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Competitive Intelligence and 6 Tips for Its Effective Use

lundi 8 juin 2015

It is an exciting time to market a business. Modern competitive intelligence and monitoring analytics techniques allow for more advanced business initiatives than ever before. People have always tried to better understand the market they are selling to in order to increase income, but without the proper technology, it has been an ineffectual effort. Not so anymore.

What is Competitive Intelligence ?

Essentially, competitive intelligence is the practice of collecting information about the customers and the competition in the field you work in. This often takes the form of software or performance monitors that track data automatically, but it also involves surveys and human interaction. The point, however, is always the same. You need to understand the market so you can make better decisions and take advantage of opportunities before the competition does. It sounds simple, but the effects of making more informed decisions are profound.

Modern Data Collection

In the past, the amount of information that could be collected was limited. Without computers and modern technology, only small sample sizes and slices of the demographic could be recorded. From these small amounts of information, a great deal of analysis was attempted to be pulled.

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