Competitive Intelligence Objectives for businesses like yours

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Weekly Winning Strategies: Competitive Intelligence Objectives for businesses like yours

Competitive intelligence isn’t about amassing mountains of competitor data. Or having access to the best CI platform. It’s about gathering targeted, actionable insights that empower you to make winning decisions. It’s about competitive intelligence objectives for enterprises like yours.

1. Define a Clear Objective

The core of effective competitive intelligence is a well-defined objective. You can’t try to gather all possible information about competitors. You must focus on specific, actionable insights addressing your strategic decisions. A clear objective streamlines intelligence efforts, making your work more precise and valuable.

Before diving into Google, you need to define your strategic goals. What critical decisions need to be made? How can competitive intelligence help inform these choices? Think about:

  • What are the specific strategic decisions we need to make?
  • How can competitive intelligence inform these decisions?
  • Which aspects of our strategy need the most refinement?

2. After competitive intelligence objectives it’s Isolating Great Questions

Take the time to define great questions. Otherwise, you will end up with poor answers. The value of your competitive intelligence is proportional to question quality. Great questions guide your research. They ensure that you gather the most relevant and actionable insights. Not wasting your time on the obvious, easy-to-find stuff with little actionable insight. Ask:

  • What do we currently not know about our competitors that is critical?
  • Which competitor strategies or market trends demand our attention?
  • What unknown factors could significantly impact our strategic decisions?

3. Identify Relevant Competitors

Not all competitors are equal. After setting a clear objective, identify which competitors are most relevant to you. This prioritisation ensures your intelligence efforts are targeted and efficient. Ask your sales teams and customers what they think. Then, spend time researching to determine which competitors need deeper scrutiny. Ask yourself:

  • What do we currently not know about our competitors that is important?
  • Are there specific competitor activities or market trends we need insight into?
  • What unknowns could significantly impact our strategic decisions?
  • Which competitors are directly affecting our market position?
  • What segments of the market are most influenced by our competitors?
  • How do specific competitors’ strategies differ from ours?
  • Who are the key competitors in your market? Is this thinking blinding you from competitors creeping up behind you? A competitor that could give you the killer blow?

4. Integrate Intelligence with Business Operations and Planning

Competitive intelligence has to integrate into your operation and strategic planning. And no, we said strategic planning shouldn’t be done yearly. Just to support the annual report or the annual strategy sessions. Intelligence should inform and drive continuous business improvements and strategic adjustments. Moving beyond static reports and embedding insights into all your decision-making processes. After all, if you don’t know what’s going on and what’s going to happen, why would you dare make important decisions? See, it’s all about competitive intelligence Objectives, good questions and planning. And then keep looking. Basically competitive intelligence and competitor analysis projects should never be a one off.

5. Monitor and Adapt to Market Changes

So, competitive intelligence is not a one-time hit but an ongoing process. Watch the competitive landscape and adapt strategies to market changes. You will have more chance of remaining agile and responsive to threats and opportunities.

6. Confirm Strategic Decisions and Investments

Use competitive intelligence to validate your strategic decisions and investments. Understand where competitors invest resources and how they are positioning themselves. Then, you can benchmark your strategies and gain confidence in your own investment decisions. This external validation also checks against internal biases and assumptions. And you are infested by them. And experience blinds them to you. More questions to ask:

  • What insights will directly influence our strategic choices?
  • How can we adapt successful competitor strategies to our context?
  • Which competitor actions pose the most immediate threat or opportunity?
  • How have recent market changes affected our intelligence needs?
  • Are there new competitors or trends we need to consider?
  • How can we improve our intelligence processes based on past outcomes?

Competitive Intelligence Objectives for businesses of all sizes

Focus on these key objectives. To make competitive intelligence a powerful, useful tool. To inform and transform your business strategy. Ensuring you stay ahead in the competitive landscape. Ensuring you have a competitive advantage over your competitors for years to come. It’s all about competitive intelligence Objectives, good questions and planning.

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

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