Competitive Intelligence, Know Thyself Too

Good competitive intelligence can provide a company with a clear view of their position in various markets, and it should help company executives to become more magnanimous. Good competitive intelligence will allow a company to predict their competitors' next moves, exploit their weaknesses, become proactive to disruptions in the marketplace, and successfully launch new products and services. After all, cCompetitive intelligence is the world's second oldest profession, no matter what you're selling, you need traditional knowledge about:

• Pricing
• Customer Views
• Market Share
• Regulations
• Market Culture
• Relationships Across the Market space
• Deal Structure
• Product Distinction
• Disruptive Technology
• Competitors New Product Launch Plans
• M and A opportunities and threats
• Marketing and Advertising Efficacy
• Media Coverage

A company also needs to look inward for threats and opportunities. It's important to know what employees think about market position and products. A company that gathers information from employees about products and markets will find gold in them. But an often overlooked aspect of CI efforts is an internally facing view. It's important to know if you have employees looking to leave, why they are considering jumping ship, and furthermore, where they are looking to go. Your company will benefit also from learning what your employees think of products and services, what they know about the marketplace, their ideas for improving existing offerings and ideas about new products and services. If you have low morale, a high turnover rate, and/or are about to lose key members of your team it could significantly impact your competitive advantage. Let's say that a regional sales rep with key relationships in the mid-Atlantic marketplace suddenly springs his or her two week notice on you, how will you ensure that their market knowledge and key relationships don't disappear with them. Better yet, how do you keep them on board? Knowing your employees is a key piece of competitive intelligence that is often overlooked.

Internal intelligence can be achieved using a variety of methods including personnel file review, interviewing key employees, employee focus groups, and incentives to share ideas and feedback about various practices and products. These methods have a dual positive effect by letting employees know that you care about their feedback and ideas as well as gathering vital intelligence about the overall health of your workforce.

There, of course, are other methods of finding out what your employees are talking about, but do they cause more harm then good? Some companies conduct credit checks, email scans, and general secondary scans for resume postings, blog postings, or other indicators that an employee may be in trouble or looking for other opportunities. The question is, how much do you need to know about your employees to ensure your company's health and at what point does the perception of mistrust make the issue of unhappy employees a self-fulfilling prophecy. Some methods can be toxic, even if they provide some valuable information, they may create more issues than they help to resolve.

I have some thoughts about creating a CI system that organizes intelligence and prompts research in both traditional and internally focused areas based on need. The system would be aligned with company metrics, strategic planning and marketing efforts, and R and D. In my next entry I'll outline this system.