How do you do competitive intelligence?

How do you do competitive intelligence?

How to Conduct Competitive Intelligence

1. Determine CI Research Objectives.
2. Evaluate Existing CI Data Collection Strategies.
3. Determine CI Data Collection Strategies.
4. Set Up Access and Integration Systems.
5. Establish Analysis and Reporting Processes.
6. Plan Dissemination.
7. Write the Story.
8. Stay Current With the CI Industry.

What is competitive intelligence example?

Examples of competitive intelligence include stock traders who analyze the data on prices and price movements to determine the best investments. Another example of successful use of competitive intelligence is AT’s database of in-company experts.

What is competitive intelligence tool?

Competitive intelligence tools are those software, tools, and apps that facilitate gathering and analysis of crucial competitor information. The gathered information can later be used to draw strategies and to further achieve the goals of a business.

What is the purpose of competitive intelligence?

The goal of competitive intelligence is to support strategic decision making for an organization. The terms competitive intelligence, business intelligence and market intelligence are often used interchangeably. While the three may be performed by the same person or team they are indeed very different.

Is competitive intelligence legal?

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

Who uses competitive intelligence?

With the fact-based and real-time competitive intelligence, such as industry trends, competitor campaigns, new launches, product innovations, etc. companies are empowered to make better decisions to achieve their goals. Netflix is a great example of making the right decisions based on competitor intelligence.

What are the types of competitive intelligence?

Competitive intelligence activities can be divided into two main types:

• tactical (it’s a short-term process that strives to contribute to the solution of such issues as capturing market share or increasing profits);
• strategic (it helps with long-term issues such as key risks and opportunities a company can face).

Who needs competitive intelligence?

Competitive intelligence is important because it helps businesses understand their competitive environment and the opportunities and challenges it presents. Businesses analyze the information to create effective and efficient business practices.

What are the sources of competitive intelligence?

7 Sources of competitive intelligence for strategic management

• Competitor websites. Your website is the window to the world.
• Annual reports.
• Premium databases.
• Syndicated reports/ analyst reports.
• Primary research.
• Social media.
• Patent databases.

What is the difference between competitive intelligence and customer intelligence?

The purpose of marketing intelligence is to understand customers and their consumer behavior. This means that marketing intelligence is client-focused. By contrast, competitive intelligence is data that’s gathered and analyzed to understand a company’s competitors. This type of intelligence, thus, is business-focused.

Is spying on competitors illegal?

Industrial espionage is the illegal and unethical theft of business trade secrets for use by a competitor to achieve a competitive advantage. It is often done by an insider or an employee who gains employment for the express purpose of spying and stealing information for a competitor.

What does competitive intelligence mean in an organization?

Within any organization, competitive intelligence means different things to different people and departments. For example, to a sales representative, it may refer to tactical advice on how best to bid for a lucrative contract.

What are the sources for a competitive intelligence study?

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

Where can I find information about my competitors?

While most companies can find substantial information about their competitors online, competitive intelligence goes beyond grabbing such easily accessible low-hanging fruit. In fact, only a small portion of competitive intelligence involves trawling the Internet for information.

When was the Society of competitive intelligence founded?

In acknowledgement of the growing importance of competitive intelligence, the Society of Competitive Intelligence Professionals (SCIP) was founded in the U.S. in 1972. It underwent a name change to Strategic and Competitive Intelligence Professionals in 2010.