What is competitive intelligence?
Designed to empower stakeholders to improve their decision-making and execution, competitive intelligence (CI) is the process of capturing, analyzing, and activating information related to your competitors. Generally speaking, businesses conduct CI with the intent of mitigating risk, accelerating revenue, and growing market share.
5 specific goals of competitive intelligence
To get a bit more specific, we tend to think of CI as a supportive structure in the pursuit of five major goals: win deals, retain customers, differentiate messaging, optimize product roadmaps, and inform long-term strategy.
1. Win deals
When sales reps are empowered with competitive insights, they're better equipped to position your product as the one and only solution to prospects' pain points.
2. Retain customers
When customer support personnel are empowered with competitive insights, they, like sales reps, are better equipped to position your product as the one and only solution to customers' pain points.
3. Differentiate messaging
When marketers are empowered with competitive insights, they're better equipped to communicate the value of your product in a uniquely compelling and memorable fashion.
4. Optimize product roadmaps
When product managers are empowered with competitive insights, they're better equipped to create value for customers in ways that your competitors do not (and perhaps can not).
5. Inform long-term strategy
When executive leaders are empowered with competitive insights, they're better equipped to make decisions that promote the longevity and success of the business at large.
