If you don't fully understand what's happening in your competitive marketplace, it's difficult to make good strategic decisions for your business. Or, if you are simply getting your butt kicked by the competition, it may be time to find out why and what you can do about it.
Accurate competitive intelligence can be an invaluable asset. Here are some things you should know about competitive intelligence:
- It can make or break up-and-coming companies. Many successful entrepreneurs make an ongoing commitment to business research about their market and their competitors.
- Business intelligence can provide you with early warnings of both threats and opportunities — and of ways to improve your bottom line.
- It has both short- and long-term uses. You can use competitive intelligence for immediate decisions such as how to price a product or place an ad, or you can use the same information to help with long-term market positioning.
Leverage the power of the Web for business intelligenceAs the Web continues to mature, great business research is becoming more accessible than ever.
Business.com is a free, business-specific search engine designed to help you find the companies, products, services you need to make smart decisions.
Access public records information for a business background checkPublic records can be a great place to do business research on companies, people and assets, and to understand the critical relationships among them.
Engage professional services to conduct competitive intelligenceD&B offers excellent business intelligence services.
business background check services.
Consult the experts on business intelligenceEvery year, more and more people make a career out of the creation and management of business intelligence.
- Competitive intelligence means different things to different parts of your business. A product development person seeks heads-up on a competitor's R&D, while a salesperson wants insight on how best to bid on a new project. As a business owner, you might consider it a long-term view of your marketplace and rivals.
- Not all competitive intelligence is actionable, but even the best information is useless if not disseminated to everyone involved with your business who needs it.