{"id":5140,"date":"2023-05-09T11:36:26","date_gmt":"2023-05-09T11:36:26","guid":{"rendered":"https:\/\/www.watchmycompetitor.com\/resources\/?p=5140"},"modified":"2024-03-27T09:53:47","modified_gmt":"2024-03-27T09:53:47","slug":"how-to-build-your-competitive-intelligence-strategy","status":"publish","type":"post","link":"https:\/\/www.watchmycompetitor.com\/resources\/how-to-build-your-competitive-intelligence-strategy\/","title":{"rendered":"Building An Effective Competitive Intelligence Strategy In 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5140\" class=\"elementor elementor-5140\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b4518ef elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b4518ef\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-621bc92\" data-id=\"621bc92\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b015170 elementor-widget elementor-widget-text-editor\" data-id=\"b015170\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Building an effective competitive intelligence strategy involves systematically collecting, analysing and utilising data about your competitors, market and industry to make informed decisions and maintain a competitive edge. This article provides a step-by-step guide to build an effective competitive intelligence strategy for your organisation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3106931 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3106931\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-df1cf8b\" data-id=\"df1cf8b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-93bb0f0 elementor-widget elementor-widget-text-editor\" data-id=\"93bb0f0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><br \/>Introduction<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-842099d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"842099d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ba4cf3\" data-id=\"8ba4cf3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c4a106e elementor-widget elementor-widget-text-editor\" data-id=\"c4a106e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Every move your competitors make has the potential to impact your revenue, profits and growth. From product launches and upgrades to promotions and personnel news \u2014 new activity can set in motion a change in customer buying choices that affects your share of the market.<br \/><br \/><\/p><p>Being able to track and monitor that activity gives you\u00a0<a href=\"https:\/\/www.watchmycompetitor.com\/Function\/Insight\">competitive intelligence<\/a> (CI)\u2014 and with it, a big advantage in your market.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0f66e3e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0f66e3e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3674df2\" data-id=\"3674df2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-255fc87 elementor-widget elementor-widget-image\" data-id=\"255fc87\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/startae-team-7tXA8xwe4W4-unsplash-min-768x512.jpg\" class=\"attachment-medium_large size-medium_large wp-image-5141\" alt=\"building an effective competitive intelligence strategy\" srcset=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/startae-team-7tXA8xwe4W4-unsplash-min-768x512.jpg 768w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/startae-team-7tXA8xwe4W4-unsplash-min-scaled-600x400.jpg 600w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/startae-team-7tXA8xwe4W4-unsplash-min-300x200.jpg 300w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/startae-team-7tXA8xwe4W4-unsplash-min-1024x683.jpg 1024w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/startae-team-7tXA8xwe4W4-unsplash-min-1536x1024.jpg 1536w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/startae-team-7tXA8xwe4W4-unsplash-min-2048x1365.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-99d76b0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"99d76b0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6b9b08c\" data-id=\"6b9b08c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-617a4a9 elementor-widget elementor-widget-text-editor\" data-id=\"617a4a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><br \/>What Is Competitive Intelligence?<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9c06f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9c06f3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c844cfe\" data-id=\"c844cfe\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d9dc5b elementor-widget elementor-widget-text-editor\" data-id=\"9d9dc5b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.watchmycompetitor.com\/Function\/Insight\">Competitive intelligence<\/a>\u00a0is information gathered about your competitors and the market in general that offers insights you can use to adapt and improve your strategy, products, marketing, plans and other parts of your business.<\/p><p>\u00a0<\/p><p>The process for gathering the intelligence is competitor tracking, which typically involves monitoring the internet for competitor activity and announcements. This could be product and feature launches, senior appointments, inward and outward investments, price promotions, marketing campaigns and more.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c6ddbe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c6ddbe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d435cdf\" data-id=\"d435cdf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f72e42c elementor-widget elementor-widget-text-editor\" data-id=\"f72e42c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><br \/>What Is A Competitive Intelligence Strategy<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a2c9d37 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a2c9d37\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-abd43ff\" data-id=\"abd43ff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-74ffd65 elementor-widget elementor-widget-text-editor\" data-id=\"74ffd65\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A competitive intelligence strategy is a systematic approach used by businesses to gather, analyse, and utilise data about their competitors, market and industry to make informed decisions, maintain a competitive edge and achieve strategic goals.