Vitality of competitive intelligence: can’t imagine a business life without competitors

Come on, it is time to wake up and to ensure where you stand smarter than your competitors do. To determine where you are standing and how much your uniqueness catches the eyes of your customers, you will need to see your world from your competitors’ eyes. The term ‘competitive intelligence’ refers to how much you know about your competitors, your familiarity with their strengths, weaknesses, their opportunities, their trends and technical advancements. Nowadays, no business would go on the right track without the concern on competitive trends, which denotes the importance of competitive intelligence. Most people just misinterpret the scope of competitive intelligence inside a small circle that lacks to look into wider aspects of competitive intelligence such as:

1.      Inclusive observation of competitors on their abilities of gains and vulnerabilities of threats

2.      Implementing strategies to guard our business if they beat us with their strengths and to beat them using their vulnerabilities

3.      Coming up with a killing product or an idea that influences in their demise  

4.      Incorporating the strategies with promotional campaigns to best inform why our business is unique, best and valuable from all our competitors.  

5.      Practice the strategy of networking for the sake of being industrial friends and to make some of our competitors as the supply chain integrators

Bearing the above concerns, it is clear that competitive intelligence is not just a matter of collecting data about competitors but it has more than to do. Some companies use internet as the prime source of gathering information about competitors, some others go for annual reports and other published data from competitors. However, some of the companies send their employees as the investigative work forces into the competitors’ organizations...somehow these blacksheeps often get caught by the organizations later and will be punished for their illegal deal.       

Posted in: broad niche market,competitors,competitve intelligence,marketing