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Our definition of competitive intelligence is the ethical gathering, monitoring and evaluating information about your competitors, their products and services, their advertising and promotional efforts, and other important data so that you can better plan your short- and long-term business strategies.
We gather this information from public sources – online searches, company Web sites, print and broadcast advertising, news reports, blogs, annual reports, and, in the case of brick-and-mortar operations, the observation of such things as foot and vehicular traffic patterns, store displays and signage.
While the process of gathering, monitoring and evaluating of competitive intelligence is time intensive, it’s crucial to your business growth and success.
Examples of Competitive Intelligence
Here’s an example that's easy to understand. If your competition decides to lower their price an item comparable to yours by 30%, you have a decision to make. You can take 'em head on, reposition your brand and product to be value-oriented, thereby changing the type of customer you want, or re-evaluate the worth of that product to your bottom line.
But most examples are much more subtle and complex. Understanding the motivations of your competition, their leadership style, how they are positioning their brand in the marketplace, how they are obtaining awareness or media coverage (or not), are a few of the critical factors that will affect your own marketing and online strategies.
Competitive intelligence is also important to your reputation management efforts. Knowing what is being said about you is crucial to protecting your good name, perhaps the most important component of authentic communications.
Let Dancing Rabbits do this detective work for you – saving you time and money – so you can put this valuable information to work for you.
Call us today at (702) 885-9775 to discover how competitive intelligence can add to your bottom line.