In recent years, Competitive Intelligence has been applied as a part of an economic development strategy of supporting small growing companies and local entrepreneurs instead of attracting outside industries. These services are mainly composed of experts conducting strategic research help local growing businesses to expand their markets and to compete in a national or international marketplace.
Competitive Intelligence services address fundamental questions about what a particular business’ market environment is, who their competitors are, and how they can differentiate their products and services from competitors in order to reach more customers. For example, one company wanted to identify new markets and clients for their consulting business that worked with developers and municipalities to bring recycled water to residential areas. They received customized GIS maps showing water districts and municipalities in their state, a list of local residential developers and builders, lists of homeowners associations in their region, and market research reports on the recycled water industry.
If you are interested in learning more information about the new Competitive Intelligence Research Program, please read the full article here.
Melissa Lawrence, Rutgers Student Intern, VERTICES, LLC