If you are interested in the general concept of Competitive Intelligence (CI) or the process of gathering it, here is a summary.
What is Competitive Intelligence (CI)?
Competitive Intelligence (CI) is the systematic, ethical, and legal process of defining, gathering, analyzing, and distributing information about competitors, customers, and the overall market environment to support strategic decision-making.
It goes beyond just analyzing competitors; it encompasses the entire external environment to increase an organization’s competitiveness.
Key Aspects of Gathering Competitive Intelligence:
- Define Objectives (Key Intelligence Questions – KIQs):
- Before starting, establish a plan by determining what specific insights you need and what business goals the intelligence will support.
- Example questions: “How are competitors responding to market changes?”, “What new products are they launching?”, or “Where are their key vulnerabilities?”
- Identify and Prioritize Competitors:
- Identify Direct Competitors (offer similar products/services to the same target audience).
- Identify Indirect or Substitute Competitors (offer alternative solutions to the same customer need).
- Look for Emerging Threats or disruptors.
- Collect Information (Ethically and Legally):
- External (Secondary) Sources: Publicly available information is the foundation.
- Competitors’ websites, press releases, blogs, and marketing materials.
- Social media monitoring (for sentiment and announcements).
- Financial reports, regulatory filings, and patent databases.
- Job postings (reveals hiring priorities and strategy shifts).
- Industry reports and news articles.
- Internal (Primary) Sources: Information from within your own company is often the “juiciest” intel.
- Sales team feedback (win/loss analysis, competitor mentions in deals).
- Customer service and support threads.
- Prospect feedback from calls and emails.
- External (Secondary) Sources: Publicly available information is the foundation.
- Analyze and Transform Data into Insight:
- Turn raw data into actionable intelligence by asking “So what?” and “Now what?”
- Common tools for analysis include SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
- Disseminate and Act:
- Share the intelligence with relevant stakeholders (e.g., sales, product, marketing, executives) in an easy-to-use format (e.g., competitive battlecards, reports, presentations).
- Use the insights to inform strategies like product development, pricing adjustments, marketing campaigns, and sales enablement.
Competitive Intelligence (CI)—or “Gathering Competitive Intelligence”—is a crucial, systematic, and ethical discipline that translates fragmented data about competitors, customers, and the market into clear, actionable insights, providing businesses with the strategic foresight necessary for survival and growth.
By proactively defining Key Intelligence Questions (KIQs), analyzing a broad spectrum of competitors (direct, indirect, and emerging threats), and integrating both external public data with internal sales and customer feedback, companies can anticipate market shifts, expose competitor vulnerabilities, and make data-driven decisions on product strategy, pricing, and positioning.
Ultimately, CI is a continuous process that mitigates risk, sharpens competitive advantage, and ensures long-term success by fostering a culture of proactive, informed decision-making across the entire organization.