What It Is & How to Gather It

What Is Competitive Intelligence?

Competitive intelligence (also known as corporate intelligence or CI) involves gathering and analyzing information about your competitors, target customers, and market. Which enables you to make contextual, data-led business decisions.

The ultimate goal is to establish or enhance a competitive advantage.

Unlike corporate espionage, corporate intelligence does not rely on unethical methods of data collection. It involves detailed analysis of openly accessible information and information you compile yourself.

Let’s say you’re in charge of a new product’s pricing strategy.

As part of competitive intelligence gathering, you could:

• Collect pricing information from rival websites
• Survey target customers about what they’re willing to pay
• Learn about economic conditions in each sales region

This data would help you set a pricing strategy that maximizes profit potential.

Why Is Competitive Intelligence Important?

Competitive intelligence is important because it allows businesses to make decisions designed to help them outperform their rivals based on data rather than guesswork.

This can streamline the decision-making process. And generate better outcomes.

For example:

• Sales teams can modify pitches based on competitor claims and shortcomings
• Marketing teams can refine messages to stand apart from their rivals’
• Product teams can strategize roadmaps around features their competitors’ overlooked

Plus, competitive intelligence enables companies...