How could you durably make the difference without setting up complete intelligence system to monitor present and future competitors? As you, your competitors are constantly trying to innovate. So, it’s better to try knowing as soon as possible projects they’re working on with performant competitive intelligence tools.
Competitive intelligence improves company’s competitiveness
Competitive intelligence tools are helpful for your company’s strategy
In our ultra-competitive markets, the key is to make the difference. Whether in the innovation race or via collaborative work of internal resources, all companies aim to propose better products and services than their competitors.
Therefore, competitive intelligence is helpful for a lot of departments: by monitoring your main competitors, you secure getting real-time information as well as weak signals.
Follow your competitors’ new offers, their business model and how they share information to your targeted markets
Identify sooner on what your competitors are working on (new prospects, partnerships…) and where their problems are (such as stocks out…)
Be warned of products, innovations, researches or registered patents by your competitors and share these on a documentary platform
If we want to differentiate ourselves in our modern economy, it’s better to stay ahead on the market, anticipate our customers’ expectations to do better than our competitors. For this purpose, the 1st step is to look around and make sure that we are fully informed in real time about all activities of our existing and upcoming competitors…
Competitive intelligence is an essential part of Strategic & Market intelligence . Once the watch is set in the company, it’s easier to anticipate threats from your competitors and take market opportunities which are not covered by competitors.
Competitive intelligence allows time and money savings such as not launching a new product if it’s not « really new » or if you have uncontrolled your competitor’s similar products.
But Competitive intelligence can take too much time. So, to set your Intelligence platform efficiently, it’s important to follow some tips:
How to have a good Competitive Intelligence strategy?
Having a good competitive strategy is a permanent and virtuous process that can reached by following these 3 golden rules:
Define your goals and your main competitors
There is no point in starting your competitive intelligence process by watching everything and now.
You may start by identifying the information you need (your goals), who in the company need to know and why?
Then, you need to select your main competitors to start to exploit the first results.
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Watch your market to identify the new entrants
The watch will have to be set on the market to not miss new competitors. The later they are identified, the riskier it is for the company. Whereas if you anticipate their work and their first customers, all your involved teams can take the lead to adapt quickly.
Involve your collaborators for a more competitive intelligence
Competitive intelligence and accurate data can be helpful to a lot of people in the company, but these persons have some information that could be also useful to the staff in charge of the watch to improve automatic monitoring.
So, the staff in charge of competitive intelligence not only has to diffuse the results, he also has to deal with the recipients to get their feedback and improve his results.
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