Competitive Intelligence

The main function of Competitive Intelligence is to acquire a profound knowledge of the competitive environment in which the company is operating.

This knowledge includes not only the activities of existing competitors (marketing strategy, price points, etc.) but also all other aspects of the competitive environment. This would include, among other things:

• New technologies that may impact your industry (these may impact the manufacture and assembly of products, marketing and communications, distribution, etc.)
• Public opinion of a specific industry or product category
• Legislation impacting the manufacture and sales of products, including safety standards
• Scarcity of specific raw materials or the development of new materials

Competitive Intelligence must become the repository of knowledge that can provide decision-makers with the context of what has occurred in the past, insights into what is currently impacting the company and industry and the prescience to understand and anticipate what will take place in the future, short-term, mid-term and long-term.

In short, Competitive Intelligence must be the guiding light to help keep the client company one step ahead of the competition and the industry as a whole.

This can only be achieved by developing into an independent function answerable only to senior management, and not a sub-category within the Marketing and Sales department.

Future Articles:

• Information gathering and analysis
• Networking