Sources of your competitive intelligence


As one explores business or competitive intelligence there is a consistent picture that most businesses are quite unsophisticated when it comes to this skill. Research from the SCIP and Macquarie University confirm this is the case, particularly for small to medium- sized businesses which often rely on a small circle of trusted contacts, magazines or newspapers to grow their view of the marketplace .

So what can you do? Depending on your time, desire and motivation there are many sources of building your capabilities in competitive intelligence. The great news is that much of what you need is free and in the public domain, in the form of reports and studies. Then there is a host of software tools that can help you to understand your business, while also providing database access, literature searches and analysis.

So, let us summarize some of the sources of competitive intelligence, ranging from simple access to government and industry web sites in the public domain, to holding private conversations with competitors .

Public domain

Irrespective of your type of business there is business intelligence information that can help you. Examples include, in alphabetical order:

  • development applications for buildings and extensions to sites

  • directories, including books like The Almanac of Business and Industrial Ratios and web resources. Examples: www.thomasregister.com, www.rba.co.uk/sources/index.htm and Dow Jones Interactive Web Center at www.dowjones.com

  • market research companies “ including consumer perceptions, retail outlets information, brand and distribution, sales, customer satisfaction, mystery shopping, product image and service quality assessment

  • patent, trade mark and intellectual property information

  • public information from businesses themselves “ for example, company brochures , annual reports, company accounts, catalogues, buying directories, house journals and newsletters, news releases, web pages, executive speeches, information from trade shows

  • reports “ securities and exchange agencies, federal, state and local government, business councils, chambers of commerce, investment companies (Merrill Lynch), rating services companies (Moody s), credit reports (Dun and Bradstreet), professional or industry associations, professional publications, business newspapers, local community publications , market research reports, university reports and lobby or pressure groups

  • World Wide Web “ discussion groups, portals and corporate attack sites.

In undertaking competitive intelligence in the public domain you may soon discover that much of the information you need already exists internally, particularly if you belong to a medium to large business. So carry out a competitive intelligence audit of your internal sources of competitive intelligence to ensure you are not reinventing the wheel. You will most likely be surprised at how much useful data is actually lying around gathering dust in the form of printed reports, computer files and other studies.

Also with the emergence of search engines on the Internet your searching of public information has become so much easier. However, be careful, as much of what is on the Internet is often lacking independent review and credibility. In some cases you may decide to pay to get the best and most reliable information. Here fee paid services are increasingly being provided by organizations such as Reuters, Associated Press, Dun and Bradstreet and AC Nielson, to name a few.

Private domain

Having explored the public domain you must also seriously consider holding conversations with those people who can give you the most precise and powerful intelligence on your marketplace or business.

In this case talking to staff, customers and contacts in the field is a prime example. Often this form of intelligence is not on public record but their insights can be very useful, to say the least.

Private comments and disclosures can come from a variety of sources. Within your business you may have people who can help you. However, realize from the start that a person s opinion can be prone to error, so tread carefully . To gain the best value from this know-how you will need careful training, briefing and reporting systems.

Ethics are very important here and it is my strong recommendation to avoid theft, bribery or misrepresentation. For example, how would you approach a person who is now working with you, who in the past worked for a competitor? How would you frame the conversation so it is ethical, lawful and will not cause harm or compromise the person? In this regard, you may revisit the code of practice from the SCIP and the ˜gut test detailed in the Introduction to this book. This will help your business respond better to any ethical dilemmas you may face.

Typically the most accurate sources of private domain knowledge are employees , suppliers or customers working within the business under study. The key here is to ensure that the conversation is not threatening and does not place them in a difficult position. So be transparent, keep it simple and do not ask for highly confidential and precise information. People often will reveal vital information that is not seen as confidential, particularly when they feel the exchange is one of mutual benefit. Better to have your contacts giving approximations and generalizations than forcing unlawful disclosures. It goes without saying to be prepared in advance, this form of intelligence gathering takes tremendous skill and practice to perfect.

Other sources of external private domain research could involve contacting journalists , ex-employees, other players in the marketplace such as competitors and consultants , and many of the people who are listed in the public domain categories, for example professional associations and market research companies.




Winning the Knowledge Game. Smarter Learning for Business Excellence
Winning the Knowledge Game. Smarter Learning for Business Excellence
ISBN: 750658096
EAN: N/A
Year: 2003
Pages: 129

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