Any sized corporation can benefit from competitive intelligence.
During lunch, I talked with a senior accountant about one of his clients and how Competitive Intelligence can help.The accountant stated that the client was being out-competed by rivals and was consistently one step ahead of the game. They were outperforming them, beating them to work, and seemed to know everything they were doing. Their name, of course, was not revealed, but this is what the accountant said. This article tells us why any sized corporation can benefit from competitive Intelligence
Coincidences do not exist.
Upon reviewing the case, my first thought is that the client’s competitor is conducting Competitive Intelligence activities on them. They want to look at their systems and communications to prevent unintentional information leaks. If a competitor is outgrowing you, they seem more profitable and more innovative despite what everyone else in the industry says. There must be more to it than a fantastic management team.
An organisation employing CI can anticipate and respond rapidly to industry changes and competitor actions or quickly counter your products and seem to know your pricing. If they can launch their products before yours, attack new markets quickly, and get the best people into their organisation, they are probably using CI.
It is important not to overreact.
Despite my lack of direct encounter with this corporation (and perhaps my lack of desire to do so), I would recommend that they move cautiously and deliberately if they ever do. They should ask pertinent questions to figure out where their battleground lies and how to proceed to learn more about their competitors.
Having your internal organs examined.
They must first determine their objectives and determine whether or not they have the desired effect before looking at what their competitors are doing. What variables are impacting their strategies? Are these issues based on reality or industry folklore? I would like to know if they assess, track, and respond to their rivals’ actions and strategies.
The environment outside of the organisation.
Looking at their competitive external environment, several questions arise to help them distinguish what is happening.
Competitive Intelligence can provide the answers to these questions.
It would be interesting to run a basic war game with this firm to understand better its market position and where they fit in it. They would benefit greatly from such an exercise. After establishing a good picture of their competitive environment, Competitive Intelligence is all about determining what we want to know about our competitors in detail.
Any sized corporation can benefit from competitive Intelligence
Many businesses find themselves in a situation where they feel like someone is always observing them, as described in this article. Competitors are getting the better of them.
We help clients operating in both growing and mature industries to gain competitive advantage, increase in the most competitive markets, develop an edge, and achieve significant growth. So, brands, middle-market players, investors, and startup innovators trust InQustion to answer the questions when you just need to know.