Competitive intelligence, or CI, is the systematic collection and analysis of intelligence about competitors’ strategies, tactics, marketing activities and more that allows an organization to succeed by gaining insight into its competitors’ plans.
What Are Some Uses For Competitive Intelligence?
The uses for Competitive intelligence are many. They include:
As A Basis for A Strategic Plan
Completing a successful CI analysis allows business leaders to look beyond what is happening in the immediate present and see how their organization will fare in the future and how other market players will behave.
To Forecast Trends
The present and future behaviors of competitors can be analyzed, allowing for realistic forecasting about what to expect from them. Trends in the industry and customer preferences can also get identified.
As A Marketing Tool
As changes are expected or have occurred in the marketplace, CI allows a business to stay on top of the situation, ensuring awareness of changes and how they will affect their organization. It allows a business to react accordingly.
To Scout Out a New Market
Consumer groups are constantly changing, and understanding trends in the consumer behavior can be an important piece of information for the business. A CI investigation will provide key insights that can help determine the best markets in which to be involved.
As A Research Tool
Research conducted by professionals on an organization’s behalf can also help bolster an organization’s competitive position. It is especially true of research related to product developments, new strategies or changes in company organization.
As A Performance Measurement Tool
By following market trends, a business can determine how well it is doing versus other companies in the industry. It allows for the development of strategies for improvement.
As A Means of Gauging Public Opinion
CI allows for understanding public opinion on various issues for market research purposes. It is beneficial for companies that are not aware of the general attitudes and behaviors in the marketplace.
As A Communication Tool
CI allows for clear, concise communications about the organization. It facilitates a better understanding of how others perceive the organization. It also provides insight into evolving trends in society.
As A Way to Identify Potential New Markets or Products
CI will reveal what people are interested in and sometimes reveal trends that will help an organization move into a new market.
To Determine If Product or Service Enhancements Are Needed
CI can provide detailed information about competitors, assessing how well the business gets positioned against its competition. This information also helps to identify opportunities for improvement.
As A Means of Identifying Threats and Opportunities
The results of CI allow a business to see what others are doing, allowing for the creation of a plan to maneuver through the market successfully.
Netbase Quid Their Services
NetBase Quid is an analytic platform for competitive intelligence or CI.
With access to various customizable data sources, including social media, press releases and news feeds, businesses can monitor the activities of their competitors and those across the entire industry.
Netbase Quid Ways They Could Help Reach Business Goals
NetBase Quid can help a business reach its goals in several ways. They include:
Better Insight into Their Market
Businesses that use CI can gain valuable information about their competitors, allowing them to make better decisions about their organization. It is not only true within the industry but also outside of it. For example, a bank’s CI could reveal how customers feel about gathering assets together in preparation for retirement. It could lead to a new product or service offering.
Better Understanding of Customers
Businesses can better understand what customers want, both within the industry and in the marketplace. It can allow for better tailoring of product offerings to meet these needs.
A Competitive Advantage
The use of CI can put an organization in a better position to succeed than its competitors. A business can plan its actions by knowing the competitors’ actions.
Easier Business Decisions
With the help of CI, a business can anticipate challenges and capitalize on opportunities. It gives it a better chance at success.
As CI provides information to others within an organization and outside of it, it can lead to a better understanding of how best to communicate. It leads to more effective communication and a greater ability to share information with others.
CI allows a business to develop clear, concise messages about the organization internally and externally. It leads to better marketing communications that are more understandable and easily communicated.
CI provides the foundation for an organization’s research. By providing a picture of the marketplace, CI helps businesses understand the strategies which fit into the overall picture. It also helps businesses determine which strategies will be most successful and can be improved.