In recent years, competitive intelligence has emerged as a new systematized discipline for obtaining data. Do you want to know more about this strategy? Want to Build and Apply Competitive Intelligence in your ECommerce? Here we display this process for you. Continue reading!
Competitive Intelligence exists thanks to the currently available information. But not only that, with the use of Data Analytics and Digital Marketing tools, we can run specific studies and obtain results. A useful application of these results and correct decision-making according to the market can unfold in significant benefits.
Digital competitive intelligence is a structured and systematized process that gathers and analyzes information. Information about the industry, the business environment, products, competitors, and competition. Simultaneously, this information and analysis gathering helps companies make decisions by providing accurate, timely, and precise data. Simultaneously, it adds productivity and allows us to develop the company’s strategy and identify competitive gaps.
In this regard, competitive intelligence seeks to improve the sales force’s performance, image, and profitability through creative ways to obtain and use information.
Why is it essential to build and apply competitive intelligence in your business systems? Here is why:
Low your ECommerce risks:
The correct implementation of this strategy reduces uncertainty. Therefore, the risk of imbalance in economic crises, uneasiness with new market competitors. Finally, it ends up betting on obsolete products and technologies and the purchase of depreciating assets, facing fiscal and monetary policies other aspects.
In other words, competitive intelligence allows you to be aware of changes and novelties, identify trends, develop innovative potential. It also helps you to have the best defense and reaction system against radical changes. All these thanks to the analysis of the acquired data.
Great, But How Do I Apply it?
Running it is not something eccentric. However, it is necessary to bear in mind:
Competitive intelligence is entirely legal, and that this process is lead by a code of ethics and public access information. It is part of a mindset focused on building and applying competitive intelligence. Follow the next steps and build competitive intelligence from now on:
You should always stay informed: Currently, the most sensible thing to do is stay informed through technology usage. Read about reviews, trends, new concepts, and theories, figures, do a study of the experience of your customers, suppliers, raw materials, among others.
Make a purchase analysis of your customers: Detect the specific needs of the audience you’re addressing to at the same time you identify new business opportunities. Need guidance on how to identify these opportunities correctly? Take a look at the International Trade Organization article on this process and its characteristics.
Know your cooperation possibilities: Do market analysis to identify potential alliances with suppliers and potential investment partners.
Rank the business priorities: Systematize your ECommerce’s needs and obstacles so that you can display the various preferences your team has to take care of.
Brainstorm on results: Have good communication with your collaborators regarding the investigations, products, and changes to be made in the ECommerce, immediately apply the decisions made based on the information obtained.
The final objective of competitive intelligence is to provide the information necessary for the correct decision making regarding any digital and offline marketing strategy, so taking this process into account will help you avoid arbitrary decisions. We hope this article helps you learn how to build and apply competitive intelligence adequately.