Competitive intelligence example industry validation by a software company
This piece is one of a number of articles offering an example of what you can do with competitive intelligence. We are determined to show you how competitive intelligence and associated activities can help any business. In this example, a technology business wished to gain a foothold in another market. This article is called Competitive intelligence example industry validation by a software company. This an example, but we do also have many case studies like this one: How Competitive Intelligence Helped a Software Provider Better Understand Their Competitive Environment
What’s happening
A large enterprise financial software house wished to increase influence and revenue its marketplace. They produced a very popular and well-used API that allowed one financial platform to talk to another. However, its investors were putting pressure on them to expand their offering, telling them they were just an API with many alternatives out in the market for their users. They relied on third-party partners to use their product within their offering, and the investors were nervous. They were uncomfortable that the business they had invested in was at the behest of another company*. One they can’t have any real influence on. They would approach an agency like Octopus Competitive Intelligence to help them isolate new opportunities, create a potential future market and perhaps find other platforms in different markets for their product. *Yes, the investors should have seen this before they invested. But this is not an uncommon situation.
What could be done?
After collecting all secondary OSINT and speaking with relevant people, we would use analysis tools to determine and assess alternative products and SasS platforms that would be excellent options for them. Then explore how the company could work with alternative products. And assess their current partners to see how they believed their relationship was with them, determining the best possible route and avoiding any pitfalls others have experienced. Then recommended several potential partners in similar industry sectors.
Some leftfield markets were rejected but could be revisited when the investor pressures have been reduced. Keep similar needs played into the company’s strengths and capabilities. Technology and software capability-wise, business development, product delivery and marketing. Getting the message across to potential customers and partners in a new market has to be as easy as possible.
Clearly, there will be many options within cloud-based technologies that occupy an emerging market to bring new opportunities for their business.
What were the results?
In this example, the software firm decided to go with the key findings contained within the competitive intelligence insight and also convinced their investors too. This resulted in a new funding round. Eventually, the latest business was spun off into a subsidiary, which expanded into a niche, but profitable sector of the enterprise software industry.
Competitive intelligence example industry validation by a software company
This article showed how talking to the right people and looking in the right places, and having time to think and analyse information with reduced influence of biases could help a tech company. This is one of several articles to offer an example of what you can do with competitive intelligence.
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