Competitor Intelligence

Overview

In today's business world, it's more important than ever to keep an eye on your competition. With technology making it easier than ever for businesses to enter new markets and disrupt established ones, it's more important than ever to understand what your competitors are up to. This is where competitor intelligence comes in. Competitor intelligence is the process of gathering information about your competitors to better understand their strategies, their strengths and weaknesses, and how they might react to your plans.

Benefits of Competitor Intelligence

Obvious as it might seem, you need to have a good reason for gathering competitor intelligence. This will determine what tactics you use to gain the intelligence you need. Depending on your reason for knowing, you might use different methods of data collection, and end up with a different type of result. The following are some of the reasons why a business might need to know about its competitors:

To anticipate market changes

By monitoring your competitors, you can get a sense of how the market is changing. If your competitor’s sales have been declining over a certain period, maybe it’s because they’re offering a new product or introducing a new pricing strategy. By understanding what’s causing a change in your competitor’s business, you can try to take advantage of it or minimize its impact on your business.

To define and differentiate yourself

By understanding how your company differs from your competitors, as well as what your customers like about them, you can use that information to shape your marketing strategy. You can also use competitor intelligence to identify gaps in the market where you can stand out from your competitors by defining yourself differently.

To counter threats to your business

If one of your competitors is starting to threaten your position in the market, you can use competitive intelligence to identify their strategy. You can then take action to disrupt their plan by introducing a new product, offering discounts, or other tactics.

How can epctex help me with Competitor Intelligence?

We can help you automate your competitor intelligence processes by providing you with the data you need to make smart, data-driven business decisions to get ahead of the competition.