How to use Competitive Intelligence?


In a world in which knowledge is power, what you don't know can hurt you. The good news: It's not so hard to find out what your rivals are up to. Some savvy (and perfectly legal) snooping - otherwise known as competitive intelligence - can drive your strategy, soothe your fears about the future, and give your company a competitive edge.

Competitive Intelligence can really help to give you greater insight into your market place, deeper competitor understanding and ultimately help you to make vital decisions – the right vital decisions that is.

If your company or organization does have a competitive intelligence department, you have to be very careful that everybody doesn’t get a bit carried away with it all. After all, we’re only human and some snippets of information which can be disguised as competitive intelligence are actually nothing more than an interesting bit of gossip which, in real terms, does your company no good whatsoever.

Effectively distributing the useful competitive intelligence (not gossip, that distributes itself well enough) can be another stumbling block. Some companies find that a regular email or newsletter is sufficient to keep all relevant departments up to speed on the latest developments, others find the need to include it in their management meetings, or both. It really does depend on you, your organization and your staff.

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