Competitive intelligence analysis thinking needs to be diverse and rich
This article suggests that competitive intelligence analysis thinking needs to be diverse and rich. It provides our thoughts on why thinking can be at a premium and what an analyst needs to do to help independent thought. We have tried to be provoking, and you don’t have to agree with us.
Watch interesting things
An Intelligence analyst in the corporate world should read and watch interesting things. Not necessarily within their core subject matter. Hopefully, watching interesting things will create alternative input. Eventually, this will lead to more interesting thinking. For a discipline seeking fresh thinking, Competitive intelligence can be very inward-looking. Good analysts must be aware of this. And the drive for just finding a platform to solve all your intelligence needs and problems will fail you. It’s also misguided to just use experts who have worked in the same industry for years.
Love is blind and so is experience
They will know where to find the information they need to generate intelligence. But as humans, we love habits and seek the easy route. Experiences and biases can also blind them. You may have a different view, which is, of course, more than acceptable. A Competitive Intelligence analyst with years of industry experience is convincing. They may be excellent at what they do. They will sound knowledgeable about the sector they know so well. But where is the fresh new thinking? Where are the left-field ideas? How do their biases affect how they think? Companies sometimes need to break out of the experience box and see a big world out there.
We remember conversations with a tech competitive intelligence analyst at a trade show. He certainly knew his stuff. And to be fair, there was nothing about the subject he didn’t know. We had a two-hour meeting with him, during which he told us how much he knew. There was nothing we could say to him. Just as well, as he failed (yes, failed) to ask a single question to us.
Silly questions
Learning new things from a different angle, asking innocent “silly” questions, knowing when to keep your mouth shut, and finding new sources will produce fresh thinking and new ways of doing things. And that’s the whole purpose of competitive intelligence in the first place. This is why competitive intelligence tradecraft is far more important than industry knowledge. Read more: Goal Setting & Problem Solving in Small Business.
A recent example of this sort of thinking involved 18 months of discussions. A US-based events company wanted reasonably complex competitive intelligence. They were concerned about our lack of event experience. But delighted with everything else. After 7 or 8 Zoom calls, we terminated discussions. They were so risk-averse. They wanted a competitive intelligence company from the events industry. We understand they still have problems and have yet to appoint a supplier. It is very frustrating and a waste of time for all especially as we could do the job.
Beat a different track.
It’s essential not to be self-referential in how we do things. The work, thinking, communication recruiting. Intelligence analysts shouldn’t just follow the same professionals. Do the same training courses and regurgitate the same stuff and knowledge. Analysts need to look for different and diverse voices. Seek alternative attitudes, perspectives and ways of thinking. While waiting for creativity and insightful thought to come to fruition, reading and watching something different could help. Analysts reading material and watch lists should fall into three categories. Without becoming overly pretentious, these three categories are random, perceptive and alternative.
Random
Read a book, watch a documentary and listen to a podcast about an entirely random subject. A new area that you know very little or nothing about. I don’t particularly appreciate listening to podcasts about a topic I know well (apart from Football and SCIPs). I can see through the thin veneer of bull and self-flagellation. The exaggeration, back-slapping and ego-rubbing. For me, very little thought is created during and after the exercise.
Perspective
Intelligence Analysts need to keep an eye on the measured and macro view of the world. That’s the whole world, not just from the perspective of where they live. When selecting sources, you need to judge their objectivity. And whether your own biases surround the desired detachment. The ability to see two sides of a story is an essential skill of an analyst. Read more: Importance of Market Research Services.
Alternative
Intelligence analysts need to let themselves go in their reading and watch. In small doses, look at your Wired and other alternative publications of this world. Look for sources asking and answering many of the same questions that we are. Perhaps with a fresh and provocative way and view. Analysts should be careful to rely on resources that can be counterproductive. Traditional market research does not reflect how things are working now. And frankly, many analysts are really “just” providing data science. With a bit of market research thrown in as filler.
It’s about good questions.
We all have the same data to work with. Large companies with bigger budgets can access it quicker. They are signed up to more expensive databases and the like. But all the work is useless unless you are asking the right questions in the first place. Later on, when it comes to asking the why questions, there are many sources to help you answer them. Not just the tried and tested sources? Why not look for different perspectives by reading academic journals? Take in cultural discussions, literature, comedy, interesting quotes, etc. The problems you are trying to solve and the questions are likely not new. Some assume that this is the case. Read more: What Competitive Intelligence Professionals Can Take From Watching Killing Eve?
When exploring problems and creating questions, we find conversations over coffee beneficial. With someone smarter than me, and I’m lucky as there are many out there. I lock myself away once I define the questions to solve the problem. And try to articulate the strategy for creating a successful outcome. I write everything down the old-fashioned way. Pen and paper and write away until all the gaps in our thinking are exposed. Read more: How to Market Your Product to The Right Market Size.
Embracing Diverse Approaches in Competitive Intelligence
A diverse and multifaceted approach is crucial in competitive intelligence for uncovering deep insights that can influence strategic decisions. Companies can develop a more comprehensive understanding of their competitive landscape by integrating different perspectives and methodologies. This might involve combining qualitative analysis with quantitative data or integrating insights from various departments such as marketing, sales, and R&D. A thorough and diverse competitive intelligence process not only aids in identifying direct competitors but also reveals emerging threats and opportunities from less obvious sources. By encouraging diverse thinking, businesses can devise more resilient strategies that are better equipped to handle market complexities.
Why Diverse Thinking is Essential in Competitive Intelligence Analysis
Competitive intelligence benefits immensely from a diverse analytical approach. By including perspectives from varied backgrounds, industries, and methodologies, intelligence teams can identify less obvious trends, anticipate market changes, and understand the broader scope of competitive actions. For instance, drawing insights from cultural, geographic, or industry-specific diversity allows for more nuanced predictions that a homogeneous approach might miss. Diversity enhances data interpretation and enriches team creativity, which can be instrumental when evaluating long-term competitive threats or opportunities.
Diverse and Rich Thinking in Competitive Intelligence Analysis
Diverse competitive analysis brings together varied perspectives to provide a holistic view of the competitive landscape. Organisations can uncover deeper opportunities and risks by incorporating cross-disciplinary insights and challenging conventional assumptions. This approach ensures intelligence efforts are comprehensive and strategically rich, enabling better decision-making in dynamic markets.
Conclusion, Competitive Intelligence Analysis Thinking Needs to be Diverse and Rich
This article suggested that competitive intelligence analysis thinking needs to be diverse and rich. It offered our thoughts on why thinking can be expensive and what an analyst needs to do. We have tried to provoke, and you don’t have to agree with us.
Art by instagram.com/wilhazec/
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