Win Business With Intelligence

competitiveintelligence

In the retail industry, product performance matters. And as a retailer, we have already mentioned how important performance is in executing your retail strategy.

But for vendors, manufacturers, or anyone else selling/manufacturing their own products, it may not seem as easy.  Instead of having individuals pitching their product for your shelf space and bringing all of their information to you, the tables are turned.  It’s your job to ensure your product makes the shelf, performs better than competition, and sells more units.

Is there a way to land your product on the shelf while also increasing product performance, marketing, and product quality?

While it sounds complicated and confusing, the solution comes with two simple words: Competitive Intelligence.

What is Competitive Intelligence?

In its simplest form, Competitive Intelligence shows exactly how you stack up to your competitors.  It’s the data that drives change, allowing for valuable insights into your products while also uncovering data-driven results about competing products. It often leads to results that can directly inform product quality, price, claims, and even marketing decisions.

But Why Should You Have Competitive Intelligence?

Instead of hoping your product performs better than the competition or trusting manufacturer specifications, use 3rd-party analysis to compare products through “apples-to-apples” performance testing.  While all products are required to complete some “standardized” or “certification” tests, these are just minimum requirements.  Performance driven tests allow you to see how your product truly performs against the competition.  More importantly, it provides non-biased results that assure high-integrity results to your potential buyer.

Using this competitive intelligence will not only prepare you for upcoming line reviews, but it can also help you discover issues with your products or gaps in the market that need development.  Discovering gaps before products reach the customer can save hundreds of thousands of dollars and help win the business your product deserves.

 

As more companies begin to gain competitive intelligence, those who don’t are likely to find themselves behind on product development, lacking in innovations, and ultimately off the shelf.

 

Do you currently have the competitive intelligence needed to make your product better?  As a consumer, do you trust that companies are ensuring their products are the best?  Let us know!

Make sure to subscribe to this blog and follow us on Facebook, LinkedIn, and Twitter for more news!.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>