Do You Compete Intelligently?

Companies that practice Competitive Intelligence will win the marketplace battle.

They will be more flexible to changing market conditions, able to leverage the knowledge they gain into successful strategies and operating tactics. Ultimately they will be the companies that gain competitive advantage.

What is Competitive Intelligence (CI) and why is it important?

CI is the use of public sources to locate and develop an information database that you can then transform into information to be analyzed and used to develop actionable strategies for your business. The CI you develop will have a positive impact on your business strategy, tactics and operations. Whether you are developing viable corporate strategies, creating new products and services, entering new markets, considering a merger or acquisition, or charting a course of action to improve profits, having timely, relevant information is critical to effective decision making and the marketing-planning process.

The first step in implementing a Competitive Intelligence Program for your company is to start gathering the information you need about your marketplace -- information on your competitors, your customers, your products and services, technology, industry and market segments.

Through the development and implementation of a CI program, your company can obtain early warning on competitive threats and emerging opportunities. That means you will be able to develop proactive strategies that capitalize on your competitors’ weaknesses and your own company’s strengths.

CI takes time and financial resources. It should involve senior management, department managers, sales, customer service, human resources and manufacturing personnel. Large companies have internal CI departments and large budgets. However, even the smallest company can establish an effective CI program by utilizing the Internet and its vast free resources.

To compete intelligently, it is necessary to start out with good old-fashioned market research, the process of collecting, analyzing and reporting information.

Information can be found through primary and secondary research sources.

Secondary Research sources include: written sources (i.e., books, directories, trade publications), MIS Databases, and the Internet. All secondary research information is in the public domain.

Primary Research sources include: Interviews, Surveys, Focus Groups, and Experimental Research. Most primary research is customized.

In practice, the intelligence product is unlikely to be created from perfect input. We cannot truly and accurately predict the future, but we can evaluate the past and extrapolate trends to forecast the future.CI’s real value is to provide managers with the organizational tool to learn what the competitor will do, not what the competitor has already done. From this information, each business unit can develop plans for effective management.

Companies with CI programs have better knowledge of their markets, better cross-functional relation-ships between their business units and a greater ability to develop proactive competitive strategies. Whether a company needs to develop a corporate strategy or a marketing strategy, the first step is to conduct CI— and to continue it as an integral part of the business.

If you are interested in learning about implementing a CI program for your company, you can find information at www.competeintelligently.com's website in their White Paper "Competitive Intelligence Harvesting information to compete and market intelligently."

Compete Intelligently.com is a division of APH Associates, Inc, a consulting company specializing in helping business-to-business clients gain competitive advantage through the implementation of competitive intelligence programs, marketing and strategic sales plan development and sales force structuring and outsourcing. Compete Intelligently.com will design a competitive intelligence program for you on either a project or customized smart Research by-subscription.

If you are interested in this service, contact New Jersey MEP via the fax back form or call 973.998-9801.

Innovative Marketing the Old Fashioned Way
Flemington Pre-cast & Supply

Top of page.     Previous Page.