• HOME
  • Categories
    • Marketing
    • Strategy
    • Advertising
    • Sales & Selling
    • Branding
    • Business
    • Customer Management
    • Market Research
  • Brand Analysis
    • Marketing mix of all Brands
    • SWOT analysis of Brands
    • Marketing Strategy of Brands
    • Brand Competition
    • Print Ads Collection
  • Start Here
Marketing91
  • Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar
  • HOME
  • Categories
    • Marketing
    • Strategy
    • Advertising
    • Sales & Selling
    • Branding
    • Business
    • Customer Management
    • Market Research
  • Brand Analysis
    • Marketing mix of all Brands
    • SWOT analysis of Brands
    • Marketing Strategy of Brands
    • Brand Competition
    • Print Ads Collection
  • Start Here
Home » MARKETING MANAGEMENT » Why gathering competitive intelligence is important for business

Why gathering competitive intelligence is important for business

December 31, 2017 By Hitesh Bhasin Tagged With: Marketing management articles

Competitive intelligence involves tapping into market information so that you can gather, analyse and deduce a pattern from the competition which indicates the market dynamics and how they are changing with the presence of your competition.

Your competition may be giving better schemes then you are, might be promoting its products better or more important might have a better brand image or product than your own company. All these competitive intelligence observations warrant immediate implementation of tactics and techniques to beat the competition.

Top businesses need to do this on a daily basis because they cannot survive if they do not keep themselves updated with the competition data. There are various sources from whom you can gather intelligence. All of these sources will give you market and competitive intelligence.

However, to act on it, you need to analyse the data as well as find out which will be the best course of action. In several cases, keeping quiet can be an option whereas in others you might have to act lightning fast against the competition.

Why gathering competitive intelligence is important

Gathering competitive intelligence is important for businesses due to 4 reasons

  1. Be aware of market dynamics and know when you are being outsmarted or if you are in fact outperforming the competition.
  2. Have complete knowledge of the external business environment which can influence your marketing strategy as well as the long term view of the company.
  3. Risk assessment by knowing the changes happening in the market and how they will influence your own business.
  4. Opportunity analysis wherein a segment ignored by your competition can be immediately taken over by your products.

Thus there can be several reasons for competitive intelligence analysis to be carried out in your business regularly. Remember that competitive intelligence gathering is not just about making you stronger against the competition, but it is also about analysing yourself with regards to your market standing. Such an analysis will ultimately help your stakeholders like customers, channel, employees etc.

Related Post

Family life cycle
Differentiated Marketing
How to decide your segmentation strategy? And whic...
How to Choose Distribution channel in marketing?
What is Procurement Cycle?
Prestige pricing and its application in Marketing
Three types of competition and how to tackle them
Types of Distribution channels – Distributio...
Diminishing Marginal Utility
What is Dynamic Pricing? Examples, Importance, Adv...
Customer to business model of marketing
What is Cross Elasticity Of Demand? 3 Types of Cro...

Most Useful Links

1. 30 Marketing and Strategy Models
2. Marketing Strategy
3. Marketing tools
4. Branding Tutorials
5. SWOT of Brands
6. Marketing Tutorials
7. Management Articles
8. Lists & How to
9. Sales & Selling

GET DAILY MARKETING UPDATES!!

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Follow Marketing91

More than 30,000 Followers

Get Daily Marketing updates!!

Recent Posts

  • How to Appear Smart? 10 Tips to Appear Smart
  • How To Apologize To A Customer? 10 Tips to Apologize to Customer
  • What is Cross Elasticity Of Demand? 3 Types of Cross Elasticity
  • 4 Main Types of Crowdfunding
  • How to Create The Best Facebook Cover Video?
  • SWOT Analysis of Fevicol
  • SWOT Analysis of Bajaj Allianz
  • 10 Ways To Ask For Donations
  • 5 Tips to Create Cover Image on Facebook Page?
  • Top 11 iPhone Competitors – 11 iPhone Alternatives

Best of Marketing91

Start Here – Marketing tutorials
30 Marketing Strategy Models
Marketing Strategy tutorials
Sales Management tutorials
Branding tutorials
Market research tutorials
Online Marketing tutorials
Business tutorials
Customer Management Tutorials
Brand Competitors
Strategy of Brands
SWOT analysis of brands
Marketing mix of brands

Copyright © 2019 Marketing91 · ABOUT US · PRIVACY POLICY  · COOKIES POLICY  · CONTACT US  ·