Competition intelligence Study

Competition intelligence is the process of gathering, analyzing and using information about the competitors, their products, strategies, strengths and weaknesses in a given market.
Competition intelligence can help businesses to identify opportunities, threats, trends and best practices in their industry and to gain a competitive edge over their rivals.
Competition intelligence can also help businesses to avoid costly mistakes, such as launching a product that is already obsolete, entering a saturated market or violating legal or ethical norms.
Competition intelligence can be conducted through various methods, such as online research, surveys, interviews, observation, benchmarking, mystery shopping and reverse engineering.
Competition intelligence should be done systematically, ethically and legally, following the guidelines of the Society of Competitive Intelligence Professionals (SCIP).
Competition intelligence should be aligned with the business goals and objectives and should be communicated effectively to the relevant stakeholders and decision makers.

Want to understand about the competition in market? → Have you conducted a Competition intelligence study?

Who are the main competitors in the market and what are their strengths and weaknesses?
What are the current and future trends, opportunities and threats in the industry?
How do customers perceive and evaluate the products or services offered by different competitors?
What are the best practices and benchmarks for delivering value to customers and achieving competitive advantage?
How can the company differentiate itself from the competition and create a unique value proposition?

A competition intelligence study can help a business to gain a competitive edge by identifying the gaps, trends, best practices and customer preferences in the industry.
A competition intelligence study can also help a business to avoid or mitigate the risks of losing market share, reputation or profitability due to the actions or innovations of the competitors.
A competition intelligence study can provide valuable insights for developing or improving the products, services, marketing strategies, pricing policies and customer relationships of a business.
A competition intelligence study can foster a culture of learning and innovation within a business by encouraging the employees to monitor, benchmark and emulate the successful practices of the competitors.
Competition intelligence can benefit businesses in various ways, such as:
- Identifying new opportunities and threats in the market
- Developing effective counter-strategies and differentiation
- Enhancing customer satisfaction and loyalty
- Improving decision-making and innovation
- Increasing market share and profitability