Many business owners are confused when they hear the term competitive intelligence. Competitive intelligence is simply the act of gathering information about your competitors and then using that information to your advantage. This will give you a better understanding about the industry and prepare you for any surprises. These types of information can be gathered in many ways, and most are ethical and easy to do. Here are some tips to help you gain competitive intelligence in your private office.
Where To Look
Your first obstacle in your search for competitive intelligence will be to find the right information. Analyst reports, as well as write-ups about your competitors in local newspapers, are the best resources to search for. Google can be used to search for information about your competitors. This can give you all the information you need. All of this can be done from your private office, which is convenient for both you and your employees.
How To Use It
After you have found the information you desire, you must think about how you can use it for your own benefit. The information can be used to analyze your competitor’s strengths and weaknesses. This information will allow you to create a counter strategy and put your company ahead of your competitors in your industry. You will be able plan the next steps to expand your business by having an accurate understanding of your industry.
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This post was written by Tara Kintz. Tara is a director at Signature Workspace which is a coworking space in Tampa. Signature Workspace, owned and operated by Cantor Fund Management, offers services and amenities such as private offices, flex space, co-working space, virtual offices, meeting/conference rooms, and more.