What Is Competitive Intelligence
Competitive Intelligence (CI) is a collection of publically available information against a company’s rivals, which is ultimately used in gaining a business advantage. The key objective of competitive intelligence is to allow the company to thrive by gaining advantage through the gathered information.
With competitive intelligence (CI), the organisations can identify the competition’s strengths and weaknesses and compare them with their own. This facilitates the formation of plans and permits the company to take evasive actions against potential threats.
Competitive intelligence (CI) only collects content which is publically known. This suggests that organisations resort to legal methods in gathering the data required. Competitive Intelligence is beneficial to a company for many reasons, including:
- Promotes the development of honed strategies: Organisations which hold detailed information about the marketing tactics of their opponents have the advantage to learn from their mistakes. Learning from their strengths and weaknesses, the company can formulate and implement plans which can drive the organisation in the right direction.
- Orchestrate the launch of new products/ services: The launch of a new product always involves a certain degree of risk. It is crucial for organisations to be prepared and educate themselves thoroughly on the launch before its initiation. This is where CI steps in. With immense knowledge on the subject matter, the company can take the right steps to ensure the success of their new product. For instance, an assignment help UK service can research its competitor’s law assignment writing service. By consulting its strengths, weaknesses, popular features and areas of lacking, the company can make the appropriate decisions to make its launch popular and better than the existing facility.
- Plan against future set-backs: Competitive Intelligence (CI) fosters the organisational growth by influencing the company managers in taking preventive measures against future threats. With the data obtained, the respective team leaders can come up with contingency plans to save the organisation’s resources in case things do not go as planned. The information against the competition business can further highlight the attacks which can potentially be made by the rivals, thus allowing the company to create plans for defence.
- Gauge the baseline level of performance by the competitors: Additionally, for a new enterprise, CI can be used for goal setting. The company can identify the degree of success the product/service can obtain by studying the results of its competitors. As a result, the process of goal setting can be carried out in a manner which can be beneficial for the company.
- Evaluate the efficiency of the competitors marketing strategies: Competitive Intelligence (CI) can further be assisting in case the company requires inspiration for its marketing strategies. As both facilities are catering to a similar demographic of the audience, the company can evaluate the factors which work for the competition along with the marketing strategies which fail to impress the customers.
Competitive Intelligence (CI) can be an extremely useful tactic for newly developed enterprises. The use of this technique can change the future for any organisation if done thoroughly and effectively.