When considering the marketing tools to use in order to take your business to the next level, CI is your secret weapon. Competitive Intelligence (CI) typically entails using legal process to obtain industry specific data that can be analyzed and interpreted to create valuable business insights for positive growth and progress of your business.
Why competitive intelligence is important
CI is important for your business as it lets you have a keen sense of the business trends prevalent within your industry as well as contemplate future or upcoming trends within the industry. You will also find that CI conducts extensive in-depth research into the elements that make up your business structure and within your specified industry. This in-depth knowledge helps you ascertain the already existing trends in the industry that can help you predict and forecast future occurrences.
Consequently, CI will help you make informed decisions as to your ROIs as these decisions will be made from data-backed insights that will help declutter the business initiatives. While looking at the strengths and weaknesses within your organization, you will be able to re-prioritize your investments as well as fill in the capability gaps present in your business.
Yet, another critical importance of competitive intelligence is that you will be able to boost the product and service speeds to the market. For most organizations, launching a new product into the market can be a slow process that involves the actual creation, testing and re-testing procedures. With competitive intelligence , you can be able to identify capability gaps and new territories that have yet to be explored. Given this proponent, it will be relatively faster to work on introducing the product and/or service to the market before any of your competitors beat you to the punch.
How to use competitive intelligence for your company
Now that we have a glimpse of the importance of CI in your company, the next critical question is how to actually apply and utilize CI within your organization. Well, there is no particular or defined way of running CI. In fact, CI incorporates a variety of tools and elements to arrive at its absolute goal. This is to provide sufficient information on industry competencies for your analysis. Subsequently, you can choose to conduct the CI process internally or outsource this function to a third party who specializes in the same.
Let’s start by taking a look into the internal CI process. Competitive Intelligence is a wide and detailed process that will require you to use a significant number of resources and time before completion. You will require an array of analytical tools, specifically highly recommended SEO tools that will be able to run a deep dive and find all the elements that relate to your business. Furthermore, you will need to create a specific research criterion where you will be conducting your research to make sure that you have valiant results, appropriate to your analysis.
Alternatively, you can choose to hire a CI consultancy firm like NetBase Quid that will handle all of the CI process elements on your behalf. For starters, you will find that a company like NetBase Quid has a proprietary research system in which it uses to run an extensive and in-depth analysis of your business, within your industry. It will also create key insights that will help your business reach top level performance within the industry. Even though this tends to be a tad expensive than conducting the CI process internally, you will absolutely have a positive outlook on the Return on Investment. NetBase Qius has helped foster various top-notch businesses within the health, technology, manufacturing and consumer goods industries.