Company intelligence is the art of learning more about a company. Numerous methods are used to capture data, analyse that information and draw out real insight for the reader. In this article, we’ll go through three ways to use company intelligence to grow your business.
Knowledge is power. When most business owners think of what they need to grow their business successfully they’ll think of things like:
- A great product/service offering
- The right people to carry the above out
- Competitive pricing
- A strong marketing strategy
- A differentiator in the marketplace
Making sure that you have all of the above in place can be a real challenge. Most companies worry about some/all of these things and more, however how many are collecting real information and data to ensure that they really are where they want to be on all of these points?
In truth, it’s quite rare for a company to be tracking itself against the competition on core business traits. This is mainly because it’s pretty difficult to do. Let’s look at an example to make this clear:
Let’s take competitive pricing as an example. A business owner who wants to make sure his pricing is strong may do a number of things – checking competitor websites and consulting with current and potential clients would be two obvious ones – but they may also go with their gut feel or with prior experience. What they don’t often do if go and find what their competitors charge in different situations. Competitors, naturally, won’t want to share their pricing (particularly in the services industry) so companies often don’t try and find out what it is. But, it’s absolutely imperative to have this information to know if you’re pricing strategy truly is competitive.
Company intelligence allows you to find out this type of information for just about any company – meaning you can profile your direct competitors or the wider market to see where your company fits, and make adjustments in key areas if needed.
Understanding what others are doing now, where they’re going, and what they’ve done allows companies to get the right strategy in place – avoiding wasted time on elements that may not work, and taking the best of what the competition is doing. There’s very few businesses who are unique enough to not need any view of what their competition are doing.
Improving Sales Conversion Rates
The second way to use company intelligence to grow your business is in utilising it in your business development/sales team.
If you have key clients you want to win, profiling those companies can give you a higher chance of success. From knowing what makes a particular decision maker tick, to knowing which networking events the business attends – there’s a number of ways to get ahead.
For example, if you were able to go to a networking event with a high level of confidence that a key potential client would be there, and know core information about the decision maker you would meet (think what football team they support, where they went to school, where they’ve worked before etc), then you’ll have a great chance of building rapport in a natural way – giving you a much better chance of turning that contact into a client in a seemingly organic way.
This approach has been proven to be far more successful in terms of sales conversion rates than all other channels – it completely outstrips cold-calling & telesales for instance as you can build your relationship in a normal way, with the added advantage of having the upper hand in terms of information.
Mergers, Acquisitions & Partnerships
If your business is in the market to acquire another company, is looking to merge, or if you’re looking for strategic partnerships then company intelligence can really add value.
With any of these scenarios you want to have the upmost confidence in the people you’re going to be working with or acquiring – meaning that making the effort to go beyond due-diligence, and to look at a full company intel report is well worth the time.
Furthermore, company intelligence can help you scan the horizon and find the companies you may want to partner with in the first place based on aligned values, similar market positioning, or where their team has skills that yours does not yet.
How To Utilise Company Intelligence
Now you know three ways to grow your business using company intelligence, you’re probably asking – how do I do this?
At Clarity Stack we’ve created a company intelligence offering where our team of researchers and analysts will profile the companies that you desire and provide you with all of the information available. We use the skills that we developed in the crime & security industries to find information that others simply can’t, giving you a huge advantage.
Find out more about our company intelligence offering by clicking here.