What is competitive intelligence?
What is competitive intelligence? It’s all about excellent questions. And we start with two questions for you:
1. Name the five best things your main competitor is good at?
2. What are you going to do about them?
Easy right? What about the other competitors? Your future competitors? Your current and future markets? This is where intelligence is so powerful.
It’s knowledge about your competitors
Your market and your customers which is not readily available. And, it’s the information you need to dig a little deeper to find, often in places people where don’t want to share.
It’s asking the questions to get the answers you really want to know. Also, it helps you make decisions and take action relying on more certainty rather than guesswork and dated assumptions. Put simply; competitive intelligence allows you to avoid surprises, think more moves ahead of your rivals, and minimise uncertainty when you make business decisions. It gives you the ability to see through or stay ahead of the competition and, in many cases, can be the unspoken, hidden key to success.
It answers the questions you need to know. It’s knowledge about your competitors, your market and your customers which is not readily available. It’s the information you need to dig a little deeper to find, often open-source information people don’t want to be shared. Intelligence can be used in a number of areas of your organisation and even your own customers.
It also questions what you think you know. Why you need intelligence And how it can help you stay stronger, more agile, and fitter for the future. And here are Seven Reasons For Competitive Intelligence.
Next dive into the comprehensive world of Competitive Intelligence. Explore the fundamentals, the varying methodologies, the ethical considerations, and the diverse applications of Competitive Intelligence across industries.
Foundations of Competitive Intelligence
Exploring the Foundations of Competitive Intelligence is crucial for any organisation aspiring to secure a strategic advantage in today’s rapidly evolving market landscape. By diving into the Foundations of Competitive Intelligence, readers will gain an insight into how this essential practice enables businesses to anticipate market shifts, understand competitor strategies, and make informed decisions.
At Octopus Intelligence, we demystify the essential components, methodologies, and applications of competitive intelligence, empowering you with the knowledge and tools to navigate the competitive landscape effectively.