What do you mean by Competitive Intelligence?
Competitive intelligence involves the collection and analysis of information pertaining to the strengths and weaknesses of competitors. Exploring the realm of competitive intelligence can provide valuable insights into a competitor's market positioning, particularly when their offerings are similar to yours.
Through competitive analysis and the data obtained from competitive intelligence, relevant market insights and significant industry trends can be identified. This process can also shape business objectives and market strategies related to aspects like pricing and performance.
What is the purpose of competitive intelligence research?
Conducting competitive intelligence research involves gathering information to identify the market factors that distinguish a business or brand.
Research may entail gathering business intelligence from various sources, including:
- Press and media
- Customer review websites
- Social media pages
- Competitor websites
What are the objectives of competitive intelligence?
The primary objective of competitive intelligence is to empower businesses to make informed decisions that enhance their performance. Other objectives include:
- Revealing strengths and weaknesses of competitors' products or services
- Evaluating market positioning to establish business key performance indicators (KPIs)
- Mapping competitive advantages to highlight a company's offerings
Applications of competitive intelligence
Competitive intelligence serves various purposes, ranging from assisting the sales cycle to enhancing product offerings. It can help present competitive differentiators that cast your business in a positive light. Other applications include:
- Informing product roadmaps
- Crafting more effective sales pitches
- Enhancing brand messaging
- Identifying competitive benchmarks
- Preparing for new market entry
- Assessing market opportunities
Tools and Resources for Competitive Intelligence
- "13 Competitor Analysis Tools to Gain Insights on Your Competition"
- "Strengthen Your Competitive Analysis Strategy with Social Listening"
- "Creating a Culture of Competitive Intelligence"
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