Competitive Intelligence
Systematically monitor and analyze competitor activities.
Explanation
Competitive intelligence involves regularly gathering and analyzing information about your competitors' strategies, products, pricing, and marketing activities. This isn't about copying competitors but about understanding the market landscape, identifying opportunities they're missing, and making informed strategic decisions.
Real-World Example
Track competitor pricing changes, new feature releases, hiring patterns, marketing campaigns, customer reviews, social media activity, and partnership announcements. Use tools like SEMrush for their SEO strategy, LinkedIn for hiring trends, and customer review sites for their strengths/weaknesses.
How to Apply
Create competitor profiles with key information: positioning, pricing, features, target customers, strengths/weaknesses. Set up Google alerts, follow their social media, subscribe to their newsletters. Monthly competitive review: What changed? What can we learn? What opportunities exist? Focus on learning, not copying.