Why use Competitive Intelligence?


Have you ever heard the saying, “keep your friends close, but your enemies even closer” – well, we’re not suggesting for one minute that your enemies know that your keeping them close, but knowledge is power after all, and the more you know about their business, the better position you are in to keep ahead of them.

A recent survey of Fortune 500 companies showed that a whopping 55% of them regularly utilize competitor information when they are composing their own business strategy. Incidentally, every one of the firms are market leaders in their own industry, and every single one of them knows its enemies business.

Why do you need Competitive Intelligence?

Companies and markets are now more than ever subject to a rapid change of products and competitors. This is especially the case with markets that go through constant change (short product life cycles, globalization). The ability of a company to generate competitive advantages through one's own "Competitive Intelligence" abilities has now become prerequisite for survival, since a management decision can only be as good as the information it is based upon.

The Importance of Competitive Intelligence

Competitive intelligence is the art of knowing what your competitors are up to – legally. So why is that important? What does it matter what they’re doing? How does it affect you and your organization? Well, rest assured, that the companies which manage to stay one step ahead of their competition are the ones who utilize effective competitive intelligence.

The thing is, no business is really unique and whatever product or service you’re selling, you can guarantee that there’s somebody else who is selling exactly the same thing. That means that they are targeting the same customer base as you, and there are only so many pieces of a pie to go round – are you getting the picture? If you gather enough competitive intelligence about your competitors and their products or services, you’ll be in a great position to capitalize on their strengths, and also on their weaknesses.

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