Business Intelligence or Spying on Your Competition
Spying. The word conjures up images of hidden cameras, microphones and James Bond. In business this sort of thing does happen. Employees sell trade secrets, spies dig through dumpster and hackers break into computer networks. But for most businesses, all that is Hollywood.
What isn't Hollywood is all businesses should know their market position. To know this one has to have information about the competition, something many competitors will not give out freely. But no need to call Mr. Bond just yet.
Most of the information you need is available but you just need a way to access it. You also have to know clearly what information is of interest. Once you know what is needed you can develop a plan.
Search the Internet first and look at what is public knowledge. You may find all or part of what you need online.
Next, if you are on speaking terms with your competitors, you might just ask them what you need to know. Take them to lunch. If you are a nice and pleasant person you may instill confidence and make staff relaxed.
You might try the telephone. The phone is a great way to find specific information quickly. Additionally, many employees will freely tell you whatever you want to know. Learn from this and make sure your people don't dish out confidential information. Make sure you know what your people are saying.
Build your intelligence over time. You will be amazed at what you can learn in several months. You will also be amazed at how quickly information can become obsolete.
If you are looking at a competitor's strategy, it is relatively easy to take the pieces and come up with a strategic plan. Keys to service are pricing and service quality.
Keep anything that is printed for future reference.
Look for process; how they answer the phone, how do their people approach a prospect, what kind of computer technologies do they have in place.
And finally, practice, practice and practice. Business intelligence does not have to be a cloak and dagger affair. Most information is readily available for the taking.
What you don't know can potentially beat you. Forewarned is forearmed.
Jack D. Deal