<br \/><br \/>The primary aim of a CI strategy is to understand the external business environment and anticipate potential opportunities, risks, and market trends. An effective competitive intelligence strategy typically involves the following:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-775ab5e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"775ab5e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-91cf3ca\" data-id=\"91cf3ca\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-65305e4 elementor-widget elementor-widget-text-editor\" data-id=\"65305e4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Defining your team&#8217;s goals<\/li><li>Identifying primary and secondary competitors<\/li><li>Determining information sources<\/li><li>Collecting and analysing the right data<\/li><li>Communicating results internally<\/li><li>Creating processes that lead to action<\/li><\/ul><p>We will examine the above mentioned factors in-depth later in this article.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-530125e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"530125e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1e0a43a\" data-id=\"1e0a43a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-482baa7 elementor-widget elementor-widget-text-editor\" data-id=\"482baa7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><br \/>Why Do Companies Need A Competitive Intelligence Strategy?<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2e843f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2e843f3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f6c9292\" data-id=\"f6c9292\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79fd423 elementor-widget elementor-widget-text-editor\" data-id=\"79fd423\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In ultra-competitive markets, the businesses that thrive are those that adapt, evolve and innovate. The businesses that get left behind and lose market share are those that are slow to respond and a step behind industry trends.<br \/><br \/><\/p><p>Companies have increasingly recognised the importance of competitive intelligence. According to <a href=\"https:\/\/www.scip.org\/page\/CI-MI-Basics-Topic-Hub\">research by SCIP<\/a>, 92% of stakeholders at high-growth companies believe that CI is critical to success. Furthermore, 90% of organisations surveyed will maintain or increase CI spending.<br \/><br \/><\/p><p>This is nothing new, of course. Competition has always been around. But digital has <a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2020-09-15-gartner-says-80--of-b2b-sales-interactions-between-su\">changed the game<\/a>. It has given all businesses an opportunity to act with greater immediacy, listen more closely to what consumers want and engage them on a more intimate level.<br \/><br \/><\/p><p><span style=\"font-weight: 400;\">With that comes a digital footprint \u2014 a live and public record of competitor activity you can track, monitor and analyse. <a href=\"https:\/\/www.watchmycompetitor.com\/resources\/the-10-benefits-of-using-competitive-intelligence\/\">Armed with competitive intelligence<\/a>, you\u2019re in a stronger position to adapt or accelerate your plans, curtail your competitor\u2019s first mover advantage and capitalise on opportunities such as the creation of new product categories.<br \/><br \/><\/span><\/p><p><span style=\"font-weight: 400;\">Competitor news isn\u2019t always positive either. If they\u2019re making cut-backs, facing fines or facing a PR problem, using competitor tracking will give you the insights to adapt quickly and steal market share.<br \/><br \/><\/span><\/p><p><span style=\"font-weight: 400;\">By contrast, if you\u2019re slow to discover your competitor\u2019s activity or news, your response will be slow too. By the time your plans are implemented, it may be too late \u2014 you may have already lost market share to a competitor that made the first move.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f9695d0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f9695d0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7047501\" data-id=\"7047501\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f991c20 elementor-widget elementor-widget-text-editor\" data-id=\"f991c20\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><br \/>Building An Effective Competitive Intelligence Strategy &#8211; 7 Steps\u00a0<br \/><br \/><\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-61fdec8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"61fdec8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1475591\" data-id=\"1475591\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e281ccb elementor-widget elementor-widget-text-editor\" data-id=\"e281ccb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Competitor tracking is only as useful as the strategy behind it. If you\u2019re tracking the wrong things, not learning anything from the information you\u2019re gathering or you\u2019re not mobilised for action, the process is unlikely to yield the results you need to make it worthwhile.