Most of us are familiar with the term market analysis or evaluation but few of us actually think of Competitive Intelligence when we make business decisions. How are we going to market our product or service? Is there a market for it? Who's doing it now, who are they targeting and why? Where are they headed? What niche do we want to specialize in? You can use CI to answer these questions.
Doing Competitive Analysis will enable you to direct your resources in an efficient manner, reducing the risk of loss or misdirection. A misdirected vision of even a few months can be costly to a new striving business or solo professional.
Few smaller companies can afford the services of an Intelligence Consultant and while there would be a learning curve, it's definitely possible to make decisions through a structured model based on research you conducted personally.
Competitive Intelligence requires a different thought process and an open mind. Change your focus - information found through research, in the media or through PR releases should be looked at objectively and not as factual or taken on face value. The first rule is to evaluate the source, then ask yourself if the information is consistent with the other facts you've been able to discern. Start your research without prior judgment and concentrate on gathering facts first - analysis comes