How You do Competitive Intelligence in your day to day work?

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How do you do Competitive Intelligence?

In this article, we ask how you do competitive intelligence. It’s a question with many answers, depending on whom you are speaking to. SEO platforms will tell you to use them to assess Competitive Intelligence. They see the answer to the question. How do you do competitive Intelligence as knowing the best keywords to use to beat your competitors? Competitive intelligence platforms will tell you they are the answer with their monitoring and data portal. And some of them are excellent. And some are terrible. Need to know which? Please ask! Data gurus will tell you that competitive intelligence is all about big data and that the competitive intelligence cycle is dead. It’s not, of course. You just need to be flexible.

A Description of Competitive Intelligence

One definition of competitive intelligence is the practice of collecting and analysing information to create Intelligence and use it to gain a competitive advantage. Simply put, it’s knowing the answer. The deeper question is how certain you are that you know the answer.

There are many ways to conduct competitor intelligence, but the most common approach is to collect data through research, surveys, focus groups, and interviews. This information is then analysed to determine which companies or products are doing well and how they can be improved.

One of the most critical aspects of competitive intelligence is trusting the data you collect. Therefore, significant time should be taken to verify the information and conclusions you find. Rarely will you find the complete picture of the subject.

Help you improve your products and services

How you use competitive intelligence is an interesting question. There are many benefits to doing competitive intelligence. It can help companies improve their products and services by exposing them to new ideas and competition. Today’s business world is constantly changing. With competitors moving faster and adapting to new technologies. Companies need to stay ahead of the curve. Competitor intelligence can help you do that by providing insights into your competitors’ practices, strategies, and products. Here are three ways to get started:

  1. Use online resources: The web is excellent for finding competitor intelligence on various topics. You can find information on your competitors’ websites, blogs, and social media pages. The stuff they don’t know is public knowledge. You can also use search engines to locate articles, white papers, and other sources of information. This information will tell about how they think, plan to do, and what they are missing.
  2. Attend trade shows: Trade shows are a great way to meet with representatives from your competitor’s businesses and learn more about their products and services. You can also ask them questions about their industry and how they’ve been able to compete in it.
  3. Take stock of your own strengths and weaknesses. What do you know about your industry that no one else does? And understand the advantages you have over your competitors. Once you know your own attributes well, it’s time to learn about your competitors. Use various sources, such as trade journals, corporate websites, and competitor presentations, to compile information on each company. Analyse each player’s performance against customer expectations, operational goals, and financial benchmarks. This analysis will give you a strong foundation for building future strategies.

There are many different ways to collect Competitor Intelligence. You can either go through official channels such as filing public reports or surveys with authorities like the SEC and the UK’s Companies House. Or go through unofficial channels such as talking to industry insiders or customers. Whichever route you choose, ensure you are thorough and consistent in your approach to get accurate and up-to-date information.

How you do Competitive Intelligence?

In conclusion, competitive Intelligence is important for any business. There are a few different ways to do it, but the most important part is gathering accurate and up-to-date information. By doing competitive Intelligence, companies can stay ahead of their competition and ensure they always provide the best possible products or services.

Art by Joe Tricell

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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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