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">But where do you begin? How do you build a successful competitive intelligence strategy? Here are our 7 steps to getting the most out of the process:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9e053c2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9e053c2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-156bea5\" data-id=\"156bea5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7124fba elementor-widget elementor-widget-text-editor\" data-id=\"7124fba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><br \/>1) Recognise The Need For Change<br \/><br \/><\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0ea5675 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0ea5675\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-849c2bd\" data-id=\"849c2bd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0bd8765 elementor-widget elementor-widget-text-editor\" data-id=\"0bd8765\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Tracking competitor news and movements in the market is an established practice for large organisations looking to protect and grow their revenue. But, for many, it involves a manual process using multiple sources and tools including press clippings, white papers, RSS feeds and social media monitoring.<\/span><\/p><p><b>So what\u2019s the answer?<\/b><\/p><p><b>\u00a0<\/b><\/p><p><span style=\"font-weight: 400;\">Today there are a wide range of software solutions on the market that speed up and even <a href=\"https:\/\/www.watchmycompetitor.com\/Solutions\/AutomatedTracking\">automate<\/a> the competitor tracking process.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">We naturally recommend <a href=\"https:\/\/www.watchmycompetitor.com\/Solutions\/whywmc#:~:text=WMC%20Is%20The%20Only%20Platform,bringing%20you%20actionable%20insights%20faster.\">WatchMyCompetitor<\/a> as it provides a complete, real-time picture of the competitive landscape. Using multiple specialist tools can work but it\u2019s often cost prohibitive and requires the data to be manually exported and combined to present a holistic view of the market.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">This tends to be carried out by multiple teams in isolation, each focused on their own goals and challenges, or by junior members of the team tasked with the legwork of doing the research. Where junior staff are involved, the presented data tends to remain raw rather than analysed and turned into competitor intelligence. Where teams work in isolation, the intelligence is often incomplete and nobody in the organisation has a full picture of the market.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">It\u2019s easier to miss things that could be valuable due to human error, a lack of resources or inexperience. While the whole process tends to be slow and laborious, meaning even if every piece of news is successfully tracked, it could be out of date by the time it\u2019s in the hands of the teams that need it.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4ba2fc3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ba2fc3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c2d171\" data-id=\"6c2d171\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-349f191 elementor-widget elementor-widget-text-editor\" data-id=\"349f191\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><br \/>2) Setting Competitive Intelligence Strategy Goals And Expectations<br \/><br \/><\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e5b65b6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e5b65b6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-286b9ff\" data-id=\"286b9ff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e888dae elementor-widget elementor-widget-text-editor\" data-id=\"e888dae\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Before you invest in any new strategy or technology, you need to be clear about what you want to get from the investment. If you start by comparing software, you could find yourself paying for something you don\u2019t need.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The clearer you are about why you need competitive intelligence, the easier it will be to find the right software to facilitate the process. Once you\u2019ve identified software that can fulfil those goals, you can begin to assess the wider features, functionality, ease of use, pricing models and more.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">If your first challenge is to secure buy-in and budget approval, it may also help to set and manage expectations for ROI.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b857949 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b857949\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-95427d8\" data-id=\"95427d8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7e1fba elementor-widget elementor-widget-text-editor\" data-id=\"e7e1fba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Here\u2019s an example we\u2019ve used before<\/b><span style=\"font-weight: 400;\">:<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><i>Let\u2019s say you have 25 sales in a month, each one has an average long-term value of \u00a348,000 (\u00a316,000 a year for three years) and when a competitor launches a price-led promotion you expect to see a 10% drop in sales (i.e. 2.5 sales per month). In this scenario, your organisation would stand to lose \u00a340,000 in new business, worth up to \u00a3120,000 over three years.<\/i><\/p><p><i><span style=\"font-weight: 400;\">\u00a0<\/span><\/i><\/p><p><span style=\"font-weight: 400;\">If you had competitive intelligence about the promotion as it happened or could identify patterns that suggested one was on the horizon, you\u2019d be able to move quickly to nullify the impact of their promotion or even better it.