Why Pay An Agency For Competitive Intelligence

Think about the difference between walking into a high-stakes board meeting with a couple of scrawled notes and walking in with a folder full of market trends, predictive forecasts, and competitor strategies. Competitive intelligence can help mold your business into the confident and prepared leader it needs to be. But the question is: should you get competitive intelligence services in-house or consult a specialized agency?

Here are a few reasons why partnering with a competitive intelligence agency could help you tap into untapped opportunities.

Dependable expertise and tools

Competitive intelligence is an area that requires specialized skills and tools. Without them, it’s almost like trying to scale Mount Everest without any prior experience or professional guides – it’s possible, but you’re unlikely to reach the summit safely.

It takes seasoned professionals to accurately interpret data, grasp trends, and understand their effects. Add in changing consumer behaviors and dynamic market fluctuations, and things get even more complicated.

In-house, you’d have to scout for those with specific industry experience, invest in their training, and task them with ongoing competitive intelligence mining. There’s also pressure to stay agile and updated in the field. Turning to a competitive intelligence agency will take this load off your team, and they can provide an incredible experience and a multi-dimensional perspective an in-house team might not be able to replicate.

Cost-effective and time-saving

Take a moment to think about the time and resources it would take to build an effective competitive intelligence team. Beyond the cost of hiring these specialists, there are costs associated with training, infrastructure, and tools to conduct competitive intelligence. And not to forget, once you have these in place, managing the entire process is another big responsibility.

In 2021, training costs per employee averaged $1071, with the number shooting up to $1433 for small businesses. So, maintaining an in-house competitive intelligence team might not be the smartest solution, especially for smaller companies that are more budget-conscious and resource-limited.

When you hire a reliable competitive intelligence agency, all those investments mentioned above turn into one neatly-package service fee. Agencies will save you the headaches that can come with crafting a team. You’ll be able to redirect time and effort to your core business operations and get actionable insights quickly.

Receive priceless insights

Whenever you’re making decisions for your business, you want to have robust, quality information at your fingertips. Getting thorough and timely information can spell the difference between doing well in the market and becoming outdated.

A competitive intelligence agency does more than just monitor your direct competitors – their research looks into a wider panorama of your business environment. This includes things like trend analysis, disruptive innovations, and even subtle shifts in the socio-political landscape that could impact your industry.

Agencies also come in with an objective viewpoint, unbiased by any internal politics. So rather than get data that only works to please your sales team or leadership, you get the real, raw insights.

According to Gartner, data and analytics trends are increasingly expanding to include predictive and prescriptive tools and have been since 2020. A good agency can also offer predictive intelligence and forecasting, which involves using data-driven models and statistical tools to predict future market trends.

When you invest in a competitive intelligence agency, you’re investing in both meaningful insights and a strategic edge for your business.

Conclusion

Doing business is complicated – and with the landscape becoming more competitive and unpredictable, hiring a competitive intelligence agency is one of the top ways you can stay ahead of the competition.

Aqute Intelligence has a wealth of experience and a track record of delivering high-quality, actionable insights to some of the world’s leading companies. We’re ready to support your business toward informed strategy and sustained growth. Get in touch with us today and equip your business with the insights it needs to come out on top!

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