How Can Competitive Intelligence Improve My Business?
April 25, 2022 by Megan Burnside
The latest tool in the marketing technology arsenal is competitive intelligence (CI) – but what is it?
Everyone has their own definition of CI, but essentially it refers to the action of gathering and assessing information about your organization’s external environment and competitors. By collecting and analyzing data from multiple sources, your teams can devise a coordinated CI program.
With these insights, you’ll better understand what’s happening in your industry and in the world. This knowledge helps you make key decisions and coordinate competitive strategy.
Ways to use competitive intelligence include:
- Developing corporate marketing strategies
- Preparing new product launches or other moves in the market
- Anticipating what’s to come so you can plan for future opportunities
- Assessing the effectiveness of your messaging
Today’s successful businesses understand that CI is not just “nice to have” – it’s absolutely critical to the future of any organization. Your competitors are already collecting site traffic, keywords, and traffic sources to dominate opportunities in your industry.
When you invest in CI, you get a full picture of industry trends, giving you the chance to move first.
To effectively conduct this level of CI, you need access to the kind of search tools that go above and beyond and provide you with deeper insights. Nexis for CI uses advanced information technologies to deliver better answers, richer insights, and deeper analytics. You’ll have access to a premium collection of expertly curated news sources to get real, relevant news all in one spot.
CI has become a mission-critical part of today’s organizations. When it’s done effectively and accurately, CI can be a powerful weapon to drive strategic planning for any company, product launch, or new corporate initiative. It all starts with collecting the right information from the most reliable sources.
To learn more about our competitive intelligence solution, visit: https://bis.lexisnexis.co.uk/research-and-insights/nexis/competitive-intelligence