Important Things to Consider Before Using Competitive Intelligence Analysis Services

Last few years have seen one of the best brands and organizations using Competitive Intelligence Analysis Services for decision-making. For every leading company that undertakes competitive intelligence (CI) for its marketing strategies, there are also some organizations that disregard the same. Everyone knows that marketing strategy comprises of consumer and CI.

Recent researches carried out by Fortune on 500 companies exhibited that only 50 percent of the companies used CI services when they set out to make their business strategies. The research also showed that the business firms engaged in competitive intelligence are market leaders in the respective domains and every single firm was well-informed about its competition’s operations.

It’s an open secret that the use of CI services for fixing business strategies has worked well for leading companies, with a turnover of more than 10 billion dollars. Either these companies already have their own well-organized and formulated CI systems, or they go for competitive intelligence services. In fact, most of the largest firms have full-fledged departments dedicated to CI.

Nowadays, even mid-size businesses have started outsourcing CI services for gathering and analyzing intelligence information. Different studies reveal that those companies that opt for CI services alongside Industry News Monitoring services outperform the organizations, which ignore competitive intelligence in many areas including market share, sales, and profitability.

What is competitive intelligence?

Competitive intelligence is a systematic program adopted by a company to gather and analyze information about its competitor’s business trends and activities to further its goals. In short, the knack to understand what your competitors are doing in a way that’s not illegal is competitive intelligence. It’s an act that is legal and ethical.

Why is CI so important?

With markets and organizations witnessing rapid changes in products and competitors, competitive intelligence has become mandatory for businesses to form effective strategies. This is often because of a short span of the product lifecycle, global challenges, etc.  Hence, generating competitive intelligence has become the question of survival.

Now, the question arises as to why an organization should care about its competitors, what the competition is about, and how it will affect your business in any way?

The most probable answer to the question is- competition. No business operated alone. You will see many players in the field that deal with the same services and products as that of yours. This means they compete for the same customers as yours and if you want to get your share of the cake, you must have the competitive edge over your rivals and here is where CI helps.

The more information you receive about your competition, such as product information, number of employees, competitor’s strategy, revenue, etc., the more it becomes easy for you to capitalize on the strengths and weaknesses of the competitor.

If you want CI, Lead Generation Research Services, industry new monitoring, or any other services related to market research and analytics, contact Penterra Analytics. Penterra Analytics is a renowned market research company in India.