Competitive intelligence
Competitive intelligence is the process of gathering and reviewing information related to a competitor’s strengths and weaknesses. A journey into competitive intelligence can help give you a better understanding of a competitor’s positioning in the market, especially if their offering is similar to yours.
Competitive analysis and information gathered through competitive intelligence can also identify relevant market insights and important industry trends. The process can also inform business objectives and market strategies related to pricing, performance and more.
What is competitive intelligence research?
The process of competitive intelligence requires researching information to help recognize market factors that make a business or brand stand out.
Research may involve gathering information from:
- Press and media
- Customer review websites
- Social media profiles
- Competitor websites
What are the goals of competitive intelligence?
The goal of competitive intelligence is to help businesses make informed decisions that can grow their performance. Other goals also include:
- Revealing strengths and weaknesses of competitors’ products or services
- Evaluating market positioning to establish business KPIs
- Mapping competitive advantage to highlight a company’s offerings
Uses of competitive intelligence
The uses of competitive intelligence can range from assisting your sales cycle to enhancing your offering. You can also frame competitive differentiators by putting your business in a positive light. Other uses include:
- Informing product roadmaps
- Crafting better sales pitches
- Enhancing brand messaging
- Identifying competitive benchmarks
- Preparing for new market entry
- Assessing market opportunities