Competitive Intelligence (CI) provides you with the opportunity to research and analyze competitors’ information and use it to strategize and make better decisions for your organization. Each company might deploy different CI techniques depending on the specialization and industry. For instance, a company specializing in sales might seek tactical advice on winning a lucrative bid.
How Does Competitive Intelligence Work?
An organization’s departments work collaboratively in researching meaningful data for analysis. The information should be valuable to stakeholders as it influences decision-making. Besides, CI unearths trends and events that disrupt the rival business’s stability.
CI can be grouped into two; strategic and tactical. Tactical intelligence refers to a short-term process whose main idea is to capture market shares or increase revenue. Strategic intelligence is a long-term technique that allows a business to analyze the enterprise’s risks and opportunities.
How to Choose the Best Competitive Intelligence Tools
As you contemplate this move, you should factor in the following aspects for excellent results:
- Affordability: some of the programs might be costly, especially for startups.
- Customizing options: each software is technical in its operations. Choose one that is customizable.
- Long-term company goals: If you intend to expand your business or change specialization, ensure the program can be used.
- Reliability: If you intend to develop your business, choose a tool that can still offer a solution in different operations.
Getting Started with CI
An organization can find important information through research. However, this is not enough if you intend to use the information to propel your enterprise. Though the list is not exhaustive, below are viable CI techniques:
1. Competitive Analysis
This strategy focuses on the SWOT analysis strategy to find the strengths, weaknesses, opportunities, and threats of a rival. The company’s marketer or specialized teams can conduct this research. The data is used to make informed and strategic decisions.
2. Competitive Landscape
Every business, including startups, is unique at what it does. Using a competitive landscape, you can research and understand all your competitors’ specializations and strategies. This information helps win potential clients.
3. Market Research
Most organizations use this approach when looking for insights into bettering their services and products. It focuses on collecting consumer information on demand, reviews, and preferences. The technique allows you to focus on the market needs, evaluate how competitors meet the needs, and strategize your approach.
4. Win/Loss Evaluation
This type of research extensively covers your organization’s success or loss during a particular period. This analysis focuses on finding out the reasons for the win or loss and the decisions made during the period. The data is compared with that of a competitor’s and determines what aided success or failure.
NetBase Quid: Succeeding using the Competitive Intelligence Program
Since CI aims to understand competitors’ complex ideas and simplify them to actionable approaches, there is a need to task experts with this responsibility. NetBase Quid specializes in delivering insights to propel your business by revealing market and competitor trends. If you are unsure of navigating competitive intelligence, NetBase Quid offers a perfect solution for your organization.