Competitive Intelligence is the activity to define, gather, analyze and distribute information about the products along with competitors and customers of the same domain. It also provides insights into strategic decision making for the goodwill of the business.
Why competitive intelligence is important?
1. It tells you about real competition – Competitive intelligence gives in-depth research about the competitors. It includes assessing and analyzing their product portfolios, geographic reach, strategic planning, and selling methods. This research provides historical as well as future revenue assessment.
2. Customers brand evaluation – Competitive research tells you what your customers speak about you. It also has information related to customers pain points and the kind of product they are looking for. This creates an opportunity that your tough competitors are neglecting.
3. Evaluation of current Strategies – The research also provides you with an evaluation for the strategy that you used for getting clients into place. It gives a report on strategies that are engaging more customers. With this set of competitive intelligence, it helps in increasing visibility and engagement.