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Developing CI Strategies
When conducting a competitive review, there can be several
intelligence topics to be explored, an exorbitant amount of information and
sources available and the end users may become overwhelmed if there is not
a primary focus to your research. Initiating a competitive review
requires one mandatory step. The direct need for the competitive review
needs to be defined - what specific questions are to be answered to serve
the needs of decision makers? If this is not done, the CI effort may
prove to be worthless. Successful Competitive Intelligence requires
acquisition, analysis and interpretation of information to meet the needs
of the decision maker. Always formulate the CI objectives first.
Presentations
1)
Introduction to Competitive Intelligence
Click
here to view a brief introductory presentation on Competitive Intelligence.
2) Conducting a Competitive Review
Click here to view a
presentation on the steps used in the review.
3) Analyzing
Competitive Forces Using Michael Porter's "Five Forces"
Analysis
Introduction to Michael Porter's Five Forces Analysis
4) Preparing a S.W.O.T. Analysis
Click here to view a brief
introductory presentation on preparing a Strengths, Weaknesses,
Opportunities and Threats (SWOT) Analysis - which is a great foundation for
Competitive Intelligence Activities.
NOTE: These presentations are in PowerPoint. If you do not have
PowerPoint installed on your computer click here to download a free PowerPoint Viewer
from MicroSoft.
There are 6 Steps in the
Basic CI Process
- Planning – at the
strategic, tactical and operational levels. CI coordination and
integration is key. Learn More>
- Identification and
classification of competitors – current and future potential
competitors. Learn More>
- Define Intelligence
Requirements - focusing on needs (vs. wants) and a specific outcome
you want to achieve. Learn More>
- Determine how your
results will be credible, trustworthy and actionable by decision
makers.
- Develop a systematic
intelligence collection and analysis capability then gather
intelligence developing competitor profiles with
"apples-to-apples" comparative benchmarks.
- Establish two way
communications between the CI analyst and the users of the information.
Disseminate and explain findings and make necessary adjustments to
intelligence requirements and begin Step 3 again.
Then, by defining the needs of the research, the competitive
review strategy can then be structured. Depending on the needs, some strategies
and tactics may entail:
- Operational review: A review of the
organization's operations to determine what is actually known about
the competitors; their people, their operations, strengths,
weaknesses, opportunities and threats.
- Products and Services
Review: Determination of a company's products,
services, points of differentiation, pricing, benefits, features,
methods of production and distribution.
- Alliances: Research into
partnerships, vendors, technology solutions, and platforms.
- Competitor Matrix: Development of a
list of companies with products and capabilities in the same industry
sector containing similar attributes. Consider applying the Market
Effectiveness Capabilities Assessment (MECA) methodology developed by
Jean-Claude Larreche in his Competitive Fitness of Global Firms
initiative at INSEAD.
Learn More>
- Compilation of
surveys/overviews of trends: Interact with marketing and sales
people to obtain their views.
- Acquisition of
facts:
figures and financial data.
- On-site observations
- Analysis and
recommendations: the most important steps!
Download
a Whitepaper entitled: "Using Sales and Marketing Intelligence to
Improve Performance".
Words of Wisdom
"Plans
are nothing; planning is everything."-
Dwight D. Eisenhower
If
you have any suggestions, comments or questions, please contact The Competitive Intelligence Center.
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