Great questions are the best way to create great intelligence. However, it’s not just a case thinking up a smart question to catch all about a competitor or market. You have to guide the decision maker to take action.
What do I mean? Well, rather than asking:
What are competitor X’s main strengths?
Ask it like this:
What can we do about competitor X’s strengths?
Arguably, given time and a greater situational understanding, you will be able to come up with an even better question. But you will see how a subtle change in the question transforms a concerning situation to proactive decision focused intelligence environment. And that’s the power of Intelligence. We have a saying at Octopus “Intelligence is just knowing” so, we offer a daily short and sharp intelligence based thought with an aim to help your day to day work.
Here are some other questions:
- Firstly, how committed are our competitors to achieving their declared strategy objective?
- Secondly, how and where might our competitors objectives conflict with ours?
- And, what is the range of options open to us for dealing with unfolding new realities?
- Then, what vulnerabilities in our competitors can we exploit?
- Where do we not want to compete with our competitors?
- Who are our competitor’s key suppliers?
- Who are our competitors biggest customers?
- What brands are in our competitors portfolio?
- What is our competitors preferred advertising route they prefer an agency to pursue?
- And what is our competitors social media footprint?
- Who are our competitors key customers?
- What is our competitors International Customer Base?
- Also, what is our competitors real Financial Position?
- What is our competitors supply chain?
- Is our competitors supply chain ethical?
- Who manufactures our competitors range of products?
- Finally, who owns our competitors IP?
Route to market
- What is our route to a market?
- And what products do our competitors offer?
- What products do our competitors not offer?
- And what clients do our competitors prospect?
- Which prospective clients are our competitors not interested in?
- What have our competitors stopped doing over the last few years and why?
- What gives our competitors distinctiveness?
- Where do our competitors compete, which customers and niches?
- Finally, what kind of demand is there for our product or service?