Top 12 priorities for competitive intelligence

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TOP 12 PRIORITIES FOR COMPETITIVE INTELLIGENCE For additional information about Competitive Intelligence please visit www.Intelligence2act.com

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In order to differentiate Competitive Intelligence (CI) from corporate espionage it is important to understand and use the key difference to maximize results: manner in which the data is collected.

Transcript of Top 12 priorities for competitive intelligence

Page 1: Top 12 priorities for competitive intelligence

TOP 12 PRIORITIES FOR COMPETITIVE INTELLIGENCE

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For additional information about Competitive Intelligence please visit www.Intelligence2act.com

Page 2: Top 12 priorities for competitive intelligence

www.Intelligence2act.com

In order to differentiate Competitive Intelligence (CI) from corporate espionage it is important to understand and use the key difference to maximize results: manner in which the data is collected.

By focusing your organizations CI efforts on the core priorities you can gather as much data as you need to move your company forward, or keep it from getting left behind.

Keeping a close eye on the competitor is an important backup so that you don’t get caught off guard and by focusing on these top 12 priorities you can make sure that you have the information when you need it.

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1. CURRENT COMPETITOR ACTIONS As the core aspect of your organization`s CI process it is important to keep an eye on all of the visible data that will give you an idea of what your competitors are currently doing. By having a process for collecting and analyzing the data you will get a broad picture of what they are trying to accomplish.

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2. VENDOR MONITORING The possibilities exist that a customer or vendor can easily move along the value chain and bypass your product or service. When there is opportunity and the company or individual is poised to capitalize they may decide to alter their operations in such a way that affects your bottom line. By actively monitoring this as a possible occurrence you can capitalize on their movement in the value chain; or at the very least minimize the damage.

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3. PERFORMANCE COMPARISON Analyzing your company in comparison to the competition will reveal certain advantages and shortcomings that exist. By monitoring and comparing you allow your organization to maximize the advantages and close the distance on the deficiencies.

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4. STRATEGIC FUTURE POSSIBILITIES Having data on your competitors allows you to plan for future scenarios, and try to predict any big changes that might occur. Knowing this information can make the crucial difference at some point in the future.

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5. SALES AND MARKETING SUPPORT Knowing your competitors strengths and weaknesses will help your sales force win more business and increase the competitive moat around their existing clients.

It is important to make sure that you poll your own sales and marketing weaknesses and strengths as seen by clients or the public, so that you can adjust as necessary.

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6. INTERNAL KNOWLEDGE COLLABORATION Most of the information about various competitors can be gathered internally from your own staff.

By using this knowledge to compliment all of your other CI you can fill in the gaps that might be hard to fill.

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7. IP EXPLOITATION Intellectual property can be the determining factor between competitors and needs to be protected within your business, while legal forms of exploitation are utilized.

Having the CI available makes this process feasible and could be the factor that keeps your organization in business.

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8. MARKETING AND ADVERTISING ALLIANCES Knowing your competitors or business partners’ access to marketing and advertising channels can go a long way when you need to get a message out and using CI to keep this information relevant will ensure that you have access to these channels when you require them.

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9. LONG-TERM PROSPECTS The core competence of a business can change over the years as profitability is the key to survival.

Keeping an eye on the trends and prospects needs will allow you to predict and adapt as necessary.

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10. INFORMATION SECURITY Making sure that you have a process in place to prevent secret information and manage the intelligence that you freely provide to your competitors is important for business success.

Preventing a breach is much less costly than cleaning up after an incident.

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11. LEGISLATIVE IMPACTS Forming a partnership with a competitor that allows both you and your competitor to stay in business may be necessary from time to time to thwart or alter the regulatory claims.

Where legal, these strategic partnerships are only available when you have sufficient CI to propose the solution.

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12. CONSULTATIVE BRIEFINGS Making sure that all of your key decision makers have access to the CI when and where its most effective, is one of the most important aspects of gathering CI.

Keeping regular briefings will allow them to stay in the loop and have access to the information when they need to make a decision.

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For additional information about Competitive Intelligence please visit www.Intelligence2act.com