Competitive intelligence basically just means knowing your competition. Getting information about your competitors is vital in the business world. Take a look at how to improve your competitive intelligence:
- Collecting information that is publically available about your competitors in a way that is completely legal, analyzing it and putting it to good use when it comes to improving your business efforts.
- This data should then be used to help meet a specific need or fix a specific problem within your business.
First things first, you will want to make sure that you know the goals of your business. You need to know the qualities of your business that help you stand out among your competitors. Next, you will want to make sure that you are aware of your competition around you.
You can get started by studying the marketing plans of your competitors. You might even want to visit their actual location to get a better idea. Some people even decide to become customers of their competition. This lets you keep track of them a little easier.
Once you have done this, you will have the background information that you need in order to move forward. Consider learning more from the people that attend their trade shows, their suppliers, their customers, and their consultants. Some of them may be willing to open up to you.
Every business should make competitive intelligence part of their day to day routine. Some people may even choose to hire a market research company to help get them started.
Here are some things that you will want to learn about your competitors:
- New products and services
- Changes to products and services
- Changes in management
- Changes in business operations
- How they meet their goals
Another thing to consider is that your competitors are probably trying to learn more about you as well. You will want to protect important business information from getting out there.