Competitor Intelligence is focused on understanding the movements and decisions of competitors in your industry.
It is meant to track how your competitors are developing products, selling services, marketing, winning sales deals, and the overall competitiveness of other businesses within your industry or landscape. It also gives you a comparison of your products and services vs. competitors.
Every team must be aware of and keep tabs on what the opposition is doing in their corresponding department and how it is affecting their operations, the market, customers, etc.
For marketing and sales teams, competition intelligence can be particularly helpful in understanding how rivals sell their own goods and services and close transactions with potential customers.
As competition becomes more challenging, competitor intelligence becomes necessary. The sales, marketing, product, and other divisions of your company can work together to counteract the techniques of your rivals and eventually increase income for the company by having a thorough understanding of how your competitors are winning deals in your industry.
Importance of Competitive Intelligence
Gather Competitive Intelligence
The approaches at the heart of CI produce distinctive, evaluative data sets that boost company competition. Unlike any other method, CI collects qualitative and quantitative data on company activities from the sources that are the most pertinent to the topic. Organizations can thus view themselves more objectively, gaining a better grasp of their strengths and areas where they fall short of their rivals in the market.
Monitor market trends and anticipate future actions
Comprehensive competitive information directs businesses toward improvements they can make today to get better results tomorrow. However, it also provides access to outside market information that may be used to predict future trends, consumer expectations, technological advancements, industry disruptors, and more. This insight serves as its own kind of competitive advantage in the eyes of many.
Data-supported insights aid in organising company initiatives. Organizations can evaluate their current capabilities and areas of strength, and then re-prioritize their investments and efforts to focus on these areas. Less waste and hesitation are present, which is the perfect combination for maximising business investment returns.
Boost Product and Service Speeds-to-Market
The term "speed-to-market" describes the amount of time it takes for a product or service to get from being a concept to being sold to the general public. Average speed-to-market durations and the factors involved in developing, testing, and launching a new commercial good will differ depending on the industry. A corporation in that field must increase its speed-to-market deliverables without compromising quality the more competitive the environment for a product or service is. Market-focused CI research improves market entry, market Defence, and time to market.
Predict the behaviours of competitions
Competitive intelligence was created as a tool for businesses to measure their performance against that of their leading rivals. A firm is prepared to perform better using the information obtained through aggregation, synthesis, and action.
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