How Does Competitive Intelligence Work?

What Are the Sources of Competitor Intelligence?

Competitor intelligence is also known as corporate intelligence. It collects, analyzes, uncovers, and uses data from varying sources about competitors, consumers, prices, and other underlying marketing elements to boost a company’s competitive advantage.

Competitive intelligence is a fundamental operation for every business out there. Businesses that don’t have CI often suffer from a lack of awareness, which is harmful to a company’s future.

Professional and experienced competitor intelligence services provide accurate and reliable data from multiple sources and different grounds.

Source

Sources of Competitor Intelligence

Harnessing the advantages of competitor intelligence is vital for any business. Any impactful and notable change in a competitor’s business comes up on the CI’s radar. Here are some of the sources from which CI services gather their reliable data.

Financial reports

Financial reports and documents are files full of reliable and relevant oversight about how the competitor’s business grows, its financial condition, employee numbers, management teams, and more.

They are a great asset when it comes to gathering information about the competitor. These reports usually provide an in-depth view of the entire business activities.

Competitor Websites

Typically, companies upload releases and other pressing news on their websites. It usually details their achievements and new data, such as acquisitions and other management changes.

Their website will also inform you about their management team, what products they offer, and their overall presence. They also contain information about the job description and job openings.

Moreover, an SEO audit on their web page provides data on their authority, traffic, keywords, and search ranking.

Patent databases

Patent databases provide information about a new design or innovation the competitor is currently working on and has produced in the last few months. With a patent database, competitive intelligence services give you a thorough report about their portfolio.

This way, your company can address their products to see if and how you should optimize your own product line.

Social Media

Social media is an unfiltered source of information about what the competitors are doing and what their target consumers think of them. The CI services use this source to gather data about your competition through their pages and, furthermore, how their audience likes their products.

Gathering information on how everyone is reacting to your competitor’s product line can help you modify your own strategy and products.

Primary Research

Primary research methods, including distributors, suppliers, and industry players, are an excellent source of gathering competitor information and learning about their activities. Primary research can also be excellent for understanding what your customer base needs and thinks of your company so far.

Frequently Asked Questions

Still looking for more info? We’ve compiled a list of FAQs – check them out!

Q) What Is An Example Of Competitor Intelligence?

An example of competitor intelligence is how airlines operate. They regularly change their pricing. The prices may go up or down depending on their competitors’ performance. For instance, if one airline is charging more for a specific route, then others will charge the same amount.

Q) What Are The Types Of Competitors?

There are three types of competitors; direct competitors, replacement competitors, and indirect competitors.

For reliable and legit competitor intelligence, contact Insight Survey. They have solid research methods that give your company value and improve your business strategy and future plans.