Published on : 01 April 20203 min reading time
Competitive intelligence is a practical tool for analysing competition, both direct and indirect. Few companies still practice it today. However, it provides significant advantages that should simply not be underestimated if one wants to remain competitive in a particular market.
Competitive intelligence: what is it?
Many companies, large or small, choose not to implement a competitive intelligence strategy because they wrongly equate it with a dishonest espionage technique. However, it is simply a tool to keep abreast of changes in the market in which we operate. If done right, this strategy can help any business succeed and grow. It will allow you to identify the various threats that weigh on a company, but also to anticipate the many opportunities that you can take advantage of to increase your turnover.
What does this strategy consist of?
Competitive intelligence allows you to always stay abreast of the different products and innovations offered by your company’s main competitors. It can also be used to better understand their business strategies: why some of them work and others don’t. It is not at all a question of spying on them, but above all of basing oneself on their way of working in order to improve that of one’s company. Competitive intelligence will make it possible to know the main trends of the moment and to adapt the products and services offered accordingly.
How to set up this tool?
All companies will benefit from a competitive intelligence strategy in order to remain as competitive as possible. Not only will it avoid putting products on the market that do not meet the requirements of the targeted clientele, but it will also make it possible to launch services that are sure to arouse the interest of the greatest number of people.
Successful competitive intelligence starts with gathering relevant information on the sector of interest to us, addressing policy makers, suppliers, influencers from all walks of life, etc. This information is then used to develop a comprehensive and comprehensive strategy for the future. Then, we must be able to filter the data collected to identify which data are indispensable and which are not. It will be necessary to process all these data by grouping them together and then disseminating them in order to assess whether or not they meet the requirements of one’s company. If not, it will be necessary to re-evaluate the data and find other sources of information that are more relevant and reliable.