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The Importance of Competitive Intelligence in Understanding Your Competitors

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To attain success and growth, a business always needs to gather maximum information about its competitors and use the same for achieving efficiency in its business operations. This requires constant monitoring of all information about competitors such the social media strategy adopted by the competitors, what product strategy the competitor is planning to enforce, the competitor’s content strategy, the performance rating on search engine of the competitor , the strategies and techniques the competitor is likely to adopt in future to propel growth.

By keeping a constant vigil on the competitor’s move and strategies, an organization can easily forecast the progress that the competitor is likely to make. Thus an organization can use competitive intelligence services effectively to understand about its rivals.

Competitive intelligence on expansion plans

By keeping a constant watch on the competitor’s move, an organization can easily start tracking the move of the competitor pertaining to expansion. This can be easily identified by signs made by the competitor, say for instance if a competitor is looking for places to buy for his office or has plans to enter a new market, then it means he has plans for expansion of his business.

Product Strategy intelligence for existing or new product

Close monitoring of the job vacancies of the competitor can throw light about the introduction of a new product in the market by the competitor or even about the product strategies that the competitor is adopting. Say for instance, if the competitor has given advertisement for professionals with specific product knowledge or for certain tech professionals, it clearly reveals the intention of the competitor to introduce new product or have technological up gradation.

Intelligence about specific division of the competitor and drawing inference from it

If a competitor advertises for multiple job vacancies in a specific division then it implies a lot. Firstand foremost it clearly reveals that the competitor has plans of expansion. Say for instance if acompany has hired a group of employees at the same time, it means that the sales team has finishedits job of sales development and the product is ready for introduction among prospects and that thesales expansion plan is in the offing.

In case the rival company decides to invest in the marketing operations to make it grow, it means the rival company has made plans to make consumers become aware about the product so as to generate better leads.

In the same way, excess job postings in one department may even imply that the rival is finding it difficult to manage the existing employees. Also larger turnover of employees could indicate that the employees are not satisfied and that the rival company is allocating large money and other resources to retain the employees which are likely to affect the overall performance of the company in times to come.

A little bit of detective work done using a computer would enable an organization to draw inference about many things about the competitor. This is the reason why competitive intelligence is said to be useful in understanding the competitors.

 

Shailendra Kumar

The author Shailendra Kumar

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