What Is Competitive Intelligence?

what is competitive intelligence

This article addresses what is competitive intelligence and why do you need it?

Every business needs to collect enough data about the markets and competitors to come up with a strategy that will ensure that it remains competitive. In many cases, this information is meant to ensure that they understand the developments in the industry, and know the things that are likely to come up. Because of that, professionals often recommend the use of competitive intelligence reports to come up with the best judgment. So, what is competitive intelligence?

Many companies are already using Big Data analytics, and 87% of them are projecting it to change the competitive scales in their industries over the next three years. With such an understanding, there is no doubt that every business has to invest in the best competitive intelligence companies. These companies can shape your strategy so that you know how to tackle your competition and maintain your share of the market.

Choosing the Right Company to Deliver Competitive Intel

When some people ask, what is competitive intelligence? They mean to ask how it can help them improve their presence in the markets. To start with, a business owner has to know how to choose the right intelligence company. It would help if you were sure that the company could collect accurate reports and deliver them to you on time. It would be best if you also were confident that they would do it continuously.

To find the best competitive intelligence company, start by looking at how they design their surveys and how they collect information from the markets and your competitors. It would be best if you also were sure that they have the right systems to collect all the data that you may require. Such companies will also analyze it so that you can interpret it with ease.

Customizing the Services

Customization is one of the essential steps for people who ask; what is competitive intelligence? You have to ensure that after getting the intelligence reports, they apply directly to your business by addressing your specific needs. You have to talk to the company that is collecting the information to focus on the aspects that affect your business so that you are sure of the best results. To deliver customer-focused intelligence reports, companies often take time to study your business model.

Customizing competitive intelligence market research processes requires you to disclose the aspects that you want to focus on most when doing the tasks. There is no need to get massive volumes of data, yet almost none applies to the problem that you want to solve. For instance, you may want to focus on a few selected competitors who are threatening to push you out of business.

Using Competitive Intelligence Reports to Grow Your Business

What is competitive intelligence, again? They are the reports that you will be used to realign your services so that you can tackle your competitors and remain relevant in the markets. Because of that, you have to ensure that there is an action plan that accompanies the reports. Without such a scenario, you will have wasted your time and money on a process that adds no value to your business.

When you find the right company for competitive intelligence services, you will know how to get action plans that enable you to morph your services and stay relevant. Such companies do not just provide you with a block of data and leave it at the. Instead, they analyze it on your behalf and present it in a way that you will find easy to interpret. They also work with you to create an action plan that ensures that you get the best results from the whole initiative.

Are you still asking, what is competitive intelligence? From the information above, we can conclude that competitive intelligence reporting is one of the best tools for businesses in this era. There is a need to monitor your audiences and ensure that you understand the markets. In addition to that, you should find intelligence reports that you can act upon to better your business.