Explore the definition of a competitor intelligence survey and how it can help in B2B market research.
What is a competitor intelligence survey in B2B market research?
Competitor intelligence is a category in B2B market research, often used to survey a company’s competition. In simple terms, competitor intelligence refers to knowing how many players exist in the market. Additionally, it also measures the size of the players in the market. For instance, if a business wants to expand to a new geography, it will conduct competitor intelligence. Let’s take an example of a manufacturing company that wants to expand its borders. This company will want to know who the players in the new geography are so that it can strategise. Through an analysis of competitors, the company will know where it stands in the market.
A competitor intelligence study is often conducted through the use of surveys. In the above example, the manufacturing company is essentially conducting B2B market research. In the next section, we’ll explore how a competitor intelligence survey can be useful in B2B market research.
3 ways that a competitor intelligence survey is beneficial in B2B market research
Surveying and analysing your competition is one part of conducting B2B market research. Below, we share 3 points on how this type of market intelligence is useful for businesses.
- A competitor survey in B2B market research helps your business gain a competitive advantage
Knowing who your competitors are is always a good idea. B2B market research helps you get insights into who your competitors might be. Using survey data, your business can gather information on the number of players and their business strategies. Insights into business strategies can help to improve your business processes. Usually, every business will have a unique standpoint that is termed a ‘competitive advantage’. This type of advantage can often take years of experience to build. However, B2B market research can expedite the process of building an edge for your business. Due to the vast amount of rich data gathered in the research, your business can get ahead of the competition.
- B2B survey respondents in competitor intelligence can give your business unique insights
As part of B2B market research, your business would need to gather B2B survey respondents. Typically, B2B survey respondents are customers who respond to global B2B surveys. These respondents can be employees, C-level executives, or other decision-makers. Usually, these respondents have unique insights that can prove valuable for your business. Employees or managers working in a particular industry have had years of experience and knowledge. Your business can leverage these insights through B2B market research. Moreover, your business can get these insights relatively quickly through global B2B surveys.
In the case of the manufacturing company, they can survey employees already working in the same industry in the new location. Employees and other industry leaders can help the company with unique insights to grow the business. The way that the company can do this is through a global B2B survey. The company also has the option to choose a partner to conduct this survey for them. Several data collection panels can help the manufacturing company conduct the survey. The company can then collect actionable data to develop business plans.
- Competitor intelligence provides your business value data to navigate change
Nowadays, global economic conditions are more uncertain than ever. To eliminate global uncertainty, businesses will need actionable data to produce insights. In any business, having foresight is vital to surviving in the market. Competitor intelligence gives your business the power to foresee any changes in the market. Moreover, a global B2B survey that focuses on your competition helps your business to foresee any threats and develop game plans to avoid them.
If you’d like to know more about B2B market research, GrapeData offers customised survey solutions for your data needs. Please feel free to drop an email at [email protected] for more information.
