What is competitive intelligence analysis?
Competitive intelligence, sometimes referred to as corporate intelligence, refers to the ability to gather, analyze, and use information collected on competitors, customers, and other market factors that contribute to a business’s competitive advantage.
What can Analytics contribute to competitive intelligence?
Competitive Analytics helps organizations with the process of defining, gathering, cleaning, analyzing, interpreting, and visualizing their competitors’ data. This enables c-suite and other decision makers to make strategic decisions moving forward.
Is Competitive Intelligence illegal?
Key points: Competitive intelligence is a legal business practice, as opposed to industrial espionage, which is illegal. … There is a process involved in gathering information, converting it into intelligence and then using it in decision making.
How do you perform a competitor analysis?
How to Conduct Your Competitive Analysis
- Identify your competitors. …
- Examine your competitor’s website & customer experience. …
- Identify your competitor’s market positioning. …
- Take a peek at pricing. …
- Problem solve for shipping. …
- Take a temperature check with reviews. …
- Review social media.
What is the difference between competitive intelligence and customer intelligence?
Broadly defined, marketing intelligence is data gathered and analyzed to gain a picture of the larger market. The purpose of marketing intelligence is to understand customers and their consumer behavior. … By contrast, competitive intelligence is data that’s gathered and analyzed to understand a company’s competitors.
How do you get competitive intelligence?
Competitive intelligence can be gathered by going through business ads or visiting the competitor’s website. A company can learn which business practices consumers like best by searching through business reviews. None of these information-gathering techniques carry direct financial costs.
Why is Analytics important for businesses today?
Helps Decision Making
Data and analytics are invaluable when it comes to decision making for any business. They provide insights whether the business is headed in the right direction or something needs to be done to steer it on desired track. … Such data can help take vital decisions.
Which are examples of the application of big data analytics?
Four Examples of Big Data Application
- Fraud detection. For businesses whose operations involve any type of claims or transaction processing, fraud detection is one of the most compelling Big Data application examples. …
- IT log analytics. …
- Call center analytics. …
- Social media analysis.
What are sources of competitive advantage?
A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology.
Is it true that CI is only important for big businesses?
Isn’t it true that CI is only important for big businesses? No. … But small businesses, like large corporations, must compete in the marketplace. It’s just as important for decision makers in small businesses to know what lies ahead as for CEOs at Fortune 500 companies.
What is the goal of competitive intelligence?
The goal of competitive intelligence is for a business or individual to be able to make smart and strategic decisions with that information. These decisions can be made when the risks and opportunities are better understood.
What is the difference between competitive intelligence and corporate espionage?
By contrast, corporate espionage may involve a number of illegal activities—lying, bribing, spying, or bugging a facility in order to illicitly obtain information. While competitive intelligence is characterized by honest research, espionage is by definition shady and secretive.
Why is it important to do competitor analysis?
A competitive analysis is a way to identify competitors, and understand competitor’s strengths and weaknesses in relation to yours. It helps you gauge how to curb competitors and refine your strategy. Conducting a competitive analysis is important because you’ll build: … Strategies for how to expand into a new market.
What are the 3 types of competitors?
The Types of Competitors
When you identify competitors, you have three types to consider: direct, indirect, and replacement. Direct competitors are the businesses that sell a similar product or service in the same category as you. (These are the competitors you most often think about.)