The most common component of a business landscape is competition. This is the soul of the world of business. Every business owner desires to stay ahead of the competition.
This draws them to search for a professional who can help them conduct a competitive intelligence analysis on their competitors, market trends, etc.
That specialist is called a competitive intelligence (CI) analyst. The results of the analysis will help business owners make crucial decisions for their companies.
The purpose of this article is to provide a guide on how to become a competitive intelligence analyst.
The contents will cover the steps you can take to become a CI analyst, what your responsibilities will be, and the essential skills you'll need to succeed in your endeavors.
Are you ready to advance in this guide? Then, let's get started!
Who is a Competitive Intelligence Analyst?
A competitive intelligence (CI) analyst is a specialist or professional who specializes in collecting, analyzing, and interpreting data and information about competitors.
They also monitor customer behavior, market trends, and changes within the marketplace. The results of their analysis are presented to their stakeholders, who require the results to help make Informed decisions about their businesses.
Essential Skills of a Competitive Intelligence Analyst
There are some essential skills you need to have if you want to be an excellent competitive intelligence analyst. These skills will play a crucial role in your success on the job. Some of the skills include:
1. Proficiency in conducting thorough research across various sources using diverse methodologies is essential.
2. Having a strong aptitude for analyzing extensive datasets is crucial.
3. Critical thinking skills are needed for the evaluation of large datasets.
4. You need to develop good communication skills, both written and verbal, for effective stakeholder interaction.
5. Familiarity with relevant technologies and digital tools is crucial for success as a competitive intelligence analyst.
6. A solid understanding of business fundamentals, including finance and industry dynamics, is necessary.
7. You should have the capacity to generate intricate information to support important business decisions.
8. Know how to conduct market research to stay updated on the latest market trends.
9. Become familiar with competitive strategy frameworks like Blue Ocean Strategy.
10. You need to have strong problem-solving skills if you want to succeed as a CI analyst.
11. A keen attention to detail is necessary to ensure your analysis is accurate.
12. Being adaptable to different circumstances is a very important skill.
13. Striving for excellence and continual improvement is encouraged.
Steps to Becoming a Competitive Intelligence Analyst
Becoming a CI analyst does not happen overnight. There are steps you must take to become successful at that. Let's consider six steps to becoming a competitive intelligence analyst:
1. Get a Degree
The first step you need to take if you want to become a competitive intelligence analyst is to get a bachelor's degree in business administration, economics, market research, or any other related field.
This is very Important if you want to actualize your goals. Gaining relevant education in these fields gives you access to basic business information and strategies to be a successful CI analyst.
2. Develop Strong Analytical and Research Skills
You can develop strong analytical and research abilities simultaneously as you get your degree. The timing for this step can be done simultaneously or after you've gotten your degree.
You just need to gather as much knowledge and skills as you can to ensure your journey to becoming a CI analyst is a success.
The research and analysis processes require that you be meticulous and excellent with the information at your disposal.
You need to familiarize yourself with as many methods as possible that can be used to collect and analyze data. Make sure you know how to use them effectively.
3. Go for an Internship
The next step to take is to go for practical, industry-based knowledge. This means you'll need to find a company where you can gain experience as a competitive intelligence analyst.
By going for an internship, you'll further strengthen every piece of information or skill you've gathered or learned over time and then put them into action.
An internship program will eventually improve you and give you the hands-on experience that is needed to succeed as a CI analyst.
4. Complete Professional Courses
Completing a professional course will be an enhancement for you and will help boost your resume as you apply for a job.
There are different professional courses you could get certified in, such as Certified Competitive Intelligence Professionals (CCIP) by Strategic and Competitive Intelligence Professional Certification Programs.
These programs will help advance your knowledge of what being a CI analyst entails. You can look for other courses that suit your preferences and then get certified in them.
5. Get a Job as a Competitive Intelligence Analyst
The next step to take is to seek the role of a CI analyst in any organization that requires your services.
Getting a job that fits your role becomes a plus for you, as well as creating an avenue for you to practice continuously. It's through practicing that you can actually become better at your job.
6. Pursue an Advanced Education
This step is quite optional when becoming a CI analyst. Many employers may not necessarily ask for an advanced degree when you apply for the job.
Although not a criteria, this will be an added advantage to you if you can get an advanced degree in any area or field that'll best support and improve your skills as a CI analyst.
Responsibilities of a Competitive Intelligence Analyst
As a competitive intelligence analyst, there are key responsibilities that you'll be expected to carry out. Let's take a look at five of them:
1. Gathering Data
As a competitive intelligence analyst, it's your responsibility to gather data from several sources that will be beneficial for your analysis.
These sources will include competitor data, data on market trends, customer behavior, etc.
The information that is gathered must be collected appropriately and correctly so as not to wrongly influence the analysis process and, in turn, hamper the decision-making process by business owners.
2. Analyzing the Data
Once you've successfully gathered the necessary data, you're expected to carry out a detailed analysis of it. You can make use of different analysis processes that best suit the kind of analysis you want to conduct.
In the analysis process, you have to ensure that all the parameters needed for a proper analysis are intact; otherwise, you will have the wrong analysis.
If your analysis is tampered with, then it'll be difficult for business owners to make a clear decision on what step or strategy to take to advance their business.
3. Conducting Competitor Analysis
As a competitive intelligence analyst, you're expected to conduct a proper analysis of your competitors.
A critical study of the mode of operations of your competitors, their products and services, their competitive advantage, and their sales and marketing strategies.
You also need to know their pricing strategies, strengths, and weaknesses. A detailed analysis will further guide you on what to do and what crucial steps to take.
4. Monitoring Market Trends
It's your responsibility to keep close tabs on what's happening in the marketplace.
You're to monitor the changes that take place in the business landscape, whether it's technological advancement or a change in the behaviour of a specific target market.
When you carefully monitor the changes in the market, you can then present enough information to business owners that'll help them further tailor their products or services to align with the market trends.
Since every business owner wants to remain relevant, it's your responsibility to always present information that'll help them remain so.
5. Generating Intelligent Reports
As a competitive intelligence analyst, you'll also be responsible for putting together intelligent reports.
These reports should clearly state the results of your research, and you should be able to communicate areas of difficulty, if any.
Any information that may be complex for your stakeholders should be made simple; otherwise, it should be communicated properly for easy comprehension.
FAQs
What career Opportunities are available for Competitive Intelligence Analysts?
Some of the opportunities available for a CI analyst include being a CI analyst or manager in a company, a business development manager, a market research analyst, a consultant, or even becoming an entrepreneur and owning your own CI consulting firm.
Who can become a CI Analyst?
Anyone can become a CI analyst, but you have to follow the steps discussed above to successfully become one.
How much does a CI Analyst earn?
The amount a CI analyst earns varies from one company to another and also in different countries. Do well to investigate the salary range within companies in your locality to know how to negotiate your salary.
How long does it take to become a CI Analyst?
The time it takes to become a CI analyst differs based on your prior educational background in business-related fields, your experience, and the specific path you choose to take.
Final Thoughts
The desire to become a competitive intelligence analyst is a great cause. Taking the right steps, as explained above, will definitely prepare you for the role of a CI analyst.
We also considered the importance of honing some skills that will really help you achieve your goals. The responsibilities associated with your job, as discussed above, may slightly change based on your employer's directive.
Aside from working for a company, you can decide to establish your own CI consulting firm, where you could offer your services to companies across industries.
Although there's no telling how long it takes to become a successful CI analyst, you can begin by getting a degree and then grow from there.
Tags:
Career
Excellent piece
ReplyDeleteThank you. I really appreciate your comment.
ReplyDelete