Overview
With technology making it easier than ever for businesses to enter new markets and disrupt established ones, understanding what your competitors are up to matters more than ever. Competitor intelligence is the process of gathering information about your competitors to understand their strategies, their strengths and weaknesses, and how they might react to your plans.
Why it matters
Start with a clear reason for gathering competitor intelligence: it determines which data you collect, how you collect it, and what kind of result you end up with. These are the most common reasons businesses invest in it:
Anticipate market changes
Monitoring your competitors shows you how the market is moving. If a competitor's sales have been declining, it may be because of a new product or a new pricing strategy. Understanding what is driving the change lets you take advantage of it, or limit its impact on your business.
Define and differentiate yourself
Knowing how your company differs from your competitors, and what customers like about them, helps you shape your marketing strategy. Competitor intelligence also reveals gaps in the market where you can stand out.
Counter threats to your business
When a competitor starts to threaten your position, competitor intelligence helps you identify their strategy so you can respond with a new product, a targeted offer, or other tactics.
How epctex helps
We automate your competitor intelligence processes end to end and deliver the data you need to make smart, data-driven decisions and get ahead of the competition.