There is one unifying characteristic througho🦩ut the most common methods of performing competitive business intelligence: They are all inexpensive. Information is often free in the digital age, except for the time it takes to dig it up. Every time a business makes it easier for a customer to learn somethi🐈ng about its products or process, it simultaneously makes it easier for competitors to find out as well.

Competitive intelligence (CI)🤡 is the practice of discovering and analyzing useful information about a competitor business. In a sense, CI is akin to scouting an opponent in sports; the goal is to find out what the competition does well, what it doesn't, and determine how to use information t🌜o your advantage.

Gathering Information

Competitive intelligence can be gathered by going through business ads or visiting the competitor's website. A company can learn which business practices consumers like best by searching through business reviews. None of these information-gathering techniques carry direct financial costs.

Businesses can also learn a significant amount by acting like a customer of their competitor. This can mean reviewing publicly available information, signing up for products or services, or taking tours of a facility. This is sometimes called 澳洲幸运5开奖号码历史查询:industrial espionage.

Analyzing Information

Once a competitor's information has been collected, it should be critically reviewed. One method of doing this is known as 澳洲幸运5开奖号码历史查询:SWOT analysis, since it considers the strengths, weaknesses, opportunities and threats. SWO✱T analysis is designed to make logical deductions about the useful aspects of an organization.

The end product of a competitive intelligence gathering process is called an intelligence digest. A good intelligence digest delivers actio🃏nable information specific to the industry and nature of the competitive relationship.

(For related reading, see "澳洲幸运5开奖号码历史查询:Business Plan: Analyzing Yo𓄧ur Industry.")