[in-tel-i-juhns]; knowledge of an event, circumstance, etc., received or imparted; news; information.
Why is it important to think about this definition as it pertains to your business? Competitive intelligence is important even in the smallest of businesses or industries.
If a company wants to ensure that they blend in with the background looking like just another name in a list, then they should pay no attention to what their competitors are doing. The company may end up running the same ads in the same places, buying the same keywords in the same search engines, and fighting over Google searches where no one is actually searching…and the list goes on.
Minding the competition is not about sitting and waiting for their next move so that you can copy it, or react in some other way. Minding the competition allows you to see a marketplace as a whole, find out where weaknesses are, and what customer needs aren’t being served.
Business intelligence is one of the most important things we do here at Renovo. As a matter of fact, it is precisely where we start. Once we have a map of the competition and what they are doing to get ahead, we can begin the process of creating a unique strategy.