What is Competitive Intelligence in Business?

This is an image a lighthouse at night by allenycai for an article called Why Competitor Analysis helps view your market in a different light by Octopus Competitive Intelligence Competitor Analysis focused on creating certainty allen-cai-Y4RxCIaYaSk-unsplashWhat is competitive analysis and how it can benefit your business? What is Competitive Intelligence in Business?

What is Competitive Intelligence in Business?

Competitive intelligence is the process of gathering and analysing information about competitors. So you gain a better understanding of their strategies, tactics, and operations. It is an essential tool for businesses to stay ahead of the competition and make informed decisions. Competitive intelligence helps identify opportunities, anticipate threats, and develop strategies to remain competitive.

Understanding Your Competitors

One of the most important aspects of competitive intelligence is understanding your competitors. This involves researching their products, services, pricing, marketing strategies, and customer service practices. Doing so lets you gain insight into how they operate and what makes them successful. Additionally, you can identify areas where you have an advantage over them. Or areas where they have an advantage over you. This knowledge can be used to inform your own business decisions.

Gathering Competitive Intelligence

Gathering competitive intelligence requires a systematic to collecting data from multiple sources. This includes public authorities such as news articles and financial reports. And private sources such as industry insiders or customer surveys. It’s important to be thorough when gathering to understand your competitors’ activities

Analysing Competitive Intelligence

It’s time to analyse them to draw meaningful conclusions about their strategies and operations. This involves looking for patterns in the data. Identifying trends that could indicate changes in their approach or opportunities for you. Additionally, it’s important to consider external factors such as economic conditions. Or industry trends that could affect your competitors’ performance.

Using Competitive Intelligence Effectively

Once you have analysed all the data about your competitors, it’s time to implement it. And then using it to inform your business decisions. This could involve adjusting pricing or marketing strategies based on what you know about your competitors. Or developing new products or services that give you an edge over them in the marketplace. Competitive intelligence can be used to identify potential partners. Or customers interested in working with you due to its competitive advantages over its rivals.

What is Competitive Intelligence in Business?

In conclusion, competitive intelligence is essential for businesses looking to stay ahead of their competition. To make informed decisions about their operations and strategies. By gathering data from multiple sources and analysing it, you gain valuable insights into competitors. All of which can then be used to inform their own business decisions. Here is another related article which may be of interest:

We are Octopus, and we’re all about your real competitive advantage.

We are the global bespoke people-powered global competitive intelligence agency creating the insight you can do something with.

Another article:

Get your free review today

We are Octopus, the competitive intelligence company providing bespoke competitive intelligence, competitive analysis, competitor analysis, marketing intelligence, and competitive strategic intelligence. 

Request a free review & we’ll show you how our bespoke people-powered competitive intelligence insight can help you:

Please enable JavaScript in your browser to complete this form.

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.

Home » Blog » Understanding Competitive Intelligence » What is Competitive Intelligence in Business?

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.

This is a drawing of the Octopus Intelligence Logo By Octopus Competitive Intelligence, Due Diligence, Competitor Analysls, Market Analysis, Competitor Research and Strategic Business Development to beat your competitors, increase sales and reduce risk


We Find The Answers To Beat Your Competitors

Bespoke, people-powered competitive intelligence to create insight you can do something with. We help you be more competitive, beat your competitors and win more business.

But enough about us, let's here about you:

Please enable JavaScript in your browser to complete this form.