Competitive intelligence

- [Instructor] External data can give context to your internal data sources. This means that by studying your external data sources you can look outside of your organization for answers to your business problems. For example, you may notice a sudden drop in sales. This is a situation where the right call would be to bring in some outside data. The next step would be to conduct some competitive analysis. After studying your direct competitor you notice that they've dropped their prices on a significant portion of their offerings. Now you've identified the source of your drop in sales, and it's time to conduct some further analysis to decipher if you can drop your prices to compete at this new price point. Or it may be time for you to pull out of that specific market. In my consulting agency we typically look at three different types of external data sources for our clients. First, we conduct competitive analysis where we…