What Competitive Intelligence Projects to Do First?
This article asks the question, what Competitive Intelligence projects should be done first? Your people may know their marketplace and their customers, but all the invaluable information could go to waste if you don’t collect and collate it effectively. So, how can Competitive Intelligence be beneficial to you?
- 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? And you know very little about them?
- Do you struggle to compete with your rival’s moves? Are you sometimes surprised by their actions? And do you find they often outperform you?
- When you lose a piece of business, do you understand why? Are you relying on what your salespeople tell you? Are you assuming it’s “who you know”?
It’s not out of your league
If you can relate to some of the above, then Competitive Intelligence could benefit you. Smaller companies may think that Competitive Intelligence is out of their league. However, it does not have to go through an expensive process using the latest software. Small companies can collect and use intelligence just as well as larger organisations. Some companies look at their competitors’ commitment to Competitive Intelligence.
But that is not enough
You should be interested and have your competitiveness as a strategic priority. After all, it is highly likely that your rivals are utilising intelligence activities. Ultimately, against you. CI can be extremely rewarding for you. Provided you are structured in your approach, give it the time to develop, and you do not expect 100% of the picture. After all, you don’t need a CI consultant if you need 100% of the information with 100% accuracy. You need a historian.
Given the increasingly competitive marketplace, the use of Competitive Intelligence will increase. It’s clear that if you don’t get Competitive Intelligence, what can do for you? Make it a strategic priority; it will not be long before your rivals do.
Competitive Intelligence should be an intrinsic part of all levels of your business. From partners to trainees, Directors to assistants. HR to the reception desk. Inform your business plan, mission statement, and all areas of decision-making. When used effectively, competitive intelligence can prevent unwelcome surprises. Sprung by the actions of the competition that no one expects. But could have seen coming if they were looking in the right place.
What Competitive Intelligence projects to do first?
It’s not difficult to set up a Competitive Intelligence function of any size and budget. How much will you spend in time and money to reduce the risks that an unwelcome surprise can bring? This article asked the question, what Competitive Intelligence projects to do first?
We are Octopus. The Global People-Powered Competitive Intelligence Agency.
Outsmart your competition. Make the unknown known. Octopus helps you gain clarity in complex markets. With clients and tentacles around the world, we deliver sharp, actionable competitive intelligence through a blend of deep primary (HUMINT) and secondary research. If you’re looking to make smarter decisions, beat the competition, and reduce uncertainty, we’re the partner you want on your side.
