6 Steps to Gather Competitive Data on Competitor

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6 Steps to Gather Competitive Data on Competitor

Media Intelligence: 6 Steps to Gather Competitive Data on Competitor


Before the internet, industrial espionage was a common method of gathering competitive intelligence. While the latter still happens today, there are far easier and more ethical ways to learn about our competitors’ operations.


You can make better strategic judgments if you pay attention to the data your competitors and their customers leave on the Internet. As a result, competitive intelligence and the act of gathering competition data can be viewed as growth drivers for a business. Any entrepreneur can (and should) learn from their competitors’ achievements and failures to grow their firm fast and cheaply.


What Is Competitive Intelligence and How Does It Work?


The act of obtaining, analyzing, and disseminating information on products, markets, customers, and competitors is known as competitive intelligence (or market intelligence).

As a result of this procedure, you will be able to:

Gain a competitive advantage by anticipating your competitor’s expected next movements, spotting potential dangers and opportunities.


By gathering this vital knowledge through competitive benchmarking, you will be able to design a more effective and efficient competitive strategy.

What Is Competitive Intelligence and Who Uses It?

The good news is that you don’t have to be a major corporation to use competitive intelligence or perform a competitive analysis. It can be used by businesses of all sizes and in a variety of industries.


Competitive intelligence has proven to be advantageous in the following industries:


  • Healthcare 
  • Airline
  • Financial services for sports
  • Telecommunications 
  • Technology 
  • Pharmaceuticals
  • Biotechnology
  • Consumer goods


Competitive intelligence’s purpose is to make your product or service stand out from the crowd and to keep you up to date on what your competitors are up to. CI must be effective and repeatable to attain these objectives. Competitive intelligence has numerous advantages.


  • Businesses can use it to Gain market insights
  • In the market, they should take a strategic stance (i.e., market positioning)
  • Examine their brand’s competitiveness and repute regarding the industry.
  • By studying what others are doing, they can improve their marketing efforts
  • Keep an eye on the latest industry developments.

Competitive Intelligence is a 6-Step Process for Gathering Competitive Data

 

It’s now time to explore how competitive intelligence works in practice. How do you gather useful knowledge about your competition and use it to grow your company?


You must carry out the following six steps:

  • Make a list of (direct) competitors.
  • Set your goals and determine your major areas of interest.
  • Compile information on your competition.
  • Organize Data
  • Create a competitor profile
  • Share the findings with those who need to know.
  • read more: Media Intelligence: Why Social Media KPIs Matter?
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