Competitive Intelligence System - Easy to Implement

A competitive review is "not" something to do once or twice a year. Develop an easy to implement system that enables you to consider implications of your competitive landcape on a regular basis. This will enable you to include a solid base of competitive understanding as part of the decisions you make everyday.

List of Competitors - Create an initial list of who you view as your competitors. Consider the following when creating the list:

• Incumbents
• New Entrants
• Substitute Products & Services
• Suppliers/Other Value Chain Players and any Stakeholders who may influence your company and your business model 
• Create a competitive profile identifying the types of info important to you about your competition 

Identify Key Competitors - Prioritize your competitors by customer segment.

Monthly Review - Competitor of The Month - Each month focus on a specific competitor. Assign 1 person with the responsibility for the "Competitor of The Month." Have them provide you their thoughts for the following question about their assigned competitor:

• What are their 3 greatest strengths? 
• What are their 3 greatest weaknesses? 
• How are they different than your company? 
• Who are their key customers? 
• Who are their key employees? 
• Are they growing? 
• Are they failing? 
• What/how much influence are they having on your customer segments, revenue streams, margins and why? 
• What obstacles are they creating for you in getting and keeping customers?
• What actions should you be taking, by whom and when?

Assessing the competitive landscape is not just the marketing department's job. It is something that can be easily be built into your regular business building habits. By focusing on 1 competitor each month, you will integrate a more in depth understanding that you can take action on to help you "Get and Keep Customers."


 

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