The importance of Competitive Intelligence and analysis for 2021 business

Understand why Competitive Intelligence is an essential element to success
By: Octopus Intelligence
COVENT GARDEN, U.K. - Oct. 10, 2020 - PRLog -- Competitive Intelligence will allow you to isolate the challenges you face, the strengths you have and quality thinking time to enable you to develop a competitive differentiation. Without Competitive Intelligence, you will not be able to see what your competitors and markets are up. You may get to where you want to go, but you are going to all over eventually.

What Is Competitive Intelligence?

Competitive intelligence assists you to isolate and analyse your competitors and market sector activities on a consistent and ongoing basis. And ensure you have actionable Intelligence for when you need to make informed sensible decisions.

What could be in a report?

A Competitive Intelligence report could consist of anything associated with your market, but typically they will create answers to the questions you have asked about:

• Your current and emerging competitors
• Customer profiles
• New product analysis
• Pricing strategies
• Market insights
• Threats to your brands standing

Interesting but after the event

There are many ways to collect information about your competitor and market. And the most obvious one is to fire up Google and type away. This sort of search will reveal all the necessary basic information and their social media, articles and PR reports. Great for a bit of history and initial research and you may find out about new product announcements, staff and customer feedback. All interesting and "after the event".

Quantitative and qualitative and more in-depth dive research and associated analysis may be required to get even more quality details on your customer segments and niche market sectors.

Google is great but…

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