Before Competitive Intelligence its best to Take a look at yourself

Before Competitive Intelligence its best to Take a look at yourselfrnBefore looking at your competitors and your environment, start searching for information and then getting swamped by data; it’s important to sit back with your team. Before Competitive Intelligence its best to Take a look at yourself.

SituationrnWhat does your organisation do? Not such an obvious question.rnWhat products or services do you offer? What do you not provide and why?rnWhich industry do you compete in?rnDo you compete in a niche, on price or quality?rnHave you written down your strategic objectives? Ok, do you have any?rnDo these objectives and goals actually reflect what happens in your organisation?rnWhat customers do you target?rnWhat do you consider your competitive advantage?rnWhy do customers use your service?rnDriversrnWhere is your pain?rnWhat threats are you facing regarding competitors, industry changes and markets?rnWhat do you want to achieve?rnAnd what do you know? What don’t you know?rnSome suggestions:

Determine the strengths and weaknesses of competitors or a business partnerrnTake advantage of market opportunityrnWhat a new competitor on the block means to yournHow a new product/service your rival has introduced is going to affect yournMany, many more…….

What is Competitive Intelligence?

Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive Intelligence offers more certainty, competitive advantage, and insight.rnPlayersrnWho do you need to be involved in the project in your own organisation – Sales, R&D, Engineering, HR etcrnWhich industry must you assess? (Not always the obvious answer)rnAnd which markets do you want to look at?rnWhich key players in your industry are you interested in?rnAre any government regulations or actions going to affect your business?rnOutcomesrnDo you want a rapid answer to specific questions to decide on the market or rival?rnDo you want a long term ongoing approach, say from 3 months to 3 years ahead?rnHow will you know you are successful?rnDo you have sufficient need to develop a set of “Key Intelligence Topics” for your organisation to focus on?rnBefore Competitive Intelligence its best to Take a look at yourselfrnIn conclusion, it’s important to remember that data is only helpful if actionable. So take the time to analyse your business and your environment, and then plan action. And don’t forget to keep looking at your competition; they may be doing things you haven’t thought of yet. But most importantly, always keep the customer in mind. Thank you for your time.