How competitive intelligence used the right way reduces your stress levels
We may have mentioned this once or twice on this website. We think competitive intelligence is a valuable tool to help you gain a competitive edge.
Some fear using competitive intelligence as they worry about the legal and ethical implications. of gathering and utilising intelligence. The good news is that insight can be created without doing anything unethical or illegal.
Some like to ignore the future and try and just worry about today, focusing on sales targets that are maybe a 10% increase from last year. With little thought to market conditions, the economy and things out of their control. Then sack the salesperson for not delivering made-up targets. It sounds crazy, but this happens all over the country. The even better news is that competitive intelligence allows you to grab the future by the balls. Reducing the stress and anxiety associated with an unknown future. Here are some tips on how to use competitive intelligence ethically and effectively:
Use publicly available information
Most of the information businesses need to conduct competitive intelligence is available online. Public sources like competitor websites, social media profiles, press releases, and other places. Remember, if you find the information on a publicly available website, it’s open season for you to read. You can’t do anything with it if it’s patented knowledge. Or copyrighted, bank accounts, credit cards number or classed as a protected secret. And if you can’t do anything with it, having or using it is entirely pointless. So don’t look for things you can’t use to create insight. There are sites on the dark web where hacked information can be found. Keep your research on the open web then there is little to no chance of breaking any laws.
No, we can’t do that
Plus, competitive intelligence has to be based on questions you need to know. To enable you to analyse the information found to make a commercial decision. So, it’s unlikely you are going to break any laws. Unless you ask a competitive intelligence agency to find bank account numbers. Then it’s easy as the answer from us and anyone associated with SCIP will be a no. We can’t do that, and it’s illegal. End of. Here is a copy of SCIP’s code of ethical intelligence.
Avoid unethical practices
So businesses should never resort to illegal or unethical practices. Hacking to gather competitive intelligence or market intelligence will get you in trouble. Instead, they should rely on legal and ethical methods. Conduct surveys, talk to people, monitor industry publications, and attend industry events. Yes, there are some grey areas within the ethics side of things. But 99.9% of a well-thought-out project will never require a competitive intelligence agency to be unethical. Grey areas need to be defined before a project starts. So everyone involved in the process knows the limits. Here is a List of OSINT Social Media Tools to Transform Competitive Intelligence
Focus on the big picture
But remember, competitive intelligence is not just about gathering information on competitors. It’s also about understanding the market and customers. Businesses should focus on the big picture. Use intelligence to identify market trends, customer preferences, and growth opportunities. Focus on what we can do with the information and insight if and when we get it. What decisions do we need to make about what we will do to create a competitive advantage? Again reducing stress because you are doing what you can and understanding your markets well.
Share intelligence across the organisation
Competitive intelligence shouldn’t be the sole responsibility of a single team or individual. It should be shared across your teams to ensure everyone is informed and can contribute to strategic decision-making. Don’t hide it in a war room as something dark and mysterious. Yes, hide sources but share the insights.
Use intelligence to drive innovation
Competitive intelligence can be a valuable source of inspiration for innovation. By understanding what your competitors are doing, you can identify areas for improvement. And find innovation to stay ahead of the curve. You can then relax a little and reduce stress because everything they do is known more, and you are less likely to be surprised by them.
How competitive intelligence used the right way reduces your stress levels
In conclusion, competitive intelligence can be used ethically and effectively. Gain insights into competitors, markets, and customers. Businesses can earn a competitive edge and succeed by using publicly available information. Avoid unethical practices. Focus on the big picture. Share insight across your organisation and use intelligence to drive innovation.
We are Octopus, and we’re all about your real competitive advantage.
We are the global bespoke people-powered global competitive intelligence agency creating the insight you can do something with.
Here is an example of competitive intelligence in action: How Competitive Intelligence Increased the Understanding of Competitor Production Levels
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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.
