Competitive Intelligence

At the Vancouver Island Economic Alliance Summit, October 18-19, in Nanaimo, I attended a workshop on competitive intelligence. At its most basic, this notion means using data to target your market with the view of increasing sales. While big companies have access to databases worth thousands of dollars, how can sole proprietors or small companies incorporate competitive intelligence on a much smaller scale to increase sales?

1. Develop a system to track statistics

a. This could be as simple as an Excel spreadsheet or as complicated as an industry specific database; however, using a computer system will make it much easier to analyze the data.

2. Track your customers

a. Age

b. Income

c. Where they live

d. Sex

e. Marital status

f. Hobbies/interests

g. How they found out about you

h. What they buy

i. How often they buy

3. Analyze the data

a. Sorting lists based on certain criteria can help you plan your next marketing campaign.

i. Did they find you on the Internet?

ii. Did they get referred by a friend?

iii. Did they meet you at a networking event?

iv. Did they hear about you on the radio/TV or in the newspaper?

v. Did they see your flyer/poster?

vi. Did they receive your advertisement/discount in the mail?

vii. Did they find about you from your membership in your local Chamber?

By developing a system to track who is buying your services/products, you can increase your focus on those marketing strategies that will attract new customers based on what attracted your past customers. Information is especially powerful in this very competitive business world. Using statistics wisely can help you to increase your market share.

~ Jamie, Program Manager

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One Response to “Competitive Intelligence”

  1. Angela West Says:

    great information, thx Jamie!

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