Competitive intelligence should be viewed as a crucial element when building a 2020 business strategy. Understanding competitor motivations and behaviors helps shape product development, pricing, brand positioning and more.
The key is to identify challenges, advantages and white spaces to build a strategy that creates competitive differentiation. But it is impossible to differentiate yourself from competitors without visibility into their activities. Building a strategy without competitive intelligence is like planning a road trip without a map. You might eventually reach the destination, but it will be much more difficult.
Author: Steve Roemerman