Competitive intelligence strategies are the solution to the great question of how to be one step ahead in the face of dynamic market behavior. Find out what it is about and use its full potential in favor of your business.
Differentiating from competitors is a constant task for brands and although there are numerous ways to achieve it, using competitive intelligence is one of them.
In this sense, taking advantage of publicly available information in relation to consumers, market advances and the performance of other companies with similar objectives to yours is extremely useful.
What is competitive intelligence?
Also known as corporate intelligence or business intelligence, it refers to the ability of a company to make decisions based on timely and accurate information.
It involves the collection and analysis of data on customers, current and potential competitors; as well as other elements of the market that contribute to obtaining a competitive advantage.
Objectives of competitive intelligence
The purpose of applying competitive intelligence techniques to businesses has to do with keeping up with the constant changes in the business environment and the needs of consumers. This allows anticipating to adapt marketing strategies, business models, products and services to the new demands of daily events.
Additionally, by being at the forefront of trends, innovation is favored. Like, it is easier to identify business opportunities and possible threats.
Competitive intelligence techniques
From simple actions to more complex systematized methodologies, they can all contribute to the development of the competitive intelligence of your business. Among them are:
- Monitor technology trends.
- Study the movements of the competitors.
- Practice active listening on the Internet and social networks.
- Question employees who previously worked for the competition.
- Do market research.
- Consume competitors’ products.
- Send observers.
- Carry out bench marketing.
However, competitive intelligence is a process that must be executed constantly. In this way, it gives the company a dynamic learning capacity that undoubtedly sets it apart from its rivals.
However, you have to be careful not to cross the line between what is legal and what is not. There are numerous sources of information available to the general public that can be used.
Through databases, news, research studies and even digital tools, it is possible to monitor economic, political and social events that influence the area of business performance.
In the same way that the behavior of the competition can be investigated. But going further would mean falling into espionage grounds.
In conclusion, it is good to emphasize that competitive intelligence is the special weapon of visionary entrepreneurs who want to anticipate changes to innovate, penetrate emerging markets and satisfy unmet consumer needs.
In a globalized world, where competition has gone from being commercial establishments on the same block to all international companies that target the same audience, it is worth using all possible tools that help your business stay on the cutting edge of innovation.
Did you already know the term “competitive intelligence”? Do you think it could be useful for your business?