What is competitive intelligence and why do I need it?
Competitive Intelligence is the art of developing multiple internal and external sources of information, analyzing that information and extracting insights about your competitors and your markets. That intelligence can increase revenue generation, drive product innovation and assist in formulating corporate strategy.
The four questions good Competitive Intelligence must answer.
The What
What's happening in the market? What's happening with my competitors?
Now What?
What do we say/show/do in response?
So What?
What does it mean to my business, company or industry?
What's Next?
What can we anticipate in the future and how will we respond?
With Competitive Intelligence, you can develop a strategy that not only provides a defense against competitor attacks but also de-positions them:
The Offensive Approach
Differentiate your company from the competition by showcasing your strengths while depositioning the competitor by highlighting their weaknesses.
Prepare to Defend
Understand and own your weaknesses. Know where your competitor is better – or is perceived as better – and overcome any FUD – Fear, Uncertainty, Doubt – that your competitor may have created about you in the market by turning the conversation back to your unique value proposition. Identify possible scenarios for market disruption and develop a game plan to respond.
Stay ahead of the curve
Ready to gain an edge? Let’s talk about how fractional CI can work for you.
Fractional competitive intelligence support from Berry Insights allows you to act with confidence, respond with precision, and outpace the competition, without overextending your team or budget.