Competitive Intelligence
April 20, 2010Gathering information from competitors is an old strategy, but is still used today. Bigger companies often have entire departments dedicated to Competitive Intelligence, but watching what your competitors are doing is just as important to small business.
Who Are Your Competitors?
First, you should identify your competitors. A recent article in Inc. suggests that you do not follow more than 5, otherwise you will feel overwhelmed. Once you identify them, focus on what matters. What are their goals? What kind of services do they offer that your business doesn’t?
Gathering Information
Keep up with news related to your industry and take note of any names mentioned any why. A good way to keep tabs on this is to subscribe to trade publications or use Google Alerts. With Google Alerts, you set up Google to notify you via email of news stories and blog posts using certain keywords. Local newspapers can also be helpful. Another useful tool is Fagan Finder. Simply enter your competitors URL into the search box and you will learn about their networks, suppliers, customers and which directories they are listed. Watch That Page is also helpful. You can use this website to track any changes made to competitor sites.
Using the Information
Setting up a repository for this information that any department can access would be helpful. Let’s just say the marketing department has a brainstorming session coming up and they need some ideas on new service offerings. They can check the competitor information to see what others are offering and if it would make sense for your business. Periodically, executives can analyze the data and use it to make decisions for their business.