Competitive Intelligence

Competitor Intelligence

“Keep your friends close, but your enemies even closer”. So what about competitors? Well, I’m not saying that you should “keep them close” but you should certainly keep a close eye on them. Competitor intelligence is all about just that.

The more that you know about your competitors, the more chance you have of beating them to your market share, and maybe even a bit of theirs.  By “competitors”, of course, we mean those who you consider to be rivals in business, those who you compete with for your market share of customers.

What do you need to know about your competitors?

• You need to know what they are going to do, BEFORE they do it
• You need to know about their business strategy and plans so that you can pre-empt their every move.

Have you ever wondered why some particular companies/organizations/manufacturers always seem to get their timing just right? They maybe launch a new innovative product just  before you do, they slash their prices just the week before you were going to slash yours, they embark on an innovative marketing campaign which completely overrides your efforts. How do they do it? Competitor intelligence – that’s how.