When conducting Competitor Research and Competitive Intelligence, a few things should be looked at. Here are 8 steps to consider for Competitor Research and Competitive Intelligence
1. Accept you have a problem
The senior team have to recognise that there’s a problem to be solved. Many ignore minor inconveniences hoping they go away. Most don’t. Once the problem is acknowledged, it is crucial to define the problem in a clear statement. This statement is then used to develop excellent questions to answer.
2. Find the winning move
Defined questions and answers are a good start. But without the deliberate decision to do something, then any Intelligence is pointless. A decision to do nothing is not a problem as long as there is sound reasoning behind it. Like, we will not do anything until this, and that happens. Competitive Intelligence and Competitor Research should lead to an improved Competitive position. And to put you on the right track.
3. The Future is uncertain
You have to build many realistic scenarios for your business and subsequent actions. Competitive Intelligence and Competitor Research helps narrow down your options and eventual actions.
Seeing into the future is possible by using analytical models. And by interpreting the information and assessing your strategic options within your market environment.
4. Get the information
In most cases, most of the answers you just need to know will be available within your organisation. Somewhere in your business, part or most of the answer will be there. If not, it is almost certain someone in your business will know where to look or who to ask. So Competitive Intelligence needs to involve as many people as possible. Or, if nothing else, ask the question. Who in my business could know the answer?
5. External information
The best information sources tend to be outside your organisation. When looking, it’s important to understand and collate the potential information available. Be more journalistic, too, by asking questions the right way and pulling the thread of a story to get what you want. Presenting your Intelligence should also include your understanding of the validity of sources.
6. What Are the implications?
Clearly defined implications for each isolated option makes compelling Intelligence. So you must anticipate the impact of each option on your plans and organisation.
7. What are the options?
You now have to communicate your preferred options and be ready to argue your case for and against each one. Within Intelligence, it is always down to the senior person to decide which options to take. As an Intelligence professional, you need to present the most viable and well thought out choices.
8. Decision taken
Competitive Intelligence should continue to assess the impact of any decisions made. To determine the implications of the decisions and actions taken. It’s likely that once the action has been taken, other problems will spring up. In turn, they will need quality insight to ascertain what to do next.
8 steps to consider for Competitor Research and Competitive Intelligence
This article suggested 8 steps to consider for Competitor Research and Competitive Intelligence. Hopefully, we explained some of the things to consider with Competitive Intelligence.