Corporate intelligence is critical for business growth. Known by several different names, it’s essentially the business practice of gathering public information on competitors that can help you develop strategy. Large companies know the valuable insights they can glean through regular intelligence-gathering – according to Emerald Insight, 90% of Fortune 500 companies use it, and nearly 60% of executives monitor competitors to make long-term strategic decisions, reports PwC.

Here are four areas where corporate intelligence can make a significant difference in a business.

1

Pricing

Once you’ve identified your main competitors, investigate what they charge for their products and services. Use their website to check different types of items similar to what you offer, as well as proof charges, setup charges, run fees and more, and figure out how you can differentiate yourself. It’s also a good idea to opt into their email marketing list so you can keep track of variations in pricing, as well as discounts and specials.

2

Marketing

In addition to marketing emails, take a look at competitors’ social media posts to keep track of their marketing messaging and positioning. How are they communicating their unique value proposition and differentiators? By knowing that, you can make sure you’re setting yourself apart in order to stand out in a crowded marketing place.

90%
the percentage of Fortune 500 companies that use corporate intelligence. (Emerald Insight)

3

Hiring

Use social media (particularly LinkedIn) and Google Alerts with your competitors’ names to find out about new hires at your competitors, particularly strategic appointments to the C-suite. That can give you a clue as to what your competitors are planning for the long term. At the same time, take note of a slew of hirings or even layoffs, which can signal changes at a company.

4

Expanding

By looking at websites and social media, find out what types of products and services your competitors offer and where they’re branching out into new categories and imprint types. You can also see if they’re beginning to serve other geographic areas besides their immediate one. This will give you a hint as to what types of opportunities are on the horizon, as well as an opportunity to differentiate yourself.