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How to use competitive intelligence to grow your business

How to use competitive intelligence to grow your business

HARIDHA P342 20-Sep-2022

Every sector has competitors. In most industries, you will not be the lone provider of a service or product. Competitor analysis and competitive research are critical components of corporate growth. Learning about what other brands are doing and their techniques allows you to plan and strategize more effectively, and it also shows you what works and what doesn't for your customers.

With the internet and social media introduction, a competitor analysis has become more essential and thorough. Business leaders may quickly identify and learn more about their competitors' engagement, strategies, and tactics. If you undertake competitive analysis correctly, you will have a wealth of quantitative and qualitative data to help you understand the competitive landscape.

What is competitive intelligence? 

The process of acquiring and analyzing information about an industry to refine your business strategy is known as competitive intelligence. The information acquired can be applied to any aspect of the business environment, including:

  • Competitors\Customers
  • Products and services offered by suppliers
  • Technologies
  • Trends in the industry
  • Economic or political circumstances

Instead of 'competitive intelligence,' terms like 'business intelligence' and 'market intelligence' are frequently employed. While they are linked, it is vital to distinguish between them:

Examples of business or corporate intelligence concentrate on data and information gathered inside.

Examples of market intelligence include research on market conditions, market trends, and new markets.

Examples of competitor intelligence focus on competitors in well-established markets.

Importance of competitive intelligence

Operating a business without understanding the terrain exposes you to risks and leads to lost opportunities. These blind spots are harmful to any firm, and competitive intelligence can help.

Perhaps your competition is introducing a new product that competes with your core offering. Maybe a recent event has influenced the public view of your industry negatively. Without competitive information, you would most likely miss market shifts, make mistakes, and suffer setbacks.

As previously said, CI is about obtaining the intelligence required to make long-term business decisions. By gathering market data, you will be able to:

  • Discover market trends and prepare for the future.
  • Predict your competitors' following movements and be ready to respond.
  • Recognize growing dangers in your industry.
  • Discover new business opportunities.
  • Maintain communication with your sales representatives and create winning pitches.
  • Compare yourself to your competitors to see where you can improve.
  • Make strategic judgments with confidence.

These points and others not mentioned can help drive your strategic planning and provide you with a competitive advantage. To gain relevant competitive insights, you must first collect and analyze data.

Use competitive intelligence to grow your business.

Competitive intelligence provides the baseline knowledge to inform your decision-making while developing a marketing plan, a go-to-market strategy, or a general business strategy.

Think creatively about the data's story about your market as you delve into the gathered intelligence. Consider the following to help guide your analysis:

Major market trends

  • Consumer Trends on the Rise
  • Competitive activity and expansion
  • Customer opinion
  • Product innovation and evolution
  • Threats and opportunities in the market
  • Political and economic transformations
  • Geographical patterns and emerging markets
  • Potential strategic alliances

You might organize your insights into categories like the four we mentioned above—overall market, rivals, customers, and marketing—or you could create an organizational structure that best suits your needs. When it comes time to start your strategy, the ultimate goal is to have easy access to data and insights.

Finally, once you've implemented your strategy and applied your competitive intelligence, ensure you keep obtaining information, bench marking against competitors, and reviewing your progress. Your market knowledge will develop with time, and your firm will profit as you move forward.

Conclusion

The happy news is that you don't have to face this challenge alone. You can collaborate with a team with the experience, best practices, and tools needed to run a highly effective competitive intelligence program that gives you a competitive advantage.







Writing is my thing. I enjoy crafting blog posts, articles, and marketing materials that connect with readers. I want to entertain and leave a mark with every piece I create. Teaching English complements my writing work. It helps me understand language better and reach diverse audiences. I love empowering others to communicate confidently.

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