Competitive Intelligence Steps - an Overview
Discover more about performing competitive intelligence to achieve a business advantage, about optimizing research ways of anticipate competitor direction, and about training company staff members to withstand competitor espionage. Understand the distinctions between strategic competitive intelligence, tactical competitive intelligence, and competitive counter intelligence.
As a business, you want to stay competitive. In order to do this, you need to constantly analyze the existing market for any relevant changes. As a business owner, the information you find and interpret is essential to your survival. In order for you to be successful, you need to adapt to any changes in the market or else you could lose money.
Competitive intelligence is a process designed to give you an edge over your direct competitors and to minimize your risks while doing business. It is the process of gathering information about the market and your competition and then analyzing it to understand how it is relevant to your business.
Before you implement the competitive intelligence strategy you may want to find some case studies. These provide detailed reports on how different companies used the strategy to help them become more competitive and achieve success.
Are you still trying to decide if using competitive intelligence is worth the time and money? There are a lot of benefits, but you still need to determine if you want to use some of your resources.
When it comes to competitive intelligence, you may not have the time or the resources to go through the process yourself. In that case, you will want to outsource. There are plenty of companies and individuals who specialize in competitive intelligence and can provide this service for your company.
While there are many interpretations of the term "competitive intelligence," it is useful to view it as defined by the Society of Competitive Intelligence Professionals (SCIP) in first place.
You can also hire individual companies to perform competitive intelligence training. This works especially well if you have a large group or a few full time employees whose sole purpose is to do competitive intelligence. You can also go through the training if you are the main person involved with the process, and then teach other relevant employees.
From time to time, competitive intelligence requires some explanations to the inexperienced. Many times, it demands energy and tolerance.