Competitive Intelligence Techniques

What are some competitive intelligence techniques? The competitive intelligence unit of any business can use these techniques to make the best strategic decisions when it comes to their business. This involves more than just looking at the various competitors around you. You need to look at market analysis, market intelligence, intelligence reports, intelligence analysis techniques, and even advanced research tool or techniques. If you use various techniques then you can gain a distinct advantage for your business in the marketplace.

The competitive intelligence unit of your company SWOT analysis reports can use two main competitive intelligence techniques. Before you can do this you need to have a great deal of knowledge about the sector that you are in. the intelligence won’t mean anything unless you have the knowledge to make sense of it. You need to understand your products that are helping your business do well and the various competitors around you.

Technique One the Non Competitive Approach

To use this technique you will use skills such as predicting, forecasting, looking at your current business assumptions, learning the environment, and seeing where your business has current weaknesses. You’ll look to your business to find solutions to your current weaknesses. You’ll learn about your company, the environment that you work in and you’ll learn a bit about your competitors too. This works more to improve your own form and doesn’t focus as much on your competitors.

Technique Two Competitive Approach

This technique looks at the competitors around you. In this approach you look at the market around you and the various competitors that are there. You want to analyze them so you have the advantage and can take the top market share for yourself. You want to use your own products, services, and an optimized strategy to do this. You can get there by analyzing your competitors.

To be successful in this approach you need:

To know what products that your competitors currently offer

  • Why customers buy form them and why they are currently successful
  • What they deliver with their service
  • How the use marketing
  • The reliability of their customer service

These are the basics that your competitive intelligence unit needs to work on when it comes to analyzing your competitors and developing strategies for your company to get the competitive edge over them. For example you may develop new and exciting products or market your products in a different way than your competitors to grab more market share away from them. All of these practices must of course stay legal and by using competitive intelligence techniques you’ll be able to do this.