WHO?
There is a lot of competitive
intelligence inside any company but so little is shared.
Good competitive intelligence practice
means listening to everyone – especially those who deal with customers
or are in the field – and building a global picture.
Top-level strategists cannot always see
the detail and competitive intelligence practioners know that a clutch
of unconnected details can suddenly coalesce into a real clue to
competitive strategy.
The researcher is unlikely to be an
industry veteran or the organisation’s most experienced executive.
However, a good competitive intelligence manager must be adept at
finding data and turning over all the stones. When it is shared it may
be down to the older hands to interpret the information accurately.
So
competitive intelligence is sharing: those at the front line feedback
the small clues and rumours; those at the top level reply with the
helicopter view.
Both
groups gain. Both groups want to contribute more in future. Competitive
intelligence is not just for the strategists. |
|
WHAT?
Some users want a brief overview. Others
want the meaty details. An expert competitive intelligence manager knows
how to mix the blend according to the audience. Key issues include:
- Sales – customer, prospect and
competitor activity, prices and promotions
- Market – broad issues impacting on
our marketplace, market shares
- Product/Service – new, improved,
repackaged or withdrawn
- Technical – patents, broad
technology developments
- Financial – competitive sales,
profit, margins, mergers and acquisitions
The
material must include more than just the competitor’s PR output. The
analyst is searching for clues to strategy. Above all, good competitive
intelligence means intelligent guesswork. Based on the clues, what do we
think they will do next? How can we react?
WHEN?
Competitive
intelligence can offer a quick thumbnail sketch by this afternoon or an
in depth report by next week. The researcher has to be told how much
time is available and what the real deadline is. |
|
WHY?
If you want the best competitive
intelligence then the brief must be clear. Why do you want to know? How
will you use the data? Competitive intelligence can offer input in:
- Strategy – business planning,
mergers and acquisitions
- New markets – regions or countries
- New products – competitive,
complementary or substitutes
- Marketing – planning advertising,
promotions and public relations
- Pricing – what is moving, how will
they react if we move?
- Sales – customer proposals, range
extensions
- Personnel – who are the best
available?
For too many senior managers, the axiom
that “knowledge is power” holds sway. For competitive intelligence
to provide that knowledge, the researcher must have some explanation.
And then offer feedback so that the competitive intelligence manager
understands how effective the results have been and what else you need
to know.
That way, the results get better this
time and in the future. |
