What is competitive intelligence tool?
Competitive intelligence software enables businesses to capture, analyze, and take action on its competitive landscape. Sales can use these tools to gather information about their competitor’s pricing changes and market moves or company acquisitions, among other use cases.
What is good competitive intelligence?
Competitive intelligence involves a lot of predicting and guessing. By developing a strategy to follow, you’ll put yourself in a better position to understand what you need to know, and how you should use that knowledge. Being proactive, rather than reactive, is what will keep you ahead of the game.
How do you get competitive intelligence?
How to gather competitive intelligence
- Identify your direct competitors.
- Determine key areas of interest and research goals.
- Gathering external and internal competitive intelligence.
- Centralize competitive intelligence.
- Build competitor profiles.
- Share competitive insights with relevant stakeholders.
Is competitive intelligence ethical?
Since competitive intelligence relies on public information and market research, you can be reassured that the process is ethical and a wise decision.
What are the types of competitive intelligence?
Competitive intelligence can be classified as myopic-oriented, tactical intelligence, or long-term focused strategic intelligence. Gathering data and information is more complex than conducting a simple Internet search.
How do competitors collect data?
Print sources, such as brochures, flyers, newspaper ads and magazine ads. Customer data gathered from your own customers or those of your competitors through interviews, surveys and polls. Financial reports and company profiles, available from sources such as Dun & Bradstreet and Hoovers. Stock market data.
What is the goal of competitive intelligence?
For any group, the goal of competitive intelligence is to help make better-informed decisions and enhance organizational performance by discovering risks and opportunities before they become readily apparent.
What are the six steps that you should follow for designing a competitive intelligence program which are designed to be both legal and ethical?
There are six steps you should follow for designing a competitive intelligence program, all of which are designed to be both legal and ethical.
- Identify your competitors.
- Identify areas of interest to track in your competitors’ digital footprints.
- Gather your intel.
- Create a competitive analysis.
- Communicate the intel.
Is Competitive Analysis illegal?
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.
How do I monitor my competitors?
7 Strategies for Monitoring Your Competitors
- Uncover the Keywords They’re Targeting.
- Analyze Their Rankings Against Keywords.
- Research Their Most Shared Content.
- Stay Alert for New Content.
- Track New Links.
- Monitor Their Social Activity.
How can I learn my competitors?
7 Ways to Better Understand Your Competitors
- Speak to Your Customers. This is a simple step, but many businesses don’t do enough of it.
- Speak to Your Suppliers.
- Speak to Your Competitors.
- Go to Industry Seminars, Conferences and Expos.
- Conduct Online Research.
- Check Social Media.
- Watch Who Competitors Hire.
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Who are some of the best competitive intelligence companies?
Impressive Clients: Intel, BBC, Ford, Coca-Cola, Microsoft, Johnson & Johnson, IBM Key Industries: Technology, Financial Services, Retail, Manufacturing, Pharmaceuticals Noteworthy Quote: “Treat our competitive intelligence as ammunition. Aqute tells you what the competition is doing, in advance.
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