Competitive Intelligence Analyst
As a Competitive Intelligence Analyst, you will be the expert at monitoring the strategies and pricing of your employer’s competitors. You will make recommendations for marketing, promotions, and strategic initiatives based on the information you have collected. Working as a Competitive Intelligence Analyst is a lot like being an investigator in that you are responsible for finding, analyzing, and communicating data and information on competitors so that strategic business decisions can be made.
Day to Day Duties:
Day to day duties include
- Tracking and collecting data as well as conducting in-depth analysis of various competitors.
- Meeting with senior managers, as well as marketing, sales, and pricing colleagues to provide your expertise in making decisions on product development, planning, and marketing decisions to give your company the advantage in products and pricing against major rival competitors.
- You will be using ethical means in gathering information on marketing, advertising, merchandising, and pricing that will provide you with the expertise to talk about your competitors’ strengths and weaknesses. You will also talk about any new threats or opportunities that present themselves.
- You will use analytical tools and systematic processes, to create price indexes and reliable assessments and future plans. You will be an expert at identifying trends and new strategic initiatives.
Average Salary*: Aannual salary will range from $70,000 – $95,000, depending on the size of the retail organization and its geographic location.
According to the Society of Competitive Intelligence Professionals (SCIP) the market for business intelligence is worth about $2 billion a year worldwide, including services ranging from detailed investigations to clipping news articles, according to Kroll Inc. (as reported by Reuters on Sept. 2, 2001). In a survey of SCIP members, over 25% said their company's total CI spending in 2000 topped $100,000. Almost 14% said their company spent over $500,000. (http://www.scip.org/resources/content.cfm?itemnumber=601&navItemNumber=533)
The US Bureau of Statistics Occupational Outlook Handbook, 2008-2009 Edition (http://www.bls.gov/oco/oco2003.htm) points out that:
“Employment in computer systems design and related services will grow by 38.3 percent and add nearly one-fourth of all new jobs in professional, scientific, and technical services. Employment growth will be driven by the increasing reliance of businesses on information technology and the continuing importance of maintaining system and network security. Management, scientific, and technical consulting services also will grow at a staggering 78 percent and account for another third of growth in this super sector. Demand for these services will be spurred by the increased use of new technology and computer software and the growing complexity of business.”
Generally retail experience in financial services and management is required. Experience in such areas as pricing, promotions, and merchandising is desirable.
Additional Courses to Enhance Skills:
- Courses in Business
- Courses in Statistics
Alternate Job Titles:
- Competitive Intelligence Manager
- Business Intelligence Analyst
*Salary: Based on various websites and resources (ex. Salary.com, PayScale.com, and SalaryExpert.com)