How to analyse the market to start or keep your business

Whether it is for the management of well-established companies or for new ones that are still in development, Competitive Intelligence is the most indicated way to identify and analyse important data about the market, the competition and mainly the tendencies, so that it is possible to make a decision with calculated risks. 

From the market analisis, through the business model evaluation and the company’s planning applicability, the use of Competitive Intelligence gives a more precise perception for opportunities, risks and threats, so that is made a well-supported differentiation strategy. 

Originating in company’s administration science, this concept already is widely used by major companies, which dedicate entire departments to the market’s evaluation as a whole. There are already specialised professionals and entities, such as the Society of Competitive Intelligence Professionals (SCIP). 

Jacobiak defines Competitive Intelligence (CI) as “information’s management strategy activity, that has as a goal to permit the decision makers to get ahead of the market’s tendencies and the competition’s evolution, detect and evaluate threats and opportunities that presents themselves in their business environment, so that they can define offensive and defensive actions more suited to the organisation’s development strategy” (In: GOMES; BRAGA, 2001, p. 26).

What is most sought in CI is the proactivity, so that difficult scenarios and/or projections for future action’s expansions can be predicted, among other strategies for permanence in the market, not to mention sustainable growth. In the company management, reactive behaviour is common, where difficulty is expected when trying to find a solution. With CI, this behaviour is minimised, giving place to planning, predicting situations and their more suitable solutions.  

Check out important topics brought by CI:

• Predict the competition’s movements and move actions to minimise the impacts;
• Realise, in the market, opportunities or threats never evaluated by the company;
• Planning in the long term for a good strategic planning;
• Don’t depend on your own mistakes, instead observe what the competition could have done wrong;
• Realise in a more precise way your action’s repercussion  before the market;
• Making the business model more and more sustainable and everlasting.

In internet projects, it’s common for the entrepreneur to be taken by the tide of huge projects that gave millions - when not billions - to its creators. Many times the entrepreneurs completely forget that an internet business is just like any other business, with bills to pay, bills to receive, employees and other normal details of any project. There is no magical solution in this wonderful world of the internet, just a lot of planning and effort, which are the crucial factors to a web project's success. 

Independent of whoever is hired to be your project’s CI advisor, analyse this need criteriously and be sure to include this investment in your business plan. The more bold is the project, the more it needs to be planned, so that risks and threats to your sustainability are minimised. 

How EDEgland.co.uk can advise you and your company in using Competitive Intelligence to your business’s benefit

In the EDEngland.co.uk, where we develop websites and web systems, in more than 20 years experience in advising brazilian entrepreneurs to build their web project, we briefly advise in Competitive Intelligence, regardless of the business’s dimension. 

By doing that, we assist the client not only to capture the project’s requirements and to budget without commitment, but also to understand your proposition, your business model and evaluate together if your proposition is sustainable. After hiring, we work as a client’s partner, since your project’s success will be our company’s success.  

More than just developing the website or system for the hirer company, we dedicate a few hours to advise you business. It’s a minor surprise for the client’s time and pocket if a market mistake is detected in the project’s planning than after its application. There’s a whole chain of actions that will demand a lot of time, capital and mainly hope from the entrepreneur. Evaluating exactly how, if and when the engines will be turned on is crucial to any project, whether online or offline. 

Want to create your website, a system or improve your online presence? Rely on EDEngland.co.uk!

EDEngland.co.uk has been working since 1997 in Brazil, producing innovation and technology and Digital Marketing campaigns.

Whether to strengthen your brand, attract new customers or build a stronger relationship with your clients, count on us. Get in touch via the website or by our WhatsApp +55 (48) 99916-7906.