by Graeme Dixon for Chartered Management Institute, April 27th, 2011.
Your industry is changing rapidly and a robust Competitive Intelligence effort should be conducted on an ongoing basis.
Competitive Intelligence is a vital tool when dealing with Business Development, Scenario Planning, Mergers and Acquisitions, Intellectual Property, Corporate Governance, recruitment and strategic business wide long term decisions. Drilling down to greater detail:
Your Competitors Product or Service
One of the simplest tasks Competitive Intelligence can perform is to take a look at your competitor’s service provision. Buy their service (or get a Competitive Intelligence Firm to do it for you) and see how it works.
* How is it put together?
* How was it priced?
* What was the quality of their product/service?
* What was the after sales support like?
* How did the sales team deal with you?
* What were the Terms of Business?
* How were you treated in reception?
By putting yourself in their shoes and answering these and other questions you can define your competitor’s strengths and weakness. From here you can replicate their best ideas, incorporating strengths and look to exploit the weaknesses. (continue reading… )