Definition of Competitive Intelligence
Competitive intelligence is an essential component of a solid market intelligence plan to improve marketing performance, increase sales, and improve product strategy. It refers to systematically collecting data from various sources for ongoing competitiveness analysis.
The reason why it is Essential
Competitive Intelligence is Essential since it provides employees with a holistic understanding of the external market. With this knowledge, decisions can be made to improve the company’s performance.
A further reason since it helps employees understand the market and its dynamics. The collected data must be relevant, so it needs to be up-to-date and provide as much information as possible.
Contrary to popular belief, this Intelligence is not a new concept that has recently evolved. Instead, it is the evolution of Strategic Market Intelligence, the systematic data collection to improve marketing performance. Lately, this Intelligence has been influenced by new information sources that make information more accessible and technology that helps us find this data.
Elements to consider before buying a Competitive Intelligence Tool
Before choosing a tool, companies should consider the following:
• The size and scope of their market/sector.
• The mix of market conditions in their industry – such as growth, maturity, or decline.
• The requirements of business strategy (plans to expand or revitalize).
• The strategic goals of the organization.
Following is a list of the most well-known competitive intelligence tools:
These tools are used by companies representing a wide range of industry types and sizes. Here is a quick overview of the information available for each device, including size estimates for the largest companies in each industry sector:
Best in Class: Competitive Tool Type: Tool Size Industry Sector Largest Companies
1. NetBaseQuid.com
The Intelligence Tool Type: Strategic Market Intelligence Tool Size Industry Sector Largest Companies
2. The Text Analytics Tool – Altimeter Group
Competitive Tool Type: These Intelligence Tools Size Industry Sector Largest Companies
3. D&I Matrix.com
Intelligence Tool Type: Strategic Market Intelligence Tools Size Industry Sector Largest Companies
4. OneSource.com
Intelligence Tool Type: These Intelligence Tools Size Industry Sector Largest Companies
5. Salary.com
Intelligence Tool Type: Browse/Search Engine Size Industry Sector Largest Companies
6. SeerInteractive Inc (Greenwich Strategic)
CI Tool Type: Strategic Market Intelligence Tools Size Industry Sector Largest Companies
7. Market Prophit
The Intelligence Tool Type: Strategic Market Intelligence Tools Size Industry Sector Largest Companies
This intelligence aims to provide information about your competitors’ brands, goods, and customer engagements so that you may make educated decisions. The data from your competitors’ websites may also help build your brand and reach out to customers.
Various elements need to be addressed before you begin any Intelligence assessment:
• Identify your Competitors – Using various techniques and resources, it is possible to identify the most prominent brands in any sector. It is vital to always remember that not all brands are rivals, but the ones positioned as the most significant threats should be considered. To understand their behavior, the competitor’s brand must be considered at every stage of an online customer experience, from home-page design, through product catalogs and purchasing process, to the last delivery of the product or service. Knowing your competitor’s brand can be done in several ways such as; one of them is to visit their website and analyze it. Companies typically have home pages with information about the company, its products and services, and its industry segmentation. This is the most common place for companies to introduce themselves to potential customers.
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