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Competitor SWOT Analysis
If you’ve been in business for any length of time, you know that assessing strengths, weaknesses, opportunities and threats is a regular exercise. Internal SWOT analyses have a ton of benefits and can shed light on areas of struggle and opportunities for growth. But a deeper look at what’s going on inside your company isn’t the only useful way to…Read More -
Data vs. Information vs. Knowledge vs. Wisdom
The world at large uses the terms data and information interchangeably. And sometimes the terms knowledge and insights are bundled with them as well. If you're sitting around a table during Happy Hour (back when that was a thing) catching up with friends, odds are your audience doesn't know (our care about) the differences. If you were to say step into a…Read More -
Everything You Need to Know About Trend Monitoring
An organization must have a comprehensive understanding of the continuously evolving world around them, not only to hone their competitive advantage, but also to be aware of possible opportunities (partnerships, adjacencies, acquisitions, etc.) and be prepared for emergent threats (political/security issues, technological developments, market entrants, etc.).
Knowledge and awareness of the forces that affect the marketplace helps to create an…Read More -
Basics of an Effective Competitive Intelligence Program
Traditional competitive intelligence is reactive. When a disruption surprises company leadership, they rush to create a CI taskforce from their marketing or sales teams.
The teams are made up of smart people who probably have experience with data and business concepts. The ambiguous directive provided to these people is:
“Do competitive intel.”
Sounds like fun right?
No hard and fast…Read More -
CASE STUDY: Global Manufacturer & Retailer Prepares for and Capitalizes on Disruption
One of the largest paint and coatings companies in the world sought to identify potential disruptive innovations that could change the dynamics of their industry. The company engaged the business disruption planning team to help broaden their thinking, critically examine their competitive advantages, and identify potential disruptors in the markets they serve.
Led by Peter Grimm, the team leveraged…Read More -
What is Competitor Analysis?
Competitor analysis is an in-depth overview of the strategic capabilities, strengths, and weaknesses of a single competitor of your organization. This is different from competitive analysis, which involves the analysis of multiple competitors.
Many of the world’s top-performing companies share one thing in common: they closely track the activities of their rivals by conducting competitor analysis exercises regularly. If you want…Read More -
How Much Does Market Research Cost?
The cost of market research is influenced by many variables so decisions need to be made wisely. In general, we think of the market research process as having four distinct phases: exploratory market research, primary market research, secondary market research, and reporting insights. Research that is well-planned and efficiently executed will pay off in multiples, making the investment well worth…Read More -
Focus on People to Grow Your Business and Prevent Setbacks
As we head into the final days of Q1, we thought we would take the pulse of CEOs and hear what they are focused on. Fahrenheit Advisors talked to several about their outlooks for 2023. While each leader we talked with operates in a different industry, most shared confidence in the months ahead and a similar approach to capitalizing on…Read More -
9 Free Market Analysis and Competitor Analysis Tools
Pew Research
Quora
Google Trends
Social Searcher
Owler
SimilarWeb
Spyfu
Text2Data
Big Data has transformed the world of business, allowing decision-makers to measure everything about their customers and their staff with the proper competitor analysis tools. But even with this level of information, many companies end up following a doomed strategy. That’s because they're missing the answers to two vital…Read More -
Becoming a CI Analyst: So Your Boss Told You to Do Competitive Intelligence
Competitive intelligence (CI) is a necessary part of forming a business strategy that actually works. The research a team performs on competitors can drive everything from product pricing to trading tactics. CI analysts are the people behind the curtain.
The odd reality is that, while this is a specialized task that requires thoughtful analysis, many times CI is farmed out to…Read More -
Using Crunchbase for Competitor Analysis
Gaining a competitive advantage is not possible without first analyzing your competitors. As you glean big data, it can become a resource by which a company refines their business strategy.. All of the smartest moves, sharpest pivots and most market-responsive acts are steeped in competitor analysis. The benefits are obvious; the process is not always easy.
The internet has, in…Read More -
Types of Market Research: Qualitative vs. Quantitative
Qualitative techniques tend to be used early in the research process. They enable researchers to identify common ideas, needs, and concepts that merit further exploration.
Quantitative techniques are used to prove or disprove the hypotheses generated by qualitative techniques. Quantitative research adopts various primary research techniques to produce vast quantities of data.
The two approaches complement each other well, and…Read More