Competitive intelligence is the action of defining, gathering, analysing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers making strategic decisions for an organisation.
Today, competitive information is more readily available than ever before. You can find endless information online in an instant. Yet the information that is most valuable to you and your business cannot be found on a Google search.
An example of this is competitor intelligence, regarded by most information users as the most difficult type of information to acquire. Collecting such information often requires access to an expert market intelligence provider, who will garner information from your industry’s competitors.
In other words, whilst general information is often available freely, information that is validated and well presented to be of real use to decision-makers often requires a specialist market intelligence provider.
What Is Market Intelligence?
Market intelligence is a term that is widely used and misunderstood. Before providing advice on how market intelligence can potentially benefit your business, it is therefore imperative that we begin by agreeing on a definition.
Market Intelligence is the information relevant to a company’s markets, gathered and analysed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.
In simple terms, market intelligence is information that is gathered for the sole purpose of making sound business decisions. It is largely synonymous with market research, the systematic gathering, recording, analysis and interpretation of information about a company’s markets, competitors and customers.
Market intelligence is sometimes confused with competitor intelligence. The latter is a more specific term, referring specifically to information about a company’s competitors.
In effect, competitor intelligence is a specific type of market intelligence. Thus, a good quality provider of market intelligence should offer competitor intelligence as part of its range of services. Competitor intelligence research and market intelligence is designed to help your company establish a foothold in a market, or increase its presence in a market.
Our bespoke Competitor Intelligence Research & Market Intelligence service can help give you the edge in a global marketplace, empowering your business to overcome industry challenges quickly and effectively, and enabling you to realise your potential and achieve your vision.
From strategic overviews of your business’s competitive environment through to specific competitor profiles, our customised Competitive Intelligence Research is designed to meet your unique needs and includes:
- Publicly available sources
- Government sources
- Trade associations
- International organisations
- Trade surveys of leading industry players
- Contact with official sources
- Local observation and store checks
Post-delivery support to answer research questions.
Our B2B Market Research Services
Our B2B market research services can help your company make smarter business decisions by identifying key data and intelligence based on your specific needs.