What’s meant by Competitive Intelligence and how to apply it to our business

What’s meant by Competitive Intelligence and how to apply it to our business

As Competitive Intelligence professionals, we are asked What’s meant by Competitive Intelligence and how to apply it to our business. Over the past couple of years, this question has been getting less and less. Especially within major corporations and increasingly middle-market players. And even those who achieved investment 3 to 5 years or so ago have found new major stumbling blocks. Blocks reducing their growth potential long before Covid did its thing to the world.

Questions

So the questions to ask yourself and your teams include:

  1. What are your competitors doing, and how will they react to what we do. Will they respond to your strategy? Observing your competitors’ activities will help you stay ahead of the game. Surveillance will also allow you to respond to what they are doing. Even better, you can anticipate what they are going to do next.
  2. What do you expect them to do in response to your growth strategy? Look for opportunities and threats in their reactions and actions. And once you have a good handle on the situation, you can test their responses. By “leaking” your future “potential” plans. And other stuff like that.
  3. So you are now looking at your competitors, and the next question is, “how will I know something is happening?” Create some triggers which could reveal a competitor doing something. An activity that could be a threat or an opportunity to exploit. The most fundamental triggers could include: If our competitor reduces its price to X, then… If our competitor recruits these sorts of engineers in this region, then…
  4. Moving onto the “then” at the end of the above sentence triggered. What can you do about it? What actions could you take to reduce potential risks and make the most of any opportunity? Preparation and planning allows a rapid and effective response. And the quicker you are, the more rewards you will reap.

Know who they are

So, know who your current and future competitors are. And how they could behave and understand how you will learn more about them? Hopefully, you will have a competitive strategy already. And you are in a great place. Either way, we can help.

Finally

What’s meant by Competitive Intelligence and how to apply it to our business

What’s meant by Competitive Intelligence and how to apply it to our business are questions are questions we still get asked. But over the past few years, it’s becoming less and less — especially within corporations and increasingly middle-market players. We offered five questions to help you see how Competitive Intelligence can be used in your business.

We help you beat your competitors, increase revenue, protect equity investments, reduce uncertainty and risk with Competitive Intelligence & Due Diligence