Competitive intelligence (also called corporate intelligence) is the practice of gathering information on your competition and your target market to gain an edge when making business decisions. It includes tracking brand positioning, social media presence, product levels, pricing, and recent job listings. Data sources like purchase history, user demographics, and site activity are helpful when used properly. These pieces form a picture of your competitors’ strategies. 

How to Use Competitive Intelligence

Your business can use competitive intelligence in multiple ways, including the following:

Improving Your Understanding of the Market

Competitive intelligence increases your understanding of your customer base; it will either confirm your assumptions or reveal something new. Analyze your competitors’ products and messages to confirm their target markets and the problems they are trying to solve for their customers. Compare this information with your company’s value statement to reveal any weak areas.

Helping You Set Criteria for Measuring Social Media Numbers

Your competition’s social media performance can help you determine how you measure your company’s numbers. Use their data to guide your strategy.

If you see your competitors spending a lot of time engaging on a social media platform without getting positive results, you have an opportunity to learn from their mistakes.

Competitive Intelligence Helps You Make Better Business Decisions

All employees can benefit from when you conduct competitive research. Sales representative can adjust their quotes for customers based on your competitors’ claims. Your marketing team can plan their messages with the competitors’ campaign in mind. Competitive intelligence helps your team make better decisions.