Intense competition has become the norm in today’s globalized world, so every company that wants to be the leader in its segment should not only focus on its operations but should also stay on top of what its competitors do. This is where competitive intelligence comes into play.
What is competitive intelligence?
Competitive intelligence is much more than simply monitoring the activities of your competitors. It is the data that enables you to understand the exact position of your competitor in relation to your operations and standing in a dynamic business environment. In other words, customized competitive intelligence is the market report that entails the situational awareness of your business environment, the marketplace, suppliers, collaborators, and other entities to help you identify new opportunities and to stay ahead of your competitors.
Why do you need customized competitive intelligence?
The simple answer is it helps you to stay on top of your competitors, so you can be the market leader. Now this can bring up the question of how you can achieve this goal and what exactly does a competitive intelligence company tell you that will enable you to get closer to your goals?
Most competitive intelligence reports give you four different aspects that can make a difference to your standing in your market. They are:
- Business development
But these aspects are not written in stone and can be customized to meet the individual needs of every business. As a client, you can choose to have specific information about your competitors like their innovative practices, strategic management ideas, marketing campaigns, and more that will help you stay one step ahead of them. Also, detailed analyses of their strategies are presented in the report, so you can modify your strategy accordingly to achieve your goals.
These reports can come in handy, given the growing number of competitors in each field. In fact, a study states that every business handles an average of 25 competitors at any given time. This is a lot of work and it may not be practical for a business to focus on what your competitors do along with managing your operations. This is why every little bit of help is essential and a customized competitive intelligence report can greatly ease your work pressure in this regard.
Another advantage of these customized competitive intelligence reports is that they are delivered in many different ways such as emails, excel sheets, and in just about any way you want. Some companies even have a custom dashboard assigned to each customer, so they can directly see the different aspects of their competitors and their performance, based on which they can make decisions even in real-time.
Given these many benefits, customized competitive intelligence services are a must-have for every company, especially if you plan to be right at the top of your industry.