Competitive Analysis: An Essential Tool for Innovation

Competitive Analysis: An Essential Tool for Innovation

Competitive analysis is a fundamental process for innovation, as it allows businesses to identify opportunities and threats in the market, as well as their competitors. In a world where innovation is key to success, businesses need to be aware of the latest trends and developments in order to stay ahead of the curve.

What is competitive analysis?

It is the process of gathering, analyzing, and interpreting information about competitors, the market, and the technological environment. We can use this information to make strategic decisions, improve products and services, and develop new business models.

Benefits of competitive analysis for innovative businesses

It offers a number of benefits for innovative businesses, including:

  • Improved decision-making: Businesses can use this valuable information to make more informed strategic decisions.
  • Increased competitiveness: Helps businesses identify opportunities and threats, which allows them to stay ahead of the competition.
  • Reduced risk: Helps businesses identify potential risks, which allows them to take steps to mitigate them.

How to conduct an effective competitive analysis?

usinesses should define their analysis objectives, gather relevant data, analyze the information, and share the results with decision-makers.

  1. Analysis objectives: The first step is to define the analysis objectives. What information do we need to gather? What will we use the information for?
  2. Data gathering: Once we gather the data, we must analyze it to identify trends and relevant information. The internal team or an external company can perform the analysis.
    • Primary sources: These sources include data collected directly from competitors, such as their products, services, prices, and marketing strategies.
    • Secondary sources: These sources include data that is publicly available, such as news articles, research reports, and company presentations.
  3. Data analysis: Once the data has been gathered, it must be analyzed to identify trends and relevant information. The analysis can be performed by an internal team or by an external company.
  4. Results sharing: The results of the analysis should be shared with decision-makers so that they can use them to make strategic decisions.

How Kaila can help you with competitive analysis?

Kaila is a tool for innovative businesses that unifies more than 75 sources of European funding data, which allows you to see the activity related to the innovation projects of any organization.

To conduct a competitive analysis with Kaila, simply enter the name of the organization in the search bar. This will give you all of this information:

  • Innovation projects carried out: You will see a list of all the projects of that organization and you can access each one of them to see all the details: objective, results, organizations that have participated, etc.
  • Number of participations in the different European funding programs: You will know how many projects it has in each of the European programs.
  • Project history, number of projects per year: You can analyze the trend of this organization, whether it is becoming more active or, on the contrary, is developing fewer innovation projects.
  • Financing history, funding received per year: You will know if it receives more or less funding each year or if it remains stable.
  • Collaboration network: You will see the companies with which it collaborates to carry out innovation projects. You can also visualize the collaboration heat map.
  • Number of collaborations with each organization: You will know its collaboration network and who its regular partners are.

Competitive analysis is an essential tool for innovative businesses. By gathering, analyzing, and interpreting information about competitors, the market, and the technological environment, businesses can make more informed strategic decisions and increase their competitiveness.

Kaila helps you to conduct competitive analysis in a simple way. With our platform, you can access information about the innovation projects of any organization at the European level.

Do you want to know how it works?

In this tutorial, we explain how to conduct competitive analysis with Kaila step by step.