This article asks why Competitive Intelligence is essential for your business. The beauty of good Competitive Intelligence is that it offers an unbiased viewpoint. And, a one that is not altered to fit a political perspective. Or to support current company beliefs.
Intelligence-gathering is the first step
Would you go to a job interview without first finding out something about the company? So, why pitch to a prospective client if you don’t know who the current advisors are. Also, what criteria that business has in selecting its external advisors?”
Competitive Intelligence will improve the effectiveness you have in winning new customers. And improving your efficiency in getting new clients. So, CI will transform your thinking and how you do things. Intelligence will deliver a better strategic direction to your organisation. Here is what you can do first. If you can gather enough information about what your rivals are doing and why they are doing it. And so, you will understand their business model. Isolate and take advantage of their strengths and weaknesses. You will stay ahead of the game.
Stay ahead of the game
Also, CI can improve your productivity. By allowing you to focus on winnable activities. And also reducing the influence of rumour. As well as the most dangerous beast – industry experience.
Awareness of the competition will improve cross-functional relationships. Also, understanding will bring teams together. By getting everyone involved in the information collection and strategic analysis.
It can give you early warning of any competitive threats. Allowing you to make strategic decisions and actions based on valuable Intelligence. And not the latest article in the local business press. Like this.
In short, CI offers unbiased news and views. And truth and relevant analysis for your strategic and operational decision-making. Competitive Intelligence is essential for your business.