Competitor intelligence is a specific type of market intelligence. As a result, a good quality provider of market intelligence should offer competitor intelligence as part of its range of services.
According to the definition, we found in Wikipedia, competitive intelligence as:
‘The action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers making strategic decisions for an organization’.
Literally, it means to know what is going outside of your business, in order for you and your products to be competitive and relevant to the market.
It is inevitable when talking about retailers and competitive intelligence, not to talk about big data. And it is not just big, but it gets bigger every single day. The question here is if retailers could control the data gathering and how to manage the whole process.
The truth is that there is more information available to the business than ever before. However, information that can really help a business make decisions is scarce and valuable. So you should pick and gather preferably.
It is extremely difficult to measure the ROI of market intelligence, respectively of customer intelligence; nevertheless, it is clear that the price of projects broadly reflect the potential benefits. The most expensive studies are market entry intelligence studies, on the basis of which huge investments are often made (or avoided).
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