What does Competitive Intelligence do
for your business?
What does
Competitive Intelligence do for your business? At first glance, it looks like a
simple question. And it is often seen asked on search engines. So we thought it
would be a good idea to answer it. Want to know the secret of Competitive
Intelligence? Take a look below.
At its heart,
Competitive Intelligence is all about understanding the competition. What
products or services do they offer? How are they priced, and how are they
marketed? What are their strengths and weaknesses, and what is their
competitive edge?
Competitive
Intelligence can give you a leg up on the competition. By helping you
understand what they’re doing and how they’re doing it. It can help you find
new opportunities, threats and develop strategies to stay ahead.
Make better
decisions
Competitive
Intelligence can also help you make better business decisions. What Competitive
Intelligence does is provide insights into the market and industry trends. And
customer needs and preferences.
Competitive
Intelligence starts with identifying competitors. Who are they, and what do
they offer? And how are they positioning themselves in the market? Start by
Googling their websites. Look at the news and industry magazines to identify
who they are and what they do. Speak to your customers and explore Linkedin.
Go a little
deeper, and it. asks questions like what business are they really in. Who are
their customers, and what are their goals? And then what do their customers
need or what do their customers want to buy? These answers might not be what
you think it is. What are your customers’ needs and wants? Are they buying for
one reason only, or are they doing it because something else is?
Know who your
competitors really are, and you can identify their strengths and weaknesses.
And when you do that, you’ll be better able to understand what they are doing
and how they are doing it.
Competitive
Intelligence gives you more confidence
So what does
Competitive Intelligence do? A good Competitive Intelligence process will give
you more confidence in:
What you are
doing Where you are going How you are going to get there Done right; it gives
you more certainty, assurance and confidence that you’re on the right track.
Or, indeed, going off down the wrong road. Both realisations should be equally
valuable to you.
What Competitive
Intelligence does is help you think. Think in a structured way. Competitive
Intelligence allows you to make decisions based on something more. So much more
than gut feeling, your experience of how it was next week and guesswork.
So boiling the
question, what does Competitive Intelligence do.
Competitive
Intelligence provides more certainty and insight to gain a competitive advantage.
And the secret of Competitive Intelligence is? Simplicity. Create simple
questions to give you straightforward answers. Simple answers to provide you
with simple options and tasks. Rember, there are no simple answers when you
talk to experts. So take what they say on board, but remember always to keep it
simple.
What does
Competitive Intelligence do for your business?
What does
Competitive Intelligence do for your business? Our article attempts to answer
what looks like a simple question. There are many answers to this question. The
deeper you go, the more clever you can be. Some of the stuff you can do and
find with Competitive Intelligence is more often than not amazing. It’s can
also be pretty dull and disappointing, especially if you give up too early. Or
think a piece of Competitive software is the answer. It’s an answer, not the
answer.
Art by Mike
Dorner
Source:
https://www.amazines.com/Business/article_detail.cfm/6263199?articleid=6263199
No comments:
Post a Comment