FEBRUARY 2020 / NO. 2
TAGS: COMPANY APPROVED INFORMATION, COMPETITIVE INTELLIGENCE
Do you really know what your Competitor is up to?
“Competitive Intelligence should be viewed as a crucial element when building a business strategy”
“The key is to identify challenges, advantages, and white spaces to build a strategy that creates competitive differentiation”
Forbes Magazine January 2020
We welcome this publication in Forbes Magazine explaining that’s impossible to differentiate yourself as company from competitors without in-depth visibility into their activities. Building a strategy without competitive intelligence is like planning a road trip without a map. Understanding competitive motivations and behaviors helps to shape product development, pricing, brand positioning, innovation, business development and beyond. Competitive landscapes become extremely dynamic and this makes it imperative for companies to get the higher-quality insights and especially foresight.
Beyond web searches
With web searches companies can find out what competitors are doing publicly and what they have done in the past. Web searches can uncover potential product announcements as well as customer feedback. However, web searches often yield just ‘company approved information’ that only projects strenghts. It’s about revenues, market share, new product and services launches, and other visible competitive aspects at the ‘top of the iceberg’.
The real threats in the competitive arena are not visual and are below the waterline of the iceberg. This implies deep dives beyond data, information and knowledge, beyond Google and beyond the obvious. Competitive Intelligence is created by people using structured strategy & analysis tools with the aim to take future-based courses of action, including collateral damage analysis of intended decisions to be made. If your company wants to avoid gut feeling, guessing, eliminate perilous tactics, making the wrong strategic decisions and wants to prevail becoming echo chambers for inaccurate and incomplete data, information and knowledge you should adapt to competitive intelligence.
“Building a strategy without competitive intelligence is like planning a roadtrip without a map” , Forbes Magazine, January 2020
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