Competitive Intelligence 101
One of the more important aspects of leading a competent marketing effort is knowing what competitors are doing. Linda offers a list of the wheres and hows of research.
Understanding what your competitors are doing NOW and where they are HEADED is what Competitive Intelligence is all about!
From the smallest of businesses running from a home based office, or even from your laptop at Starbucks, to the largest corporate giants in the world, Competitive Intelligence IS A MUST! This data should be used as the driving force for your Advertising, Marketing, Pricing, Management Planning, Mergers and Acquisitions, R & D (Research and Development) and of course your Trade Show selection and Trade Show activities!
So where do you find information about your competitors?
The opportunities to find data about your competition are somewhat endless, you just need to make a conscious effort to actually be looking for it; once you do that you'll start finding information EVERYWHERE! Here are some examples of where to start your search!
- Company Websites
- Press Releases
- Government Filings
- Financial Analysts
- Employment Ads
- TRADE SHOWS
- Meetings
- Conferences
- Panel Sessions
- Reps & Distributors
- Former Employees
- Web Search
- Portals
- Search Engines
- Industry Analysts
- Suppliers
- Partners
- Networking
- Sales Force
- Media Articles
- Customer Interviews
- Customer Surveys
How do you begin your strategy?
- Research and Determine your TOP 3-5 competitors
- Record the information you already know about them
- Determine the Additional Information you will need to collect
- Document the information you collect
- Determine WHO will be tasked to collect this information internally, or if you will hire an outside agency
What information should you be looking for?
- Products/Services
- Features
- Sales/Marketing
- Sales Representatives
- Support (if Applicable)
- Strengths (List all known)
- Weaknesses (List all known)
- Company
- Financial
About the Author
Linda Musgrove
Linda is President of the Miami based Trade Show Training & Consulting firm, TradeShow Teacher, catering to businesses nationwide.
She has taught many companies over the years how to improve their trade show results through educational "Trade Show Tutoring" programs for individuals, departments or entire teams; and with the Trade Show Training Manual she authored, titled: Trade Show Training, for Increased Return On Investment.
To learn more about Linda Musgrove, and how her services can benefit your business please visit her website at tsteacher.com
