How a Competitor Analysis Sealed the Deal
We used to Google our own company from time to time just to see what people are saying about us, as well as using Google to find information about our competitors. Most of the time, this was just out of curiosity, admiration or simply to keep tabs on what they’re up to. Since working with KnowFirst™, we now know a competitor analysis is more than just Googling your competitors to see ‘what they’re up to’.
Construction
5,001-10,000
2002
Private Company
We used to compete a competitor analysis every years as part of a Board obligation, and found it to be very time consuming. The information found also added very little benefit to what the team was trying to achieve. Our mindset on this has now changed since having access to KnowFirst™.
One example of the power of a well constructed competitor analysis our team utilised was when we had an opportunity with a prospect which required a presentation and a proposal to win the business. The standard practice for us prior to using KnowFirst was to use templated proposals and presentations to highlight features and benefits of our service. It was filled out with the prospects name but there was a limited amount of information that was tailored or used to differentiate.
It was just like everyone else’s proposal.
"Since using KnowFirst™, we are now able to reveal insights of the market and demonstrate how we understand the market. This has set us apart from the competition and provides us with an opportunity to show true value."
We use KnowFirst™ to gain valuable information on what the competitors were offering the market by using the marketing information such as offers, promotion and discounts. With the knowledge of their competitors’ trademarks and contracts it provides an insight as to where competitors are targeting their efforts and if they have any competitive advantage that will need to be overcome. Having more information and data on competitors allows us to tailor a proposal and presentation to promote our strengths over the competition as well as counter any advantages competitors have over us.
Additionally, we were able to develop insights based on the historical activity of our prospects and competitors by using the timeline function that displays historical trends in data such as employee and client reviews, social media activity, employee tenure, employee turnover and more data points that assist in building a clear picture of their needs.
Being able to demonstrate to our clients and prospects that we have an understanding of their business, needs, problems and opportunities, provides a better opportunity to clearly position your business away from competitors and show the value your organisation can deliver.
We use KnowFirst™ to:
- Define our position in the market
- Identify imminent threats
- Sharpen our value proposition
- Strengthen our business cases using insights
T. Bahemia
COO
