How Competitive Intelligence helps Import / export insights

Understanding the product pipeline of the opposition is crucial intelligence. You may learn a lot about their new items and schedules if you discover what they are importing or exporting—knowing which manufacturers or similar products you use is also helpful.

A prominent starting place is the CIC Data Pro. It is a reliable platform that integrates updates. It cleanses global customs and shipping data to show cross-border supply chain relationships, locate end-users and suppliers, and learn more about your competitors and customers.

An extensive collection of shipping manifests may be found on this website. This identifies suppliers and clients, as well as trends. Our email alert service keeps you updated on events, and our mapping tool is a terrific method to research potential business partners.

 By the way, Vietnam has been the hottest industry lately, to stay updated on Vietnam, you can view all these information on Vietnam in here on our platform: https://data.cic-tp.com/asia-trade-data/vietnam-import-export-data

What is Competitive Intelligence?

Company plans must include competitive intelligence, also known as CI, as a critical component. It entails gathering and analysing information on a company’s market, including its competitive environment, the goods, and competitors’ clientele. Good CI research involves more than just gathering information; it also involves using that knowledge to make the best-informed decisions.

The key to practical competitive intelligence is a thorough analysis of the competitive environment in your sector. You may do the essential market research with the aid of your internal team of CI and industry experts or your sales team, which will help you get a thorough picture of the competitive landscape.

Knowing that good CI extends outside your internal data is important. It’s essential to look beyond your business and external sources to compile CI data.

 To find out more about accessing a new market, you can check out this article which shows you how to use Trade Data Pro to access Global Trade Markets: https://blog.tradedata.pro/say-hello-to-our-new-release-of-tradedata-pro/

Areas of Competitive Intelligence

By doing so, you’ll be able to draw a far more accurate picture of your business, identifying potential threats and commercial opportunities before they materialise and giving your company a competitive edge.

Maximising competitive intelligence will keep your company ahead of the game, enabling you to monitor trends and apply the information you’ve gathered to develop even better business procedures.

Types of Competitive Intelligence

1. Pricing

A crucial component of efficient CI research is being aware of your competitors’ pricing. Changes in pricing can significantly impact customer retention and churn rates. Therefore, keeping track of which companies in your industry charge more or less will help you make more informed pricing decisions.

2. Customer Review

Analysing client evaluations is a simple approach to spot any possible weaknesses or places for development in your sector. For instance, if you work in the apparel business, you can discover that one of your rivals doesn’t carry any clothing for plus-size women or that clients prefer a more straightforward returns procedure. In both cases, there is a gold mine of potential.

3. Strategic Decision-Making

It makes sense that since data is the foundation of a successful CI strategy, more strategic decisions would result from this.

Competitive intelligence makes the value of concrete facts clear and will assist you in making better judgments grounded in reality rather than simple speculation. You are responsible for fixing any gaps in your market identified by the data you gathered during CI and bringing something new to the business.

4. Business Pyramid of Competitive Landscape

This pyramid, divided into three primary levels (top direct competitors, direct competitors in target industries, and well-known indirect competitors), represents your company’s competitive environment.

Each of these three categories focuses on the sales enablement resources of your competition (this could be anything, ranging from product deep-dives to analysing competitor profiles). Said, the pyramid provides a framework to explore CI and provides a precise analysis of the competition you face in your business.

It is ideal to use all of the import-export data and insights you can gather to guide your decision-making and take new company plans into account. If you’re looking for comprehensive and authoritative export and import data, you’re welcome to get a free online demo of Trade Data Pro.