Why do you need Competitive Intelligence is the title of this article. No matter which industry you work in, you will face fresh challenges, problems and the competition every day.
So why do you need Competitive Intelligence?
Your market is continuously changing even if you don’t see it, that’s why you need Competitive Intelligence- To keep ahead of your market and competitors.
What is Competitive Intelligence?
But what is Competitive Intelligence, and why do you need it to be successful? Competitive Intelligence is researching your competitive environment, including your competitors’ activities, processes, products, services and marketing message. Allowing you to be able to:
- Make more informed business decisions.
- Understand competitors strengths and weaknesses
- Anticipate competitors next moves
- Understand the customer base
- Isolate new competitors and products which could damage you.
- Anticipate and stay ahead of market trends and patterns
- And honestly compare yourself with your competitors
The benefits of Competitive Intelligence?
Competitive Intelligence removes the guesswork from your decisions and throughout the business
Up to date, Intelligence will mean that you will know how to react to changes in your market or competitors. Other Competitive Intelligence benefits include:
- Fill the gaps within your business to improve your efficiency
- Find the holes in the market and your competitors and fill them the direction you want to
- Speed up your time to market
- Move into new markets with confidence
- Launch products with strategies based on what’s actually happening.
- market-entry and market defence — which can secure a successful product launch
- Improve your marketing, message and tone of voice by understanding what your market and potential customer want to hear
- Then get the edge by Predicting competitor behaviour
- Finally, know about what your competitors are planning so you can beat and disrupt them
Why do you need Competitive Intelligence? No matter which industry you are in, you face fresh challenges and the competition every day. And we hope this article has explained the need for Competitive Intelligence.