As an important component of competitor intelligence, competitor data provides key insights into the operations and performance of your competitors. As such, this information can prove enlightening in terms of current and future market developments.
Competitor data includes any and all relevant information about your competition - from their products, services, and pricing to marketing strategies and operations. Knowledge of this is what can help you discover what they’re doing right or wrong and how you can best capitalize on the available market trends and opportunities.
Here’s how studying competitor data can help you establish a competitive edge in the market.
Wondering what are the most accurate sources to get competitor data? Well, here’s where you can look to find accurate data about your competitors.
Data collection is not easy. Obtaining accurate competitor information can be tough, especially since details might not be publicly available. Here are some common hurdles you may come across when trying to source competitor data:
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One of the most credible ways to source sales data from competitors is by examining their financial statements or annual reports. These documents are generally audited and publicly available. However, you need to know what information to extract from these documents to obtain accurate sales data. You must also ensure you don’t resort to any unethical or illegal means to obtain these documents.
Revenue information is generally available on a company’s financial statements or annual reports. By analyzing these documents, you can gain a comprehensive insight into their historical data. However, this process can be quite time-consuming and lengthy. Simultaneously, you must also exercise caution to avoid using unethical or illegal means to obtain these documents.
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