How to use Competitive Intelligence to grow
Knowing how to use Competitive Intelligence to grow and crush competitors is incredibly important. Especially if you need to win in a competitive market. And let’s face it, most of them are.
Increasingly, businesses are investing in and building teams to create Competitive Intelligence. Finding budgets to gather and analyse information to understand their market better. But companies of any size can learn how to use Competitive Intelligence to grow.
Any size business can benefit
You don’t need to be an Apple or IBM to enjoy Competitive Intelligence. Startups, pre startups and one-person bands need Competitive Intelligence too. All realise that the more you know about your market, the better chance you have of winning. And then achieving sustainable competitive advantage. You don’t need a massive budget or an inhouse team to benefit from Competitive Intelligence. But you need to look in the right places and begin thinking more analytically about what you find.
What Does “Competitive Intelligence” Mean?
Competitive Intelligence is gathering and analysing information about your industry to strengthen your strategy. Information usually about:
- Products and services
Why Is Competitive Intelligence Important?
Doing anything blindly and having no understanding of the landscape is very dangerous. Dangerous if you are in the mountains. And as bad if you are stumbling about blind in your business. Yes, you may have some good customers and cash in the bank. But you are going to trip up eventually.
You will be vulnerable to threats, and you will miss opportunities. Blindspots will be detrimental to you, But Competitive Intelligence provides a solution. Perhaps a competitor is launching a new product that will compete with your offering. Or there has been a significant change in your market, meaning what you do is not popular anymore. Or, indeed is seen as the future. Either way, if you don’t know this, it will kill you. But Without Competitive Intelligence, the very least to ensure you’ll probably:
- Miss market changes
- Make mistakes
- Experience setbacks
Make informed decisions
Competitive Intelligence is about collecting the correct amount of information. And then doing ongoing analysis to then make informed business decisions. Allowing you to:
- Make better critical decisions with more certainty and informed confidence
- Uncover trends and position yourself within the market
- Identify emerging industry threats
- Discover growth opportunities
- Predict competitors’ future moves
- Be ready to counter or develop preemptive strikes
- Inform your sales team and ensure you have a better chance of winning deals and tenders
- Improve what you do by comparing yourself against your competitor
- Look at others from other industries to see how they do things
- And many more to assist your strategic planning to gain a competitive advantage
How to use Competitive Intelligence
Conclusion. Knowing how to use Competitive Intelligence to grow and gain a competitive edge is essential. Understand what your competitors are doing, and you can adapt your own strategies. And beat them at their own game. It doesn’t matter if you’re just starting out. Or you’ve been doing it for years. Competitive Intelligence is a surefire way to grow and come out on top. Use the tips in this article to get started today!
Art by Nik