Competitive intelligence is crucial for informed decision making, from your next social media post to creating your entire digital marketing strategy.
Using competitor analysis software to see what your competitors are doing isn’t about copying them. It’s about deeply understanding the market so you can set your organization apart to reach your audience in the most effective way.
Read on to learn how to use competitive intelligence insights to unlock business decisions that propel your business ahead of the pack.
Competitive intelligence is collecting data and insights about your competitors, industry, market, and customers from multiple sources to create and inform your business policies and strategies.
4 types of competitive intelligence
While all information that you gather can be considered competitive business intelligence, it breaks down into four main categories.
1. Market intelligence
Market intelligence is data about factors outside your business, including:
2. Product intelligence
Product intelligence tracks how your products compare to your competitors’ products in areas like:
3. …