Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    big data analytics in transporation
    Turning Data Into Decisions: How Analytics Improves Transportation Strategy
    3 Min Read
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Competitive Intelligence and 6 Tips for Its Effective Use
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Competitive Intelligence and 6 Tips for Its Effective Use
Analytics

Competitive Intelligence and 6 Tips for Its Effective Use

Patrick Gerald
Patrick Gerald
4 Min Read
SHARE

It is an exciting time to market a business. Modern competitive intelligence and monitoring analytics techniques allow for more advanced business initiatives than ever before. People have always tried to better understand the market they are selling to in order to increase income, but without the proper technology, it has been an ineffectual effort. Not so anymore.

It is an exciting time to market a business. Modern competitive intelligence and monitoring analytics techniques allow for more advanced business initiatives than ever before. People have always tried to better understand the market they are selling to in order to increase income, but without the proper technology, it has been an ineffectual effort. Not so anymore.

What is Competitive Intelligence?

Essentially, competitive intelligence is the practice of collecting information about the customers and the competition in the field you work in. This often takes the form of software or performance monitors that track data automatically, but it also involves surveys and human interaction. The point, however, is always the same. You need to understand the market so you can make better decisions and take advantage of opportunities before the competition does. It sounds simple, but the effects of making more informed decisions are profound.

More Read

data analytics with company cultures
Company Cultures That Data-Driven Business Owners Can Learn Them
Big Data: What can an energy company teach us about data science?
Build your career by learning R
What Can Be The Use Of Analytics In The Music Industry?
Accuracy not just confidence – some thoughts after attending SAS Global Forum 2009

Modern Data Collection

In the past, the amount of information that could be collected was limited. Without computers and modern technology, only small sample sizes and slices of the demographic could be recorded. From these small amounts of information, a great deal of analysis was attempted to be pulled. A lot of assumptions were made, many poor decisions came about, and ultimately, businesses suffered for it. Now, this process is almost completely mirrored. A great deal of information is collected. From here, you are able to narrow your analysis, instead of expanding it. From this unambiguous information, very precise and goal oriented decisions can be made. Instead of getting more general, think of it as becoming more specific, which is the most effective way to make decisions in business. Additionally, keep in mind that this process has three steps: data collection, analysis, and action, in that order.

Tips for More Effective Competitive Intelligence

Understanding how the process works is only half the battle. Being able to perform on this information effectively is as important. Take some of these tips into account when planning your data collection strategy.

  1. Use a System – Being methodical in your collection will allow it to be accurately compared, as well as keeping you sane.
  2. Find the Right Service – There are many options for competitive intelligence, each with unique advantages.
  3. Continual Collection – It is all about staying up to date. Do not think you have ever “finished” collecting market information.
  4. Look for the Right Information – Not all data you can collect will be useful. Think about what aspects you specifically want to look into.
  5. Have Analysis in Mind – Think about what can be extrapolated later when deciding what data to collect.
  6. Have a Unique Strategy – One of the biggest reasons to use competitive intelligence is to find angles your competition misses. You cannot find these opportunities by searching for the exact same information.

Competitive intelligence is a very important part of marketing. It requires a lot of thinking outside the box and unique approaches to stand out from the competition. If it is done correctly, the payoffs can be extraordinary. Hopefully these tips are enough to get you started on your way to a very successful business initiative.

Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

big data analytics in transporation
Turning Data Into Decisions: How Analytics Improves Transportation Strategy
Analytics Big Data Exclusive
AI and fund manager software
AI And The Acceleration Of Information Flows From Fund Managers To Investors
Artificial Intelligence Exclusive
sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Decision Management Systems drive the second economy

2 Min Read
big data scientist skills
AnalyticsBig DataHadoopMapReduce

Is Hadoop Knowledge a Must-Have for Today’s Big Data Scientist?

3 Min Read

Wanted: Senior Vice President of Social Networking

1 Min Read

What are Advanced Segments in Google Analytics and Why Should You Use Them?

0 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?