Just about anyone can hop online, create a social media presence and call themselves an analyst of a particular industry. The difference between Joe Blow reporting ‘intelligence’ and a professional entity producing quality, client-centric competitive intelligence is significant.
Carefully curated insights gleaned from trusted sources can make life – including decision-making – for your company’s executives much easier. It affects your company’s prowess and its bottom line, as well as aiding internal marketing teams with their roles and responsibilities. Some of the arenas in which CI produces impactful information include:
- Movements by competitors;
- Threat of new entrants, including M&A and regional footprints; and
- Threat of disruption, including start-ups.
Not only does quality CI keep you informed on the market in an objective way, it also allows you to narrow in on your consumers’ wants and needs and how they may evolve. Remember that your competitors are always hunting for opportunities. Those you miss will not be missed by your competitors.
This article was originally published on ShiftCentral, now part of LAC Group.