Why do we need Competitive Intelligence?
Why do we need Competitive Intelligence? It’s an important question, and the fundamental answer to this question is that it helps you understand how other people operate in order to gain an advantage over them.
What is Competitive Intelligence?
Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. The process offers more certainty, competitive advantage, and insight.
Learn From Them
If you want to learn more about Competitive Intelligence (CI), check out our blog post on the basics of the subject.
Know Who Is Winning
There are many different ways to gain an advantage over competitors. One of the easiest ways to do this is by knowing who is winning. This means understanding how your competition is doing business, where they are spending money, and what they are buying.
Understand Their Strategy
Another way to gather CI is through social media monitoring. Social media monitoring tools allow you to track mentions of your company name across multiple platforms. These tools also provide insight into what your customers think about your brand.
Find Out Where They Are Going Next
There are many different ways to gain CI. One of the easiest ways to find out what your competitors are doing is by using Google Trends. This free service allows you to search for terms related to your industry and compare how often people search for those terms against historical data.
Why do we need Competitive Intelligence?
In conclusion, it helps you understand how competitors operate, which gives you insight into their strengths and weaknesses.
It’s easy to see why insight is essential. If you want to succeed, you need to know what your competitors are doing. By gaining knowledge about your competitors, you can identify opportunities to outsmart them.
