What is Competitor Intelligence

1. What is Competitor Intelligence? Competitive intelligence, also known as corporate intelligence, is the ability to collect, analyze, and apply information gathered on competitors, consumers, and other market elements that contribute to a company's competitive advantage. Competitive intelligence is significant because it assists firms in understanding their competitive environment, as well as the opportunities and problems that it brings. Businesses analyze data to develop effective and efficient business processes. You will learn the following by evaluating the competition: ● How to outperform your competitors. ● Find the most attractive growth channels to help your company scale quickly. This, in turn, will increase your marketing ROI before you spend a single dollar. A competitor intelligence report is a highly detailed form of analytic study. Market research firms then align the finding with the company’s present and future business model. It is essential to ask the correct set of questions to answer precisely what you want to know. Using multiple sources of information during market research like interviews, secondary research, or product testing are all efficient ways to gather information to include in a competitor intelligence report. Competitive Intelligence Types:

2. Competitive intelligence activities are classified into two types: tactical and strategic. Tactical intelligence is more focused on the short term and aims to provide insight into concerns such as gaining market share or generating income. Strategic intelligence focuses on longer-term issues, such as the enterprise's significant risks and opportunities. Competitor Intelligence, in either scenario, differs from corporate or industrial espionage, which uses illegal and unethical means to acquire an unfair competitive edge. There are a few types of analysis provided in the competitor intelligence report by different market research companies: 1. Product/service competitor analysis refers to the monitoring of the performance of a specific competitor's product and receiving alerts whenever a change is made. 2. Store competitor analysis - Insights about competitors can also be gained from their stores. The different checkpoints to keep in mind while manually navigating the competitor’s store are: ● Active Coupons ● The reputation of the seller ● Number and type of products available ● Message response time ● Customer reviews and feedback 3. Competitor’s social media analysis - Social media has become an essential sales and marketing platform for digital consumers. It is, therefore, necessary to analyze how well your competitors are using social media and how they are using it. The insights gained from a competitor intelligence analysis help you predict the market. It also helps you with complete knowledge of the external business environment and takes advantage of the competitor’s weaknesses. Regular usage and updating of competitor analysis help with counterintelligence. The more knowledge and information a company has about its external market and competitors, the better the decisions are likely to be. As competitive intelligence strategy matures and grows, a company will gain confidence in the potential to use the information wisely to make effective decisions. At Strategy Here, we are a market intelligence consulting and the market research analysts will not only provide you with the analysis, competitor intelligence report, and competitive intelligence market research but also help you in formulating strategies and plans to achieve your goals. We provide real-time inputs from the field, giving you a sense of what's happening in the industry.