In order to differentiate Competitive Intelligence (CI) from corporate espionage it is important to understand and use the key difference to maximize results: manner in which the data is collected.

1. TOP 12 PRIORITIES FOR
COMPETITIVE INTELLIGENCE
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In order to differentiate Competitive Intelligence (CI) from corporate
espionage it is important to understand and use the key difference to
maximize results: manner in which the data is collected.
By focusing your organizations CI efforts on the core priorities you can
gather as much data as you need to move your company forward, or
keep it from getting left behind.
Keeping a close eye on the competitor is an important backup so that
you don’t get caught off guard and by focusing on these top 12
priorities you can make sure that you have the information when you
need it.
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1. CURRENT COMPETITOR ACTIONS
As the core aspect of your organization`s CI process it is important to
keep an eye on all of the visible data that will give you an idea of what
your competitors are currently doing. By having a process for collecting
and analyzing the data you will get a broad picture of what they are
trying to accomplish.
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2. VENDOR MONITORING
The possibilities exist that a customer or vendor can easily move along
the value chain and bypass your product or service. When there is
opportunity and the company or individual is poised to capitalize they
may decide to alter their operations in such a way that affects your
bottom line. By actively monitoring this as a possible occurrence you
can capitalize on their movement in the value chain; or at the very least
minimize the damage.
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3. PERFORMANCE COMPARISON
Analyzing your company in comparison to the competition will reveal
certain advantages and shortcomings that exist. By monitoring and
comparing you allow your organization to maximize the advantages and
close the distance on the deficiencies.
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4. STRATEGIC FUTURE POSSIBILITIES
Having data on your competitors allows you to plan for future scenarios,
and try to predict any big changes that might occur. Knowing this
information can make the crucial difference at some point in the future.
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5. SALES AND MARKETING SUPPORT
Knowing your competitors strengths and weaknesses will help your
sales force win more business and increase the competitive moat
around their existing clients.
It is important to make sure that you poll your own sales and marketing
weaknesses and strengths as seen by clients or the public, so that you
can adjust as necessary.
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6. INTERNAL KNOWLEDGE COLLABORATION
Most of the information about various competitors can be gathered
internally from your own staff.
By using this knowledge to compliment all of your other CI you can fill in
the gaps that might be hard to fill.
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7. IP EXPLOITATION
Intellectual property can be the determining factor between
competitors and needs to be protected within your business, while legal
forms of exploitation are utilized.
Having the CI available makes this process feasible and could be the
factor that keeps your organization in business.
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8. MARKETING AND ADVERTISING ALLIANCES
Knowing your competitors or business partners’ access to marketing
and advertising channels can go a long way when you need to get a
message out and using CI to keep this information relevant will ensure
that you have access to these channels when you require them.
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9. LONG-TERM PROSPECTS
The core competence of a business can change over the years as
profitability is the key to survival.
Keeping an eye on the trends and prospects needs will allow you to
predict and adapt as necessary.
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10. INFORMATION SECURITY
Making sure that you have a process in place to prevent secret
information and manage the intelligence that you freely provide to your
competitors is important for business success.
Preventing a breach is much less costly than cleaning up after an
incident.
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11. LEGISLATIVE IMPACTS
Forming a partnership with a competitor that allows both you and your
competitor to stay in business may be necessary from time to time to
thwart or alter the regulatory claims.
Where legal, these strategic partnerships are only available when you
have sufficient CI to propose the solution.
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12. CONSULTATIVE BRIEFINGS
Making sure that all of your key decision makers have access to the CI
when and where its most effective, is one of the most important
aspects of gathering CI.
Keeping regular briefings will allow them to stay in the loop and have
access to the information when they need to make a decision.
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15. For additional information about Competitive Intelligence
please visit www.Intelligence2act.com