What is competitive intelligence and why does it matter? In simple terms it discovers competitors strengths, weaknesses and market size. If the market is saturated with composition you should consider heading in a different direction, but if you can see an untapped area you need to put a plan together to seize the opportunity. Are customer needs being met and can you improve over your competition. Cost structure is very important and needs investigation. Can you provide the same type of product more efficiently or with more service.
Discussion groups are a great way to determine what is competitive intelligence. Finding what is happening behind the scenes is what can get you an advantage. Ex employees will talk about their previous jobs and you can learn a lot. Deja News is a great search engine to determine what people are talking about. You can determine the size, strength and technical capabilities of a rival company.
Job openings are a good indication for the strengths and weaknesses of a company. Development strategy can be determined by the types of people being hired. Corp Tech is a great website to analyze this.
Are they saving money? This will give a good intention of their capital. Competitor finances are very important to be aware of to see your chances of cutting in. Deciding to go one on one with this company will be difficult or hard depending on their financial situation.
Competitor organization can help you determine the power of the company. Larger organizations will be on the lookout for crafty people trying to muscle in on they customers. This may be an easier task if their organization isn't prepared.
Competitor product roadmap will enable you to see if you can offer an alternative to their offerings. Do you have a product not being offered? If you know their lineup you can have a more complete product to offer.
Competitor customer base is an important piece of data. Do they have the market covered? What are they customers into and would like better? People will look for the most compatible company and product they can find. You might be able to offer something more appropriate.
What is competitive intelligence? This is the analyzing of data about your competitors. What are there strengths and weaknesses. What is the market size. What is they cost structure? All these aspects have been discussed and explained why they are important. Competitive finances, organization, roadmap, and customer base has been explained and why you need to know.
Source by Don Firth