Competitive intelligence is the process of gathering and analyzing information about the competitive landscape to help businesses navigate obstacles and achieve their objectives more effectively.
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what is competitive intelligence and how
do businesses use it in the simplest of
terms competitive intelligence is a
process that makes your business more
competitive if we think of business as a
race then the goal of business is to get
to the Finish Line first the Finish Line
in business can mean a lot of different
things it could be the successful launch
of a new product or increasing sales or
perhaps improve customer service
regardless of the goal getting to the
Finish Line first isn't as simple as
being the fastest there are a lot of
obstacles between your business and the
finish line for example there are
competitors some are big wellestablished
companies that dominate the market they
have lots of resources but can be slow
to react they are small competitors they
might not have vast resources but they
are Nimble and Innovative and can
quickly react to changing Market factors
ignoring your competitors is dangerous
since they are often racing or lumbering
toward the same Finish Line L but
competitors aren't the only thing
standing between your company and your
business objective Regulatory and trade
issues can slow down your progress or
detour your strategy knowing where those
hurdles are and how to avoid them is an
important part of running a smart race
there are other Market events that can
detour your strategy as well being able
to foresee and plan for disruptive
Technologies industry consolidation and
Industry Trends can help ensure you
reach your
goal in the competitive intelligence
world we call this the competitive
landscape can you imagine trying to run
a race with a blindfold on the chances
of getting to the Finish Line first or
even at all are pretty slim that is
where competitive intelligence comes in
competitive intelligence can help your
company understand and navigate the
competitive landscape by researching
such things as competitors regulatory
environment and Industry Trends
competitive intelligence can help you
plot a course that will ensure you reach
your business objective but where does
the information come from and how do we
get it competitive intelligence
information can come from a number of
places including published reports
financial statements websites and
articles this kind of research is often
referred to as secondary research and
would include anything that you can find
on Google or at your public
library for a more detailed look at
competitor or industry requires primary
research primary research is information
that is gathered directly from the
people who have the information primary
intelligence comes from conversations
with industry experts competitors former
employees vendors and
customers the benefit of pret research
is that it provides the most detailed
and comprehensive view of the competitive
competitive
landscape however it's important to
understand the legal and ethical
guidelines concerning primary research
in most cases companies will need to
hire a thirdparty vendor to conduct
primary research on their
behalf once the primary and secondary
information has been
gathered it is then analyzed and
processed the analysis can be supported
by different technology
applications but ultimately it requires
the skill and perspective of human
analysis to get the most out of the
information the result of this process
is competitive
intelligence let's review your business
objective is the Finish Line everything
between you and the finish line is the
competitive landscape trying to navigate
the competitive landscape with a
blindfold on doesn't make a lot of sense
competitive intelligence can remove the
blindfold and help your company see the
competitive obstacles that lot between
you and your goal competitive
intelligence can be gathered from
secondary research such as Google or
Hoover but for detailed customized
information you need primary research
remember to protect your company from
legal or ethical breaches it's a good
idea to utilize a vendor to support your
primary research needs that is where we
come in sedulo is a full service
competitive and Market intelligence
consulting firm contact us today to
learn more about how we can help you get
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