Competitive intelligence and the secret elements that often go unnoticed

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competitive intelligence and the secret elements that often go unnoticed

Delve into some additional elements of competitive intelligence that often go unnoticed but are crucial for a thorough understanding. The essence of great competitive analysis lies in framing the right questions. It’s not just about gathering data; it’s about what you do with it. Analysis is what enhances your work. Without deep analysis, you’re left with just lots of information – words and charts devoid of meaning. So what about competitive intelligence and the secret elements?

A key challenge in competitor analysis revolves around biases and underlying assumptions at all stages – before, during, and after the project. It’s important to address these biases directly rather than skirting around them. To do this effectively, maintaining an open mind is vital. Open-mindedness paves the way for growth and change, unlike rigid, unyielding views.

To combat bias, we must first acknowledge and then isolate our preconceptions. This involves:

  1. Developing critical thinking skills: To challenge assumptions and seek evidence before jumping to conclusions.
  2. Engaging in constructive dialogues: talking with others exposes you to diverse viewpoints.
  3. Self-reflection: Regularly questioning your beliefs helps identify and correct wrong assumptions.

Next, consider the assumptions that underpin your analysis. Begin with a comprehensive list encompassing everything from market dynamics and competitor actions to technological shifts and consumer behaviour.

  • List your team’s assumptions and explore why each is perceived as true.
  • Question the basis of these assumptions: Are they universally applicable?
  • Examine the supporting evidence: Is it robust and current?
  • Consider the implications of these assumptions being incorrect.

Competitive intelligence and the secret elements that often go unnoticed

Finally, think about your choice of analytical models. Don’t feel you must use popular frameworks like SWOT or a 2×2 matrix if they don’t align with your findings. Tailor your models to fit the data, not the other way around. Always question the necessity of these models – why a SWOT analysis or a 2×2 matrix? Does it truly serve your analysis, or is it just a formality? By approaching competitor analysis with this mindset, we can ensure our strategies are insightful and devoid of unwarranted biases and assumptions.

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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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