Question: How Do You Do Competitive Intelligence Analysis?

What is the goal of competitive intelligence?

The goal of competitive intelligence is for a business or individual to be able to make smart and strategic decisions with that information.

These decisions can be made when the risks and opportunities are better understood..

Is competitive intelligence gather ethical?

So, based on the law, competitive intelligence is completely legal. Depending on the means in which you gather the intelligence impacts the ethics behind it. Gathering information by not disclosing who you are to a competitor or by lying would be considered unethical, but it’s not illegal.

What are the general uses of competitive intelligence information?

What are the General Uses of Competitive Intelligence Information? The competitive intelligence information obtained using CIP can be used in programs that supplement planning, mergers and acquisitions, restructuring, marketing, pricing, advertising, and R&D activities.

How do you gather market intelligence?

Market intelligence includes the process of gathering data from the company’s external environment like online sources – news websites, company websites, secondary data sources, social media, RSS feeds, etc., whereas the business intelligence process is based primarily on internal recorded events – such as sales, …

How do you evaluate your competitors?

Here are 5 steps you can follow to conduct your own competitor analysis.Identify your competitors. … Gather information about your main competitors. … Analyze the competition’s strengths and weaknesses. … Talk to your competitors directly. … Identify your competitive advantage.

What does a competitive analysis look like?

A competitive analysis is a strategy where you identify major competitors and research their products, sales, and marketing strategies. … It also helps you identify what they’re doing right and opportunities where you can easily one-up them by using a strategy they haven’t taken advantage of.

Can a business be ethical?

So, while ethics may not be compatible with short-term profits, in the long-run a company can pursue both ethics and profits. But such an answer is too easy. … While we believe that doing what is ethically right is often in the best interest of a company, this is not always true.

How do you do competitive intelligence?

Let’s take a look at the six easy steps to designing an effective competitive intelligence process, and the benefits for your whole organization.Identify Your Competitors. … Identify Areas of Interest to Track in Your Competitors’ Digital Footprints. … Gather Your Intel. … Create a Competitive Analysis. … Communicate Intel.More items…•

What is the importance of competition?

When firms compete with each other, consumers get the best possible prices, quantity, and quality of goods and services. Antitrust laws encourage companies to compete so that both consumers and businesses benefit. One important benefit of competition is a boost to innovation.

Is Competitive Intelligence illegal?

Key points: Competitive intelligence is a legal business practice, as opposed to industrial espionage, which is illegal. … There is a process involved in gathering information, converting it into intelligence and then using it in decision making.

What is the difference between business intelligence and competitive intelligence?

Competitive intelligence is the act of understanding a company’s industry and industry rivals so the company can make better business decisions, while business intelligence refers to the tools, software and systems that play a vital role in the strategic planning process of a company.

What are competitive issues?

Competitive issues are the major factor that distinguishes between different image consultants in the industry. With these competitive issues, image consultants determine their success in the industry.

What is competitive intelligence analysis?

Competitive Intelligence (CI) is the collection and analysis of information to anticipate competitive activity, see past market disruptions and dispassionately interpret events. It is an essential component to developing a business strategy.

What are sources of competitive intelligence?

A typical competitive intelligence study includes information and analysis from various disparate sources, including the news media, customer and competitor interviews, industry experts, trade shows and conferences, government records, and public filings.

Is it true that CI is only important for big businesses?

Isn’t it true that CI is only important for big businesses? No. … But small businesses, like large corporations, must compete in the marketplace. It’s just as important for decision makers in small businesses to know what lies ahead as for CEOs at Fortune 500 companies.

What is Competitive Analysis explain with examples?

Definition: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service. A competitive analysis is a critical part of your company marketing plan.

How do competitors collect data?

Here are 10 tips from entrepreneurs and small business owners on how you can start gathering information on your competitors.Go beyond a google search. … Do some reporting. … Tap the social network. … Ask your customers. … Attend a conference. … Check in with your suppliers.More items…•

What are competitive intelligence tools?

Crush the Competition with These 8 Competitive Intelligence ToolsSpyFu: for SEO and PPC Keyword Competitiveness. … SEMrush: for Getting Intel on Competitors’ PPC Spend. … Moat: for Seeing Competitors’ Digital Creative. … BuzzSumo: for Understanding Competitors’ Content Strategies. … Rival IQ: for Competing Better on Social Networks. … Brandwatch Analytics: for Understanding Share of Voice.More items…•

What is the difference between competitive intelligence and corporate espionage?

By contrast, corporate espionage may involve a number of illegal activities—lying, bribing, spying, or bugging a facility in order to illicitly obtain information. While competitive intelligence is characterized by honest research, espionage is by definition shady and secretive.

How does competitive intelligence gain an advantage?

“If your people are astute enough, everybody in the company can become an intelligence resource.” Encourage staff members to gather competitive information as they interact with people outside the company. Salespeople, for example, talk to customers, who talk to competitors.

How do you do a competitive analysis presentation?

How to create a competitive analysis report (jump ahead to each section):Start with a competitor overview.Conduct market research to uncover customer personas and industry trends.Compare product features in a feature comparison matrix.Summarize your strengths and weaknesses with a SWOT analysis.More items…•