Competitive intelligence is a process of collecting and analyzing data on competitors to drive internal strategies and tactics. Most companies have a perfect understanding of what is happening internally in their organization. But, they are entirely unaware of what is happening externally, which is the most crucial information for any business to have a sound strategic plan and decision-making process. CI is a fundamental part of every successful strategy in an organization. The company must understand its position in the market to enable them to make Intel-driven decisions, leading to organizational growth and success. CI requires an in-depth understanding and not just a general knowledge of the concept.
How to Use Competitive Intelligence for Your Benefits
Knowing what your competitors are doing and their next project will give you a competitive edge. You will be able to set plans that will push your organization forward strategically. CI will help your organization acquire information and closely monitor what the competitors are doing. The data will be vital when planning and making an important decision for a new product you might be developing or even the whole organization. Below are the benefits of always knowing what the competitor is up to and how it will benefit your organization’s growth.
1. Making Decisions for Your Organization
After knowing what the competition is doing, one can plan and strategize better for the next move the organization will take. Knowing the companies’ plans in your industry will keep you a step ahead of them, and you can always make your plans in the right direction and according to the emerging trends in the market. You will know if and when your organization will need to take a different approach depending on what the competitors are doing.
2. Gap Identification
Competitor intelligence will help you realize the market gaps when comparing what you and the competitors are doing. It will enable you to instantly note any changes and growth that are happening in the focus areas. The information will help you find a new angle or introduce a product or service in the market to fill the gap, which will lead to growth and success in your business.
3. Forecast of the Competitions Moves
Competitive intelligence agencies like NetBase Quid ensure to provide you with quality information that will help you anticipate your competitor’s next move is planning. It could be intelligence about a new product or a service they are planning to launch. When you hire an agency like NetBase Quid, it will allow you time to focus on the crucial aspects of your organization and at the same time keep track of all the things your competitors are doing.
4. Internal Information
Competitive intelligence’s primary focus is on the competitors and the industry at large. However, the organization can take advantage of it and capture vital information about its organization. Internal assessment will give them a glimpse of how their organization is performing. The results will help them strategize better, especially the big and well-established companies with numerous departments.
Choosing A Competitive Intelligence Platform That Best Suits Your Needs
A competitive intelligence platform is a tool, software, or app facility that gathers and analyses essential information from your competitors. The compiled data get used by organizations to come up with strategies to achieve their goals. One of the most recommended tools in the market currently is NetBase Quid. They perform comprehensive media coverage to get all the relevant information that will benefit your business. They go through billions of posts on social media and other data sources to bring you an answer to your organization’s most pressing questions.