Competitive Intelligence – Best Practices

Every successful business at some point or another decides that they would like to expand to improve their products and services outreach to potential customers. There is also a prevailing opinion amongst business owners that if they are not expanding they are actually contracting. One can only look back at companies that were huge in the 1980s and 1990s that are no longer a part of the business landscape. To stay ahead of the curve they may internally look at existing marketing tactics, purchasers’ info and also gather an overall outlook for their projections. Hiring a competitive intelligence consultant may be a strategy to consider so they may have a leg up on the competition.

Perhaps you run a small business and have an competitive intelligence opinion that you just do not have the time to consistently supervise your opponents and your market as you should. Keeping the business afloat is critical to you, and also contracting additional team members that can look into your niche can be the alternative that you are looking for. A competitive intelligence consultant can be essential to effectively teach your inner company workings through an objective perspective. This can be a part of your decision-making process if you really would like to maintain tabs on your competition so that you are simply not mimicking them.

In addition, tasking your existing staff members with developing competitive intelligence for small areas of the overall effort will certainly allow them to think they belong to the inner circle and that their contribution is appreciated. If your company has a sales or marketing division, these staff members are in a position to be the optimal candidates for undertaking this kind of assignment. They are the ones that are in the trenches day by day. In fact, they may also be able to share information with their colleagues that may work at competing firms.

By combining your internal staff with the expertise of the competitive intelligence professional helps a business to figure out strengths, weaknesses, opportunities and threats to be considered in the current marketplace. There should be a general awareness of emerging trends so that your business can be pioneers in introducing this to perspective clients. This also brands the business as a thought leader as they are going above and beyond the status quo to stay competitive and provide a valuable service.