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ce7efd2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ce7efd2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-470363d\" data-id=\"470363d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dfa692c elementor-widget elementor-widget-text-editor\" data-id=\"dfa692c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><br \/>3) Identifying The Right Competitors<br \/><br \/><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4dc87e5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4dc87e5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6bc257f\" data-id=\"6bc257f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1921033 elementor-widget elementor-widget-text-editor\" data-id=\"1921033\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">If I asked you who your top three competitors were, you\u2019d probably have a good idea. But what if I asked 30 people in your organisation? Would I get the same three names? And what about if I asked for the top 20 competitors? Are they all direct competitors or do some only compete in specific ways?\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">It goes without saying that to build a successful competitive intelligence strategy, you need to have a clear and complete view of which companies you want to track and why.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The more relevant they are, the more valuable the intelligence becomes. So how do you decide? We recommend identifying 2 types of competitors \u2014 <\/span><b>primary<\/b><span style=\"font-weight: 400;\"> and <\/span><b>secondary<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d2469b5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d2469b5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-03fae99\" data-id=\"03fae99\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2c88e30 elementor-widget elementor-widget-text-editor\" data-id=\"2c88e30\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>Primary competitors<br \/><\/b><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-137e6f4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"137e6f4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4cedeae\" data-id=\"4cedeae\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ebc7be8 elementor-widget elementor-widget-text-editor\" data-id=\"ebc7be8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Your primary competitors are those companies that directly compete with your business. Maybe your sales teams come up against them in pitches, customer feedback, comparison sites or sales data. Their products or services will be in the same category as your own. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66a7bb1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66a7bb1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a896524\" data-id=\"a896524\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ff299f1 elementor-widget elementor-widget-text-editor\" data-id=\"ff299f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b><br \/>Secondary competitors<\/b><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8c22f1b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8c22f1b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ba502f9\" data-id=\"ba502f9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73eeca5 elementor-widget elementor-widget-text-editor\" data-id=\"73eeca5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Not all competitors have like-for-like products and services. Some compete for the same customers by offering a completely different product or service. For example, a coach company that takes people up and down the country may want to track low-cost airline and train prices. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-39bf07e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"39bf07e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9c7431a\" data-id=\"9c7431a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d78c13b elementor-widget elementor-widget-text-editor\" data-id=\"d78c13b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><br \/>4) Ensure The CI Strategy Tracks The Right Type Of Data<\/b><\/h2><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71123d1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71123d1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-21646b0\" data-id=\"21646b0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5db03e6 elementor-widget elementor-widget-text-editor\" data-id=\"5db03e6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Whether it\u2019s a big announcement, such as a product launch, or a micro-interaction, like dealing with a complaint online, there\u2019s a lot to learn about your competitors online.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><strong>When building your competitive intelligence strategy, we recommend focusing on 4 key areas:<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-233dac3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"233dac3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-32e6529\" data-id=\"32e6529\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-438a99c elementor-widget elementor-widget-text-editor\" data-id=\"438a99c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>A) Product innovation<\/b><\/h3><p><span style=\"font-weight: 400;\">This includes <\/span><b>new products and services<\/b><span style=\"font-weight: 400;\"> that have the potential to disrupt the market and steal market share, product and service<\/span><b> updates<\/b><span style=\"font-weight: 400;\"> and add-ons, <\/span><b>pricing<\/b><span style=\"font-weight: 400;\"> for new products and pricing changes to existing products, and product removals.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><h3><b>B) Marketing insights<\/b><\/h3><p><span style=\"font-weight: 400;\">This includes <\/span><b>marketing changes<\/b><span style=\"font-weight: 400;\"> such as new campaigns or tactics, particularly those around new product offerings, one-off and seasonal <\/span><b>promotions<\/b><span style=\"font-weight: 400;\"> designed to incentivise purchases, <\/span><b>branding updates<\/b><span style=\"font-weight: 400;\"> to a competitor\u2019s visual identity and <\/span><b>website changes<\/b><span style=\"font-weight: 400;\">, including content and structure.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><h3><b>C) Social media content<\/b><\/h3><p><span style=\"font-weight: 400;\">This includes <\/span><b>social media announcements<\/b><span style=\"font-weight: 400;\"> across all channels from Facebook to TikTok and everything in between, social media interactions with followers or other businesses, blog posts including guest posts on third-party blogs and review scores on the likes of <\/span><a href=\"https:\/\/uk.trustpilot.com\/\"><span style=\"font-weight: 400;\">Trustpilot<\/span><\/a><span style=\"font-weight: 400;\"> and other services.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><h3><b>D) Organisation changes<\/b><\/h3><p><span style=\"font-weight: 400;\">This includes news announced by the organisation or reported on by third parties, other forms of <\/span><b>press coverage<\/b><span style=\"font-weight: 400;\"> such as industry commentary and rumours, <\/span><b>leadership changes <\/b><span style=\"font-weight: 400;\">that may point to changes in direction or plans and financial updates including performance and inward and external investment.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Alongside these competitor topics, you may also want to track regulatory changes and industry news that could offer broader insights into trends and opportunities.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-95d12f4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"95d12f4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-18e99c1\" data-id=\"18e99c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6166947 elementor-widget elementor-widget-text-editor\" data-id=\"6166947\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>\u00a0<\/h2><h2><b>5) Analysing What You Track<\/b><\/h2><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d380895 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d380895\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1badbb5\" data-id=\"1badbb5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8688a30 elementor-widget elementor-widget-text-editor\" data-id=\"8688a30\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The information you track only becomes intelligence once it\u2019s been analysed and understood. That\u2019s why any successful competitive intelligence strategy should have a plan for what happens once the data is collected.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">WMC employs industry experts who analyse, interpret and prioritise the information you see in your dashboard, saving you time and giving you the most valuable insights upfront. Plus, you have the tools to filter, organise and compare the information to focus on specific areas.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Alternatively, you may have people inside your company who are well placed to perform this role and make sure the right insights are being drawn from the data and shared with the right people.\u00a0<br \/><br \/><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ca1d36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ca1d36\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f5156b5\" data-id=\"f5156b5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c9f3e6 elementor-widget elementor-widget-image\" data-id=\"3c9f3e6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"442\" src=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/clients_digital_landing-768x442.png\" class=\"attachment-medium_large size-medium_large wp-image-5144\" alt=\"WMC platform overview\" srcset=\"https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/clients_digital_landing-768x442.png 768w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/clients_digital_landing-600x345.png 600w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/clients_digital_landing-300x173.png 300w, https:\/\/www.watchmycompetitor.com\/resources\/wp-content\/uploads\/2023\/05\/clients_digital_landing.png 858w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-59ac01b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"59ac01b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a7ede95\" data-id=\"a7ede95\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-51d691b elementor-widget elementor-widget-text-editor\" data-id=\"51d691b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><br \/>6) Sharing What You Learn With The Right People<br \/><br \/><\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-030b6db elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"030b6db\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25e30ee\" data-id=\"25e30ee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d256635 elementor-widget elementor-widget-text-editor\" data-id=\"d256635\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Another vital component of your competitive intelligence strategy is to make sure the insights are in the hands of the people and teams that can use them. This could be sales teams, marketing, product development, management or data analysts or any other department that might need to adapt their strategy or roadmap in light of competitor activity.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The most effective strategies are those that make use of existing communication platforms in use by the business. For some that could be as simple as email, for others it might be Slack, Teams, Power BI or WhatsApp. The more natural the method, the easier it will be for teams and individuals to monitor and use the competitive intelligence they receive.