Seven reasons for competitive intelligence
1. Identify Key Trends:
Competitive intelligence involves identifying key trends in your market, from customer preferences to new products and innovations. It requires close monitoring of the competitive landscape, observing how industry dynamics change, and understanding their implications for your business.
2. Conduct Market Research and Analysis:
Another important aspect is market research, including analysing competitor offerings and customer requirements to identify areas for competitive advantage. Such insights can help develop strategies for pricing, product development, marketing optimisation and more.
3. Digital Monitoring:
Competitive intelligence also includes digital monitoring activities such as social media analysis and web analytics, helping you stay on top of customer conversations and track changes in user behaviour across channels. This enables you to create targeted campaigns that respond to customer needs instantly or anticipate what they might need next.
4. Compile Intelligence Reports:
Finally, competitive intelligence teams compile comprehensive reports based on their findings which accurately summarise the competitive landscape and help companies make informed decisions about product launches, pricing strategies etc.
5. Monitor Competitors’ Strategies:
Analysing competitors’ strategies is another critical part of competitive intelligence; this could include tracking how they conduct their ad campaigns or price their products. This will often give you an accurate insight into their go-to-market plans and long-term objectives.
6. Collect External Data Sources:
Competitive intelligence teams also leverage outside data sources – such as news articles, industry reports, analyst predictions etc. A richer understanding of the entire market landscape helps them better formulate strategic decisions.
7. Deliver Continuous Baseline Knowledge:
As up-to-date knowledge is critical when making quick strategic decisions, competitive intelligence’s goal is to continuously provide timely baseline knowledge that allows businesses more agility in responding to external events or changes in the marketplace.