The biggest and most successful companies in the world use competitive intelligence to gather data and get ahead in the business world. But CI isn’t just for big business. All businesses can benefit from competitive intelligence. After all, they say that knowledge is power. That’s what competitive intelligence is all about. More knowledge means more power, and that means a lot more success in the business world.
What Is Competitive Intelligence?
According to statistics, 90% of Fortune 500 companies use competitive intelligence. This is a systematic way to collect and analyze information, or data, from multiple sources. Through competitive intelligence programs, information from many different places is sorted and analyzed so it can be distilled down to simple points and small bits of information. This data provides businesses with information about their products, their customers, even their competitors. This is valuable information for any business to have, and this is why competitive intelligence is so important and so extremely useful to businesses of all sizes.
Competitive intelligence is used, essentially, to help businesses be more competitive in their chosen market among their biggest demographic. For example, Netflix might use competitive intelligence to find out what Hulu is doing right and what they’re doing wrong so that Netflix can improve their own content and customer experience to be more successful than this competing streaming service. These are huge companies that everyone’s heard of. However, even small, local businesses can use competitive intelligence to find out what their competitors are going and find ways to become more successful. CI can be used to help businesses reach more customers, keep those customers happy, and bring in new customers who may be interested in specific products or services.
Through competitive intelligence, companies can learn more about the industry they’re in. Competitive intelligence reporting allows customers to learn more about the industry overall and to learn more about their specific place in that industry. What are customers saying about your business/ What products and/or services are the most popular among customers/ What do your customers like about your business and what don’t they like? Competitive intelligence can give you all of this information and much more. It allows business owners to see the bigger picture and to examine the details.
So how can you find competitive intelligence companies to give you this analyzed data and open up all this information to help you improve your business?
Finding Competitive Intelligence Services
Who provides this competitive intelligence reporting? How can you get this information? There are competitive intelligence companies out there that specialize in providing this information. You don’t have to choose a CI company that’s located physically close to your business. So much can now be done digitally, and information travels at light speeds through the internet. This means that you can hire a company anywhere to get competitive intelligence information and analysis you want.
Search for companies that provide in-depth competitive intelligence data gathering and analysis. Companies that provide this service will offer customized competitive intelligence based on your specific needs and the specific type of data you want. Many companies will provide you with a detailed questionnaire or conduct an interview to learn more about your company, your competitors, and the type of data you’re going to want in order to get the right information so you can build your brand and become more successful in your field of business. Competitive intelligence can help you examine the details and get a great look at the bigger picture. Successful companies use it, and that means you can use it to make your business more of a success, too.