Competitive Intelligence is an important tool
Competitive Intelligence is an important tool for businesses that want to stay ahead of their competition. It helps companies understand how their competitors operate, which allows them to develop new products and services that will keep customers coming back.
Competitive Intelligence is not just limited to understanding what your competitors are doing; it can also help you learn more about your own company. By gaining knowledge about your own organisation, you can make better decisions about your future plans.
Find out what they’re doing
There are several ways to gather competitive Intelligence, such as market research, competitor analysis, and customer feedback. However, there are two main methods used by companies today: primary and secondary sources. Primary sources are those who actually work with the company, while secondary sources are those who do not directly interact with the company.
What is Competitive Intelligence?
Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive Intelligence offers more certainty, competitive advantage, insight, growth & security.
What is Competitor Analysis?
Competitor Analysis evaluates your competitors. To understand and compare them to your way of doing things. To know their current and future direction, how they do business, their strengths and weaknesses, and why customers buy from them to increase your competitive advantage.
Understand their business strategies
A good understanding of your competitors’ business strategies will help you identify growth opportunities. This includes knowing what they offer, how they sell it, and where they focus their efforts.
Determine their future growth prospects
To determine your competitor’s future growth prospects, start by looking at their current market position. What do they currently offer? Where do they focus their sales efforts? Are they growing? If not, why not?
Gain insights into their customer base
Once you understand where your competitors are now, you can use Competitive Intelligence to find out what they plan to do next. This will help you identify new opportunities for your own company.
Competitive Intelligence is an important tool
In conclusion, Competitive Intelligence can give you a leg up over your competition by helping you identify where they’re strong and weak and how you can take advantage of those areas.
