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.
So, what is Competitive Intelligence?
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. This article asked the question: What is competitive intelligence?