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Alternatively, depending on the level of buy-in and areas of responsibility, you could provide access to your reporting dashboard where all the intelligence is stored. If you\u2019re using a single software solution for all your competitive intelligence needs, everything will be in one place and easy to access.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ed6718c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ed6718c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5a9f76c\" data-id=\"5a9f76c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b50dcc9 elementor-widget elementor-widget-text-editor\" data-id=\"b50dcc9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b><br \/>7) Creating Processes That Lead To Action<br \/><br \/><\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-85f9585 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"85f9585\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-52b626c\" data-id=\"52b626c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a2b4cf8 elementor-widget elementor-widget-text-editor\" data-id=\"a2b4cf8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">By now, you\u2019ve chosen your software, identified the right competitors and what to track, analysed the data to provide clear insights and have a way to disseminate it across the organisation. The final piece of the competitive intelligence jigsaw how the intelligence will be used.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The right people need to be aware of their responsibility to act upon what they learn and how to go about it. Defining this will maximise the value of the information, which will in turn prove the value of the investment you\u2019ve made.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Key factors to consider when designing this process are speed and freedom. Cutting red tape from the process will allow you to adapt and respond quickly to your competitor\u2019s activity, minimising the risk of them growing market share at your expense.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-531c113 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"531c113\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-abb04c0\" data-id=\"abb04c0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6ad3732 elementor-widget elementor-widget-text-editor\" data-id=\"6ad3732\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-648cf3a0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"648cf3a0\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-742c787b\" data-id=\"742c787b\" data-element_type=\"column\"><div class=\"elementor-widget-wrap elementor-element-populated\"><div class=\"elementor-element elementor-element-3c60436b elementor-widget elementor-widget-text-editor\" data-id=\"3c60436b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><h2><b><br \/>Make Smarter Decisions Faster With WatchMyCompetitor<br \/><br \/><\/b><\/h2><p><span style=\"font-size: 16px;\">Unlike other intelligence solutions that serve up hard-to-mine unfiltered data, or which collate insights into periodic reports that lack immediacy, WatchMyCompetitor is<\/span><b style=\"font-style: inherit;\">\u00a0the\u00a0<\/b><b style=\"font-style: inherit;\"><i>complete<\/i><\/b><b style=\"font-style: inherit;\">\u00a0competitor intelligence platform<\/b><span style=\"font-size: 16px;\">.\u00a0<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-section elementor-top-section elementor-element elementor-element-ccccafa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ccccafa\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8a8dab\" data-id=\"e8a8dab\" data-element_type=\"column\"><div class=\"elementor-widget-wrap elementor-element-populated\"><div class=\"elementor-element elementor-element-b0864a9 elementor-widget elementor-widget-text-editor\" data-id=\"b0864a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>\u00a0<\/p><p>We use AI to track your competitors\u2019 global digital footprint in real time, so you don\u2019t miss anything important. While our market experts analyse and curate the most relevant competitive insights on your behalf.\u00a0<\/p><p>\u00a0<\/p><p>That means no more sifting through unmanageable volumes of data. You get fast access to relevant, timely intelligence to optimise strategies, outsmart the competition and protect and grow your revenue.<\/p><p>\u00a0<\/p><p>Don\u2019t let your competitors gain an advantage.\u00a0<a href=\"https:\/\/www.watchmycompetitor.com\/request-a-demo\">Book a demo<\/a>\u00a0today.<\/p><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Building an effective competitive intelligence strategy involves systematically collecting, analysing and utilising data about your competitors, market and industry to<\/p>\n","protected":false},"author":1,"featured_media":5141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","cybocfi_hide_featured_image":"","yoast_wpseo_title":"","yoast_wpseo_metadesc":"","footnotes":""},"categories":[64],"tags":[],"class_list":["post-5140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-competitive-intelligence"],"_links":{"self":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts\/5140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/comments?post=5140"}],"version-history":[{"count":15,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts\/5140\/revisions"}],"predecessor-version":[{"id":10589,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/posts\/5140\/revisions\/10589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/media\/5141"}],"wp:attachment":[{"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/media?parent=5140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/categories?post=5140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.watchmycompetitor.com\/resources\/wp-json\/wp\/v2\/tags?post=5140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}