This article is called measuring Competitive Intelligence success . The best place to started when looking to determine how successful your CI project has been is to turn to your original intelligence planning. Ask yourself:
• Did you achieve what you wanted?
• What did the decision-makers think of the intelligence?
Your people may know their marketplace and their customers, but all that invaluable information could go to waste if you don’t collect it, and that’s where a business research firm like Octopus come in. Business research firm Octopus Intelligence looks at how Competitive Intelligence could be really useful to you. And, how you can get company wide buy-in and how do you measure success.
Measuring Competitive Intelligence success questions
- Does your company possess too much information on your market and competitors. But not enough time to determine what it all means?
- Do you want to invest in new markets or regions? But are unsure about the competitive environment?
- Are there new organisations entering or merging in your market or region? You know very little about them?
- Do you struggle to compete with your rival’s moves? Sometimes being surprised by their actions, and do you find they often outperform you?
- When you lose out on a piece of business, do you understand why? Or are you relying on what your sale people tell you, or assuming it’s “who you know”?
If you can relate to some of the above, then competitive intelligence (CI) could benefit you. Smaller companies may think that CI is out of their league. But it does not have to come through expensive or sophisticated process, using the latest software.
Small companies can collect and use intelligence just as well as larger organisations. You should be interested. And have your competitiveness as a strategic priority.
After all, it is highly likely that your rivals are using Intelligence. And, ultimately against you. And you need a business research firm.
CI can be extremely rewarding for you
Provided you are structured in your approach. Give it the time to develop, and you don’t expect 100% of the picture.
After all, if you need 100% of the information with 100% accuracy, you don’t need a CI consultant.
You need a historian. What is clear is that, given the increasing competitiveness of the legal marketplace. The concept of CI will increase significantly over the next decade. What is also clear that if you do not get CI and make it a strategic priority, it will not be long before your rivals do.
CI should be an intrinsic part of all levels of your business, from partners to trainees. HR to the reception desk, informing your business plan, mission statement and all areas of decision-making.
Used effectively, CI can prevent the unwelcome surprises sprung by the actions of the competition that no one expects. But could have seen coming if they were looking properly.
It is not difficult to set up a CI function of any size and budget.
This article was called measuring Competitive Intelligence success.