Using Competitive Intelligence can help You Find a Competitive Advantage for Your Business
This article tells us how competitive intelligence can help you find a competitive advantage for Your Business. Competitive intelligence gathers and analyses information about competitors, markets and customers. All through legal & ethical means.
The more you have knowledge about your market, the better your ability to grow your business. That is why all the leading global industries are investing considerable funds in foresight and analysis. It can drive revenue. And thereby, can help keep organisations ahead in the market.
Depending upon the industry, the nature of the intelligence varies for every company. The main aims of competitive intelligence are to:
- Discover risks and opportunities
- Make better decisions
- Strengthen business strategies
- Enhance organisational performance
An intelligence platform can research data from multiple sources. The platform reduces the time taken by an analyst to collect and collate the information.
- Industry experts
- News media
- Government records
- Trade shows and conferences
- Public filings
- Customer interviews
- Competitor interviews and so on
Globalisation, urbanisation, and digitalisation are taking place at a rapid pace worldwide. Giving rise to difficulties and challenges to stay competitive in the market.
Moreover, companies need to react quickly to emerging markets to stay competitive. So, intelligence helps understand their products’ selling and positioning strategies. And then take advantage of the market gaps to improve profit margins. Intelligence allows you to find new opportunities and develop a brand identity. Setting them apart from their major competitors.
Competitive Intelligence can help You Find a Competitive Advantage for Your Business.