Market surprise is reduced with competitive intelligence: Market surprise is common. They didn’t realise that their competitor supplied to a worldwide manufacturer. We couldn’t believe they didn’t know either, but that knowledge was worth £10m+ of very winnable business. Companies focus on the day job and very often miss the most obvious of things. And this is where Competitive Intelligence and Market Intelligence can reveal amazing results, even if you do it yourself.
Market Surprise: How Intelligence can help
Market Intelligence and Competitive Intelligence assists you understanding your competitor’s business models and their relative strengths and weaknesses versus your own. It allows you an insight of the way your competitors do it, and what they plan to do, business based on recent, evidence-based intelligence, rather than outdated sets of assumptions.
It isn’t market research. It’s much more than that. It’s the ability to out-think, out manoeuvre and outperform adversaries. Competitive Intelligence operates to a similar to the common mandate within military intelligence to reduce uncertainty for policy makers, offer big picture and long range forecasts, helps avoid strategic surprise and to determine what are the indications that a competitor is to make a particular move.
- It helps executives challenge their own orthodoxies by shedding light on business blind spots, the incorrect assumptions about the competitive arena
- Ensures that decisions and actions are based on foresight and insight rather than gut feel or industry experience
- Intelligence provides managers with a unique source of unbiased news and analysis.
- Reinforces a competitive culture in the organisation by means of increased competitor awareness.
- Promotes an awareness of threats to the company’s intellectual capital and the need for counter intelligence as well as counter measures.
- It also helps minimise uncertainty.
This article was called market surprise is reduced with competitive intelligence.
