Competitive intelligence gives us intuitive insights into the planning and strategies of our rivals.
Competitive intelligence is an in-depth analysis of a rival company’s activities, providing us with crucial insights. Competitive intelligence is often mistaken as spying, but in reality it has nothing to do with a rival company’s confidential files. It gathers all the relevant information from a rival’s publications likes magazines and journals, and official announcements. CI also helps in defending a company against its rival’s business moves.
Competitive intelligence knows your competitor’s planning
Knowing about our competitor’s plans in advance always proves advantageous. When an organization knows it’s rival’s plan, altering their course of actions becomes easier and faster. Competitive intelligence enables an organization to be aware of how the market is changing and how quickly it can win or lose the competition. It enables businesses to gain knowledge of how the industry environment can change and how you should change your marketing strategy accordingly.
When an organization assesses the risks involved in a specific activity, competitive intelligence helps focus on gathering all the information about the risks involved in that specific process. It assesses how the rivals have performed and provides data that further helps the organization to reap the benefits of timely risk analysis.
Here’s what to do with all that information
After knowing what your rivals are up to, companies can focus on how to change their processes. With competitive intelligence bringing intuitive insights for the company, mapping the possibilities of specific actions becomes easy. When a company maps from the activities of their rivals, it can conclude on an action that needs to be taken, using patterns that have constantly been seen in their rival company’s manner of operation. Using these insights, companies can decide on how they can turn the tide against their rivals by providing relevant and attractive offers that become unavoidable for the customers.
Since competitive intelligence deals with mapping and helping the concerned organization take decisions that can help them in the long run in the industry, organizations need to utilize competitive intelligence frequently. This is because it is not necessary that your rivals would stop planning for the first time that you prove to be a step ahead of them in the competition. Companies come up with newer techniques to survive in the market.
Currently, various companies, from different industries, have adopted the work pattern of competitive intelligence and started implementing it for their good. Since competitive intelligence directly deals with focusing on how company anticipates their rivals, those organizations that are yet to apply competitive intelligence must think of heading in this direction.