Competitive intelligence

By Parmelee Eastman via smartblog.com Article

“Most of the information you need about your competitors already exists within your organization. …

  • Your sales staff knows which competitors are the most aggressive, what solutions are being offered, what their marketing messages are, and whether they sell direct or through channels.
  • Your purchasing managers know what supplies have been easier or harder recently to obtain because of demand from competition or supply variations.
  • Your human resources people know which rivals are hiring and for which positions. They hear from candidates.

You’ll need to develop a “competitive information road map,” an outline of the information needed about your rivals and who might have the information. … Once you have interviewed each staff person, you will then know what information is lacking.  Ask your customers, your suppliers or other knowledgeable people in your network to help you fill those gaps. …

You or someone in your firm should be collecting, analyzing and disseminating competitive intelligence on a continuing basis. …

You’ll make better decisions on the four Ps of marketing (product, pricing, placement and promotion) on existing products with the insight gleamed from your customers and about your competitors. And, your path to attractive future products will be much clearer.”

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