Frequent competitive intelligence studies lead to a deeper understanding of a company’s competitive position in the market
Competitive intelligence (CI) is the product of a company’s efforts to collect and analyze information about its competitive space. Insights drawn from this process can embolden strategy planning and key performance indicator (KPI) development.
A major hurdle in many CI studies is successfully converting information into intelligence. High-caliber analysis is critical for effective decision-making. When conducting a competitive intelligence study, CI professionals need to:
- Gather information quickly
- Filter out “noise”
- Organize competitive data efficiently
- Extract meaningful insights in a timely manner
Furthermore, the best CI professionals do not practice in unethical ways. Instead, through diligent efforts and project experience, they become experts at identifying:
- Market trends
- Price movements
- Emerging or disruptive products and services
- Speed-to-market improvements
- Supply chain vulnerabilities
- And more
A CI study’s success largely depends on the depth and quality of the data analysis. If actionable insights are extracted from the data in a timely manner, the company conducting the research has time to develop KPIs accordingly. This is how activating CI drives bottom-line results.
Frequent activation leads to a deeper understanding of a company’s competitive position in the market. Business intelligence gleaned from CI efforts can influence:
- Strategy Planning – To stay competitive, what should the top business priorities be, what resources are needed, and what does an alternative demand scenario look like?
- Risk Management – What emerging risks to the company’s financial goals can be identified and mitigated?
- Marketing – What are the competitive differentiators for different products and services? What is trending in the market?
- Budgets – For teams executing and managing strategic plan objectives, what resources do they need? How much revenue is available and projected?
CI can support these key functional areas and streamline opportunities for success. Data-backed insights help to improve return-on-investment as potential risks and strategic actions have been fully assessed.
There are different ways to organize CI efforts, but a good place to begin is to prioritize key information needs. Without this prioritization, there will be too much noise and the risk for “analysis paralysis” is high. Next, it is important to know your CI team. Assess their project experience and agility. The best CI teams know how to move quickly, gather data/insights ethically, and present impactful business insights that drive strategic decisions.
To learn more about working with Martec on your next CI project, contact us.