October 11, 2022
Read time: 3min
October 11, 2022
Read time: 3min
What’s the real difference between market intelligence (MI) and competitive intelligence (CI)? Because the two are often conflated and the terms used interchangeably, which can cause confusion when you’re designing your insights strategy and choosing the right insights infrastructure for your business.
While market intelligence and competitive intelligence do overlap in some ways, and they certainly work together to make your organization more competitive, they are different. The main difference between market intelligence and competitive intelligence is that market intelligence achieves a big-picture view of your business and the external environment in which it operates, whereas competitive intelligence achieves a narrower scope of understanding about the capabilities, vulnerabilities, and intentions of your biggest business competitors.
Both types of intelligence are essential to capitalizing on opportunities and building organizational resilience. But let’s take a closer look.
While the goal of MI is to respond to your customers in a quicker, smarter way based on a wide range of forces, issues, and trends. The goal of CI is to gain insights about your immediate competitors so you can mitigate risks they pose to your business and also identify and capitalize on their strengths and weaknesses.
You can leverage market intelligence to:
You can leverage competitive intelligence to:
So while the goals of market intelligence vary in relation to customers, products, and the market, the goals of competitive intelligence focus solely on the moves of your business competition.
MI and CI focus on different types of data, metrics, determinants, and statistics.
Market intelligence data focus:
Competitive intelligence data focus:
As you can see, market intelligence and competitive intelligence often focus on different data sources, with market intelligence broader in scope than competitive intelligence.
While the goals and data focus of MI and CI are different, the sources for gathering market intelligence and competitive intelligence can be the same.
External sources for both market intelligence and competitive intelligence:
Internal sources for both market intelligence and competitive intelligence:
Whether trying to orgnize their MI or CI, many large organizations struggle with disorganized, siloed information. It can cause the businesses to miss or be too slow to react to changing market conditions and disruption.
But what if you could easily search, browse, and discover insights from all of your organization’s internal and external knowledge assets to speed up your work? As the world’s leading insights management platform, Market Logic give you a birds-eye-view of your company knowledge, and helps you improve your market intelligence with intuitive, collaborative product features.
Market Logic Software brings all your internal and external sources of market intelligence into one, searchable place. That means you can unlock and integrate insights from any source—no matter where they live. We’ve helped some of the world’s leading brands tap into hundreds of premium sources and vendors, all integrated, indexed, and searchable, as well as reap the benefits of time savings that prove their platform’s ROI.
Book a demo with our team to learn more.