This article titled Market and Competitive Intelligence define and explained. Competitive Intelligence, Market Intelligence and Business Intelligence are commonly confused with each other. They are all Intelligence-based, but they offer insight in different ways.
Market intelligence focuses attention on external market data. Isolates trends and patterns to find what’s driving your market. Use the Market Intelligence to drive both strategic and tactical decision making.
Business intelligence pays attention to your own organisation’s internal data. And using the information you collect from your customers and operations. Business Intelligence primary purpose is to look at improving your company’s Key Performance Indicators (KPIs) which tend to focus on things like profitability and operational efficiency.
Competitive Intelligence will likely include Market Intelligence and data about your competitors to enable you or a third-party provider (like Octopus) to predict what your competitors’ are going to do next. Also, reduce uncertainty and take advantage of any market opportunities. Competitive Intelligence should look outwards and forwards to make sure you are moving in the right direction. And there aren’t any surprises around the corner. In summary, Competitive Intelligence focuses on three main areas:
- Your Market sectors
- Current and future customers
- And of course your competitors
Eventually, you will gain a good understanding of each of these areas. And also find out how to maximise success and beat your competitors at their own game. Like most things, Competitive Intelligence is only as good as the planning done before you start the project. You should see it as an ongoing process, not just a quick research exercise.
What is Competitive Intelligence?
The deliberate process of gathering information. Usually about markets, customers and competitors. Then analysing and collating it and then reporting it to decision-makers for them to take action. Therefore, the main goal is to support your organisation’s strategic decision making.
In this article titled Market and Competitive Intelligence defined and explained. And we discussed what Competitive Intelligence is and how it differentiates from Market Intelligence and Business Intelligence.