How do you stack up against your competitors in the marketplace? What unique abilities or systems do you possess that provide you with an advantage over the other players in your industry? In what areas are your competitors outperforming you? To answer these and many other competitive related questions, you need to implement a business intelligence program.
A business intelligence program will assist you in determining customer buying decisions, industry trends, market opportunities, and new ways to showcase your product or service. In short, it allows you to determine your competitive superiority - where you outperform your competitors relative to such areas as quality, customer service, price, distribution, and customer service. In addition, a business intelligence program enables you to uncover areas where you are at a disadvantage relative to your competitors. There are many resources available for launching your intelligence gathering, but every plan should included the following:
- Internet
- Legal
- Industry and Trade Organizations
- Personal Contact
Action Step
Implement a business intelligence program and find out where you really stand in the marketplace.
Evaluating your competitors, especially privately owned companies, is challenging at best. The process can be as simple as securing a Dun & Bradstreet report or as complex as engaging a full-time firm to conduct ongoing research. In light of cost considerations, most firms elect to manage the process themselves. There are a plethora of resources available for intelligence gathering. In the next issue we will look at four key intelligence gathering tools.
Discovery consists of looking at the same thing as everyone else and thinking something different.
- Albert Szent-Gyorgyi
Mark Jordan is Managing Partner of Vercor and President of Capital Strategies, Inc. Mark brings a unique, multi-disciplined approach to the mergers and acquisitions arena by drawing on his advanced tax strategies, estate, and financial markets knowledge. He also holds an MBA, BS in Business Administration, and numerous designations.
