OGEN - Competitive Intelligence Services
Ogen investigations firm provides businesses with investigative and research services through the collection and analysis of business intelligence. Our team has over 20 years of experience in research and investigation work in competitive analysis, economic investigations, embezzlement, and business privacy and protection. We have helped many businesses through complex dilemmas throughout Israel and abroad. We gather all of our intelligence correctly and legally, so you can be assured you're represented in the utmost professional manner.
?What is competitive intelligence
Competitive intelligence, also known as competitor intelligence, is gathering information, statistics, trends, and data from a group of businesses in an industry. This intelligence can be used to forecast trends, generate predictions, and better understand their consumers' desires and purchasing habits to both; better serve their consumers and fine-tune their offerings and marketing to boost a business's success. Not to be confused with competitor espionage, in which someone may obtain private information from these companies that are not readily available and was obtained using illegal or unethical methods. Competitive intelligence merely collates, organizes, and analyzes businesses' available data.
In what situations can competitive intelligence be valuable
Before a new firm enters the market
This can be beneficial as you can compare the data from before they entered the market to after to see how the market has shifted, what new trends have come up, where consumers' loyalties lay, and what they may cherish more than experience.
Before acquisitions and mergers
When a business acquires another business, this will change how each business operates. This can be both internal and external. For example, the company size, products, and procedures may shift. Externally, the companies may have had differing reputations.
Before negotiations
Gaining competitive intelligence can help convey your business's strength and impact in the current market, signifying its inherent value to your potential investor. In addition, this data can help you later to measure the partnership's success if you decide to partner with this investor.
Before tenders
In layman's terms, a business tender is an application or proposal from one business to provide services for another business. Often larger companies will put out a request for tenders (RFT) to receive goods and services from other companies to fuel their business. Competitive intelligence can be helpful to see how those businesses applying have created success with other companies in a similar market position to the business that posted the RFT.
Before developing a new product
Analyzing competitive intelligence before creating a new product for the market can profoundly impact your product's launch success. This data can help you understand what consumers seek out right now and what they value more in a product (such as accessibility versus quality). In addition, this data may provide insight into the fact that there is currently a massive gap in the market- and your next product can fill that hole!
Discovery of technological development among competitors
We live in a digital age, and technology moves fast (especially in Israel). Understanding how your competitors leverage technology to their (and their consumers') advantage in their business can help you understand where you can further focus your company resources to pursue the same (or more complex) goal.
Gaining strategies or success methods from competitors
Sometimes, competitive intelligence may allow a business to discover that they are missing out on potential opportunities by not participating in the same successful methods and strategies as their competitors. For example, their competitors may receive considerable success from their social media community- and your business may not have a social presence. Or, perhaps we discover that consumers are opting for monthly subscription-based services instead of your company's annual one-off fee.
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What competitive intelligence can help you to discover and understand
New potential markets
Just because you designed and created a product with one particular consumer in mind doesn't mean there aren't other types of consumers that could benefit from your product, too- and want to purchase it!
Potential competitors
It is always a good business decision to have your eye on your competitors, for all the reasons we have laid out above. And sometimes, you don't realize you're overlooking a significant competitor until you look deeper.
The business and marketing strategies of your competitors
Knowing your competitors and their products, habits, marketing, and overall strategy can help you better understand your consumers, compete with them, and claim your place in the market.
The financial stance of your competitors
Sometimes you may see a competitor and, at first, think they are "killing it." But then wonder how they could be doing what they are doing and still having major success. Until you look closer and realize that that external image is merely a facade and their business is not near as financially stable and profitable as yours.
Common products and technologies among competitors
This could unveil a huge product offer that your business may be missing out on and open up a new sector or consumer pool for your business.
Alternative business opportunities and threats
Competitive intelligence can open you up to new ideas or markets. But, it could also bring a potential threat to light. That could be in the form of another company, a new technology, or a rising trend that essentially makes your offer(s) irrelevant and outdated. It's always better to be in the know and prepare for any such instance.
?Why choose us
Ogen has the skills, experience, and tools to support your business. With over 20 years of experience, we have proven again and again that we are good at what we do. What you have read in this article is just a wink at what we have to offer your business. We have access to extensive tools and databases not mentioned here but reserved for actioning for our private clients. We are discreet, efficient, professional, and know how to get the job done.
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