A common component of a business landscape is competition. It is the soul of the business world since every business owner desires to stay ahead of others in the industry. This draws them to search for a competitive intelligence (CI) analyst who can help them analyze competitors’ data, market trends, etc.

The results from the analysis will help business owners understand their competitors and help them make crucial decisions for their companies.

In this article, you’ll gain insight into who a competitive intelligence analyst is. In addition, you’ll get to know and understand the key skills and steps you can take to succeed in this career. 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 collects, analyses and interprets competitor data and information. 

In addition, they monitor customer behaviour, 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.

Key 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.

Read also: Leadership skills every entrepreneur needs for business success

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.

Additionally, you need to gather as much knowledge and skills as possible to ensure success in becoming a CI analyst. The research and analysis processes require that you be meticulous and excellent with the information at your disposal. 

Furthermore, you need to familiarize yourself with as many methods as possible that can be used to collect and analyze data. Lastly, ensure 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. 

Going for an internship will strengthen every piece of information or skill you’ve gathered or learned over time and then put it into action. 

Thus, 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 enhance you and help boost your resume as you apply for a job. 

You could get certified in different professional courses, such as Certified Competitive Intelligence Professionals (CCIP) by Strategic and Competitive Intelligence Professional Certification Programs. 

These programs will help advance your knowledge of being a CI analyst. 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 and allows you to practice continuously. Through practicing, you can become better at your job.

6. Pursue an Advanced Education

This step is quite optional when becoming a CI analyst. Employers may not necessarily ask for an advanced degree when you apply for the job. 

Although not a criterion, 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

You’ll be expected to carry out key responsibilities as a competitive intelligence analyst. 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, market trends, customer behaviour, etc. 

The information that is gathered must be collected appropriately and correctly so as not to influence the analysis process wrongly and, in turn, hamper the decision-making process by business owners.

2. Analyzing the Data

Once you’ve gathered the necessary data, you’re expected to conduct 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.

Moreover, if your analysis is tampered with, it’ll be difficult for business owners to decide what step or strategy to take to advance their business.

3. Conducting Competitor Analysis

You’re expected to analyze your competitors as a competitive intelligence analyst properly. 

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 market changes, you can present enough information to business owners to help them further tailor their products or services to align with the market trends. 

Since every business owner wants to remain relevant, you must always present information to help them remain so.

Read also: Market research: How to conduct it effectively

5. Generating Intelligent Reports

As a competitive intelligence analyst, you’ll also be responsible for putting together intelligent reports. These reports clearly state the results of your research, and you should be able to communicate areas of difficulty. 

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 must follow the steps discussed above to become one successfully.

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 a 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.

Conclusion

The desire to become a competitive intelligence analyst is a great cause. As explained above, Taking the right steps will 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. As discussed above, the responsibilities associated with your job may slightly change based on your employer’s directive. 

Aside from working for a company, you can establish your own CI consulting firm, offering 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.