Competitive Intelligence (CI) For Everyone

TL;DR

Competitive intelligence helps you make better decisions by understanding your market. It's not corporate espionage — it's smart research.

Know your competitors — What they're doing, how they're positioned
Spot opportunities — Gaps in the market others are missing
Anticipate changes — Industry trends before they hit
Inform strategy — Data-driven decisions, not guesses
Anyone can do it — Tools have made CI accessible to all sizes

Competitive intelligence (CI) means gathering and analyzing information about competitors and market trends to make better strategic decisions. Here's how to get started.

What is Competitive Intelligence?

CI is the process of collecting and analyzing information about a company's competitors, customers, and market environment to make more informed business decisions. The purpose of CI is to provide insights into a company's competitive landscape, including market trends, competitor strategies, and industry developments. This information can be used to make better decisions about product development, marketing, and pricing, among other things.

Why is Competitive Intelligence Important?

CI is crucial for a number of reasons. Here are a few key reasons why your business should consider investing in CI:

Stay Ahead of Competitors: By keeping a close eye on your competitors, you can stay ahead of the game and respond quickly to any changes in the market.

Identify New Opportunities: CI can help you identify new opportunities for growth and development, whether that's through new products or services or expanding into new markets.

Make Informed Decisions: With the right information at your fingertips, you can make more informed decisions about everything from product pricing to marketing strategies.

Anticipate Industry Changes: By tracking market trends and industry developments, you can anticipate changes and pivot your strategy accordingly.

How to Do Competitive Intelligence

Now that you understand the importance of CI, let's take a look at how you can start incorporating it into your business strategy. Here are the key steps you can follow:

Define Your Objectives: Before you start gathering information, it's essential to define your objectives for CI. What do you hope to achieve by gathering information about your competitors? Are you looking to identify new market opportunities, anticipate new product launches, or understand how your competitors are positioning themselves in the market? Once you've identified your goals, you can create a plan for collecting the information you need.

Gather Information: There are a variety of sources you can use to gather information about your competitors and market environment. These might include public sources like industry reports, news articles, and social media, as well as proprietary sources like customer feedback and sales data. You can also hire third-party firms that specialize in CI to gather information on your behalf.

Analyse Your Findings: Once you've gathered your information, it's time to analyze your findings. Look for patterns and trends in the data and consider how these might impact your business. It's also important to consider the quality of the data you've gathered and to verify its accuracy before making any decisions.

Use Your Insights: Finally, use the insights you've gained from your CI process to inform your business strategy. This might include making changes to your pricing, product development, or marketing strategy, or exploring new market opportunities.

Conclusion

Key Takeaways

CI is research, not espionage — Use public sources ethically
Start with clear objectives — Know what decisions you're trying to inform
Reviews are CI gold — Competitor reviews reveal their weaknesses
Make it ongoing — CI isn't one-time; markets change constantly
Act on insights — Information without action is just data

Next Steps

Ready to start competitive intelligence for your app?

Identify your top 5 competitors — Direct and indirect
Set up monitoring — Track their app updates and reviews
Use AppReviewBot — Monitor competitor reviews to spot their weaknesses
Review monthly — Make CI part of your regular planning