Maybe you’ve heard the phrase “competitive intelligence” thrown around and wondered what exactly it meant. Competitive intelligence is simple: it’s the process of collecting data about your environment so you can make the best educated business decisions. The data you collect becomes intelligence you harbor to gain a competitive edge.
However, there is much more to competitive intelligence in marketing than this – there are plenty of theories and ways of gathering intelligence. Here’s a guide to help you understand competitive intelligence and why it’s important to your marketing efforts.