client engagements (successes and failures), and, finally, the features and benefits of their product offerings it is not possible to assemble key points in a competitive strategy, for example:

  • the unique value of your product and/or
  • a method of producing a product at a cost substantially below that of competitors

It is indicative of the few businesses that actually succeed vs the number that are started that, unfortunately, little substantive information is collected on the above two points beyond mere conjecture. Where the health of a business is the matter at hand, it is not adequate to act based upon conjecture. An accurate sense of specific market realities must be assembled if some level of success is to be achieved.

We offer this type of competitive intelligence gathering service. We welcome requirements to assemble an overview of a specific marketplace, to formulate a picture of methods at competitors and, finally, to put together a thorough analysis of the product offerings from specific competitors. Typically we summarize the results of this type of work in a management report suitable for presentation to executive management and/or a board of directors. We highly recommend that we have an opportunity (through an engagement) to take our work a step further, working closely with a CEO to identify opportunities to craft unique offerings for specific niches. Finally, we will happily analyze product development systems to identify areas were costs can be reduced to meet the challenge of achieving the position of lowest cost competitor in a given market.

If you believe that your market opportunity is substantial, then why not allocate financial resources to ensure that you have made a best effort at achieving the position in the market that you are after? Literally thousands of dollars in unnecessary business expenditures can be saved by focusing first, and foremost, on formulating an accurate picture of your competitive position in a market. The resources required to put together this picture constitute a bargain when compared with the cost of operating largely ignorant of competitive offerings.

Please call Ira Michael Blonder at +1 631-673-2929 to further a discussion about your need for a competitive market analysis. You may also email Mike at imblonder@imbenterprises.com

© IMB Enterprises, Inc. & Ira Michael Blonder, 2012 All Rights Reserved

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