Can Early Warning Systems Help You?

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Can Early Warning Systems Help You?

Can early warning systems help you? Well, if you get a kick in the groin, it’s always good to see it coming. So you can get out of the way.

Everyone should have an early warning system because it is an excellent way to understand situations you may face in the future and then be in a strong position to take action. You should know from experience that surprises are rarely pleasurable.

The first thing to do is map out your competitive environment and consider who you want to watch and who could be your future competitors. As you can’t monitor everything, take each competitor in turn. Conduct an assessment of their impact on you and your current/future performance. The more significant the potential situation, the higher the priority.

Something Competitive Intelligence Software providers may not tell you

  1. Most of the market does not offer competitive intelligence software solutions at all. They are SEO, Keyword, digital marketing tools and Social Media message collection and collation tools.
  2. Of the CI software out there, no one has a magic button. Just press the button, and out comes excellent Competitive Intelligence. There are some terrific offerings out there and gone are the days when it was just M-Brain’s (GIA) social listening tool and a couple of others.
  3. Some are pretty impressive, but with all of them, you have to put a significant amount of work into getting the Competitive Intelligence software working for you.
  4. Even then, you have to provide intuitive thoughts and analysis yourself.

If used correctly, they will be a vital part of your early warning system.

Detect Changes

Look at how you could quickly detect and define any changes with each target Competitor and Market. Find people in your team who can find any relevant information quickly.  Build an understanding of any defined signs. Collate the data you find into a single source (CI software or just a spreadsheet). You will be surprised by how useful information is out there and how many new questions need answering! Critically, once you have looked at what they are up to, you turn the data into usable intelligence using analysis. Techniques such as Analysis of Competing Hypotheses or Scenario Analysis are great tools for this. Read more: Navigating Minimum Advertised Pricing Wthin Competitive Intelligence.

What can you do about it?

For each piece of insight, you need to decide what you will do about it. For instance, if company X purchases X products, please let us know immediately. Have a handful of predefined associated actions, one of which could be to do nothing.

These actions should consider the situation you find yourself in and the capabilities and resources you may have. It is also important to understand how your competitor will respond to any actions taken. Again, this makes you even more prepared and perhaps even unbeatable. Read more: Before Talking to a Competitive Intelligence Agency: A Guide To Effective Planning And Execution.

Pretty soon, you will be in a position to be able to predict your rival’s next move.

That’s why we say, “Intelligence is just knowing…

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

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