Competitive intelligence refers to organizations’ various tools and methodologies to assess their competitors.
The main objective of this is to produce qualitative and quantitative information which helps the company know its potential competition, find new markets, and defend against competitors.
Different Competitive Intelligence Tools Available To Businesses
1. Internet Research Tools
The internet has made it much easier for businesses to access information about their competitors.
The most basic form of competitive intelligence gathering is using a search engine to find information about competitors and their businesses. Most well-known companies will have an online presence, whether on an official site or a page on a social networking website.
Search engines are used to look at the leading site of competitors as well as social media pages.
2. Contacting a Competitor
Many companies will have a direct line of communication with their competitors. It is done through scheduled meetings, forum posts, e-mails, phone calls, or even face-to-face meetings. Many competitors will be willing to share information with other companies if they are approached professionally. Human resource managers and marketing executives are often ready to talk about the company’s strategy and the secrets behind its success.
3. Keeping an Eye on the Competition
Companies can keep an eye on their Competition by regularly reading their press releases, monitoring changes to their websites, and tracking any other communication linked to the company.
Competitor intelligence is gathered from various resources, such as industry-specific journals and conferences, industry-specific social networking websites, trade shows, and business events. Several companies specialize in gathering information about businesses for another fee.
How To These Tools To Business Advantage
1. Prioritize and Segment
The most crucial step of the process is prioritization. It involves deciding which information is helpful and which is not.
The next step, segmentation, allows companies to decide how their competitors can be grouped. It can help the business understand its competitors’ strengths and weaknesses, enabling it to formulate its strategy for competing with them.
2. Find Weaknesses
The most apparent weakness may be a lack of innovation, but a business owner should also look for new market opportunities or product lines that the Competition lacks.
3. Analyze Competitors’ Strengths and Weaknesses
One of the most important things a business owner can do is carefully analyze their competitors’ strengths and weaknesses. Strong competitors often have an amazing product or service which customers love, but they may need something that might give them an edge over other companies.
4. Brainstorm Counterstrategies
A good business owner will constantly try new ways to beat the competition. Brainstorming is an effective tool that allows a company to come up with a wide range of ideas, no matter how unusual.
5. Compare Strategies with Competitors
Business owners should analyze the strategies used by their competitors and then decide whether they will use them, adopt them or use them as inspiration for their strategies.
How To Choose The Platform That Best Suits The Businesses Needs.
1. Understanding The Context & Goals
It is essential to understand the context and goals of competitive intelligence.
It involves identifying what information is needed, why it is required, and which tools will be most relevant to the business.
2 . Communicating Objectives To Business Stakeholders
The business owner will need to communicate these objectives so that everyone involved with the process understands precisely how it should be performed.
3 . Gathering Information From Stakeholders
The information gathered needs to be distributed amongst different areas of the company. The most important ones include marketing, sales, human resources, and IT. A variety of people will carry out these roles: the CEO, marketing department, sales department, and so on.