1. Five Steps to Improve Your Competitive Intelligence
By Sue Duris
Business is changing from one moment to the next. So is your competition. How do
you keep up with your competition? How do you get the scoop on them and use it
effectively in product development and brand management? Is calling the competitor
in the guise of a potential customer the answer?
This is why Competitive Intelligence (CI) is so very important. There are many ways
to track companies and trends. Sure, you can use the old stand bys. But, also think
outside the box when obtaining information. The good news is that most information
is free. Implementing the following tactics will help you gain valuable information on
your competition and help you shine in the eyes of senior management.
1. Create a CI plan. Create a plan (objective, strategies and tactics) and a road
map to manage your CI efforts.
2. Take Competitive Intelligence outside of Product Management. Did you know
that your own company already has some of the best experts on your
competition and industry trends? Enlist the help of your sales, customer
service, field operations teams, as well as other employees to give you the
scoop. This provides you with a 1-2-3 punch: first, you obtain information that
will help your product development and corporate objective achievement
efforts; second, you are developing additional relationships inside your
company; and third, you are developing credibility and seen as adding value
to your company.
3. Be creative with external tactics. We discussed not overlooking your internal
sources in #2 above. Now, it’s time to turn to external sources. To get an
effective and quick leg up on your competition, you need to think outside the
box to develop creative ways to obtain information. Try these ideas…
- Don’t forget the old stand bys such as speaking with analyst and media
contacts; signing up for free products, such as downloads, that your
competitor offers; researching business sites such as Hoovers,
BusinessWeek, Dun and Bradstreet, etc.; directly contacting your competition
(but don’t overpush the envelope here – remember your ethics, which we
discuss below); etc.

2. - Leverage the Internet in your competitive intelligence efforts as much
as you can. To be creative, manipulate the data in as many ways as
possible. This includes
i. Researching companies’ entire web sites to understand their product lines,
corporate goals, positioning strategies, etc.
ii. Conducting competitor research using search engines such as Google or
directories such as Yahoo or The Open Directory Project (dmoz.org)
iii. Using discussion lists and web forums to gain knowledge
iv. Research industry trade associations, publications, portals, and news feeds
v. Looking at job search sites for hiring habits, wording in job descriptions, etc.
- Survey prospects, customers, vendors, and other key constituencies about
your competitors.
- Look at local news and information sources to research your
competition.
- Conduct CI at trade shows. This includes speaking with competitors,
attending sessions presented by your competitors, viewing competitor
product demos, etc.
There are so many different ideas you can try. Look into web sites dealing
with CI, such as Competia (http://www.competia.com), and the Society of
Competitive Intelligence Professionals (http://www.scip.org).
4. Develop a Competitive Intelligence Matrix. After you have conducted your
research, create a matrix listing the information you uncovered (click here to
view our sample template). It would be a good idea to publish this information
on your Intranet site or a directory on your network devoted to CI for all
employees to see because not only is this information useful to Marketing,
but your Sales, Customer Service and Executives will benefit from it as well.
In addition, you might uncover additional employees with information on your
competitors.
Overall, through this exercise, you will be able to determine your weaknesses
and strengths, identify potential new opportunities, and use the CI information
to better position yourself in the marketplace.
5. As the CI lead, you must act responsibly, legally, and ethically. Fuld &
Company, the godfather of CI, has come up with their “Ten Commandments
of Legal and Ethical Intelligence Gathering”
1. Thou shalt not lie when representing thyself.
2. Thou shalt observe thy company's legal guidelines as set forth
by the legal department.
3. Thou shalt not tape-record a conversation.

3. 4. Thou shalt not bribe.
5. Thou shalt not plant eavesdropping devices.
6. Thou shalt not deliberately mislead anyone in an interview.
7. Thou shalt neither obtain from nor give price information to thy
competitor.
8. Thou shalt not swap misinformation.
9. Thou shalt not steal a trade secret (or steal employees away in
hopes of learning a trade secret).
10. Thou shalt not knowingly press someone for information if it
may jeopardize that person's job or reputation.
Planning, thinking outside the box, remembering to leverage your internal and
external sources as much as possible, and acting responsibly will enable you to
create and manage an effective CI program. As a result, you will build credibility
inside your organization and out.
Sue Duris is President of M4 Communications, Inc. The Pittsburgh, PA-based firm helps
high-tech companies implement product and marketing strategies to reach the right target
markets. She may be reached at sduris@m4communications.com
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This article is brought to you by Sequent Learning Networks in the interest of furthering professional
development for product management, developing, and marketing practitioners. Contact Sequent Learning
Networks at www.sequentlearning.com or at 212-647-9100.