Competitive intelligence (CI) is the systematic collection and analysis of information from various sources and a coordinated program of CI. This means learning as much as possible about the external environment, including the industry in general and the competitors involved, as quickly as possible.
Competitive intelligence, also known as business intelligence, refers to the ability to collect, analyze and use information about competitors, customers, and other market factors that contribute to a company’s competitive advantage.
Inexpensive ways to gather competitor information
- Use your sales team. Members of your sales team chat with your customers and prospects on a daily basis.
- Know why you win and lose.
- Who’s calling?
- Touch your partner.
- Listen to your competition.
- Competitors out of the shadows.
- Find out what's public.
The goal of competitive intelligence is to make more informed decisions based on what your business environment is like and what your competitors are doing. This is a strategic advantage for anyone in any company, be it a startup or a Fortune 500 company, as no one has access to perfect information.
What is competitive intelligence collection and analysis and why is it important for companies to participate?
Competitive intelligence is an activity that collects and interprets data on competitors, defines and understands the industry, and identifies the strengths and weaknesses of competitors.
If you are in charge of your company’s strategy, you should have the best external sources of competitive intelligence on your radar.
A competitive advantage is an advantage over competitors obtained by providing added value to consumers, both at lower prices and by offering greater benefits and services that justify higher prices.
A competitive intelligence organization helps you identify gaps in the market based on what the competition is doing. This information will help you find a new point of view, product or service that sets you apart and meets a market need.
Concerns about competition are the main factor that differentiates the various image consultants in the sector. It is with these competition law concerns that image consultants determine the success of the industry. Formal Statement: This is a great competitive argument in the consulting industry as well.
This primarily concerns the identification, collection and ethical analysis of competitors. Some call it competitive analysis, business intelligence, business intelligence, or industrial intelligence. All these elements have facilitated the analysis of the competition.
Competitive Intelligence Goals
The reason why competitive intelligence is so important in today’s environment is mainly due to the growing competition in the business world. Internationalization and globalization have made the market so large and the competition for market share so great.
The biggest advantage of studying the competition is that you will understand your mistakes better. Your competitor may be selling an improved version of the same product or building better customer relationships. It is important to collect customer feedback on how to improve products.
Business intelligence is about understanding the industry of a company and its competitors so that the company can make better business decisions, while business intelligence refers to the tools, software, and systems that play an important role in the business process. strategic planning of a company.
Competitive analysis. Definition: Identify your competitors and evaluate their strategies to determine their strengths and weaknesses in relation to your product or service. Competitor analysis is an integral part of a company’s marketing plan.
The process of collecting, analyzing and managing external information about the organization’s competitors that can influence the organization’s plans, decisions and activities.
Market information is information relevant to the company’s market trends, tracking competitors and customers (existing, lost and targeted) that is specifically collected and analyzed in order to make accurate and confident strategy decisions in areas such as opportunities market penetration determination
Business Intelligence (CI) is the process of collecting, processing and analyzing information from and about the internal and external or competitive environment in order to support decision makers in decision-making processes and strengthen the competitive advantage of the company.