Competitive analysis can be a daunting task. At Richter & Company, we believe strong, reliable processes build the foundation and framework for sound, defensible analysis. Competitive analysis can be broken down into three parts:
Business Intelligence forms the foundation of competitive intelligence. It focuses on quantitative numbers, like financial metrics and number of units produced. Business intelligence consists of solid, irrefutable data points that define a company.
Competitor Intelligence lays out the framework for analysis. It is made up of quantitative data (business intelligence) and qualitative data. While quantitative data defines, qualitative data describes. Capabilities (general and specific), relevant news and identified past performance help characterize a company as qualitative data points. We can define ‘competitor intelligence’ as information specific to a single competitor.
Competitive Intelligence enhances competitor intelligence through inclusion of environmental factors (political, economic, social, etc.). Experienced analysts help determine how these external factors will affect the competitor intelligence gathered. Companies can then be assessed against one another in some kind of objective evaluation, mimicking the source selection board decision-making process.
Richter & Company has been using this framework for competitive analysis to help clients win more than $30B in new business since 2006. To find out we can help you win, contact us today.