Competitive intelligence is collecting, analyzing and activating information about competition and applying it to future business operations and strategy.
I prefer to gather competitors' information from various online sources, such as their websites, company press releases, and social media posts. A proactive approach to monitoring includes your rivals' marketing messaging, news mentions, customer reviews, and other essential parts of a company's footprint. Then, I study these sources to understand their brand positioning, marketing strategy, and overall market outlook.
Most companies use competitive intelligence as a benchmark to determine their stand with competing businesses. It's important because it helps companies understand their competitive environment and the opportunities and challenges it presents. Businesses can analyze the information to create effective and efficient strategies.
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