Practical Intelligence: Strategies for Applying CI in Everyday Business Decisions

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Practical Intelligence: Strategies for Applying CI in Everyday Business Decisions

This article offers a couple of quick ways to use competitive intelligence in your day-to-day work. These days it’s straightforward to look for information about your business and offerings. Most potential customers will do some research before emailing you for a call or demo. So Practical Intelligence: Strategies for Applying Competitive Insights Daily in Your Business Operations. What do we mean when applying CI in everyday business decisions?

They can do this to you before even picking up the phone. And they will be looking at your competitors too. I know we have competitors, and some of them are pretty good. Many companies know they have good competitors. But don’t really understand which ones are decent. And which ones do you more good than them? And it’s not fair or necessary for your potential customers to know more about them. 

Winning Your Market with Competitive Intelligence

Think like them

One of the best ways to gain insight into your competitors is to become a customer. Think like a customer. Approach your competitors with interest in their products. Even better, get someone impartial to do it.

This will be a good start for you. But you will need more Intelligence to be able to develop your game plan to enable you to counter your competitors’ strengths and attack their weaknesses confidently. And here, we do not mean a simplistic SWOT analysis. Which, of course, means strengths, weaknesses, opportunities and threats. SWOT is a good exercise. But if competitive intelligence is a football match, SWOT is the first pass back to the keeper. Just to give him a touch of the ball and settle him down. There is a lot of the game to be played. Saves to make. Defensive mistakes and goals to be scored. Tactics tested and weaknesses exploited. 

What’s Meant by Market Intelligence and How to Apply it to Our Business?

Learn where to position yourself

A competitive analysis allows you to isolate gaps in competitors’ products or services. Enabling you to exploit them to your advantage. By learning the best way to position yourself in the world and the actual service and products you offer. And, also, how and to whom do you offer them? Can you use what you have found working for them and see if you can improve it? Look at why their offering has problems and find the subsequent solutions to them. 

What’s Meant by Competitive Intelligence and How to Apply it to Our Business

These sort of activities is an excellent use of competitive intelligence. Leveraging what you know about competitors to assault them in their market space. And make yourself seem completely fresh and different in the customer’s mind.

Applying CI in Everyday Business Decisions

Applying CI in everyday business decisions is about weaving strategic insights into the fabric of decision-making processes. It goes beyond occasional strategic reviews, embedding intelligence into the daily decision-making fabric. From marketing strategies to product development and customer engagement, competitive intelligence should inform all facets of the business. Practising this application means that competitive intelligence becomes not just an occasional input but a continuous backdrop for business operations. It ensures that decisions are not made in a vacuum but are deeply rooted in a sound understanding of the competitive environment, driving agility and strategic foresight.

Applying Competitive Insights Daily is a transformative approach that empowers businesses to stay ahead in the competitive landscape. By embedding these insights into everyday decision-making, organisations can identify opportunities, anticipate market shifts, and respond proactively to competitors’ moves. This continuous application of competitive intelligence fosters a culture of strategic thinking, enabling businesses to adapt, innovate, and maintain a competitive edge in their respective industries.”

Practical Intelligence: Strategies for Applying CI in Everyday Business Decisions

So, in summary, we introduced these six points:

  1. Most potential customers will do some research before emailing you
  2. They will be looking at your competitors too
  3. Many companies don’t know which competitors are the decent ones
  4. And which competitors did you beat hands down
  5. Become a customer of your competitor. Think like a customer and call the competitor up
  6. Develop your game plan to counter your competitors’ strengths and attack their weaknesses.

How Do You Conduct a Competitive Product Analysis?

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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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