Competitive intelligence and competitive analysis, while they share similar characteristics, are not the same.
Competitive Analysis is a comparison of the features and benefits between your company, products and services, and/or support offerings versus one or more competitors. These comparisons usually take the form of analyses of technical differences, documentation that gives a perspective of the ease of use, and/or perceived roadmaps.
The output from competitive analysis is usually in the form of a table in which your company will show superiority over your competitors in the context of the perspective of your company.
While competitive analysis focuses on the technical differentions, competitive intelligence is much more comprehensive.
In short, competitive intelligence considers aspects such as the messaging and positioning of competitors; the go-to-market strategies including, but not exclusively the channels through which competitors sell and distribute their offerings; and the segmentations into which competitors focus. It also takes into consideration why customers and clients of your competitors decided to go with your competitors.
Competitive intelligence answers the Basic 5 questions (Who, What, Where, Why, and How), whereas competitive analysis generally considers the Who and the What.
An Action Plan to Move from Competitive Analysis to Intelligence
Neuralytix has developed a methodology we call Competing Intelligently. This methodology helps your company compete beyond the technical analysis. At Neuralytix, we believe that competitive intelligence requires an understanding of 3 major factors - people, process, and technology.
The deliverable we provide our clients is an analysis in the form of the Basic 5, with a comprehensive section on How to compete - a "how to" guide for your sales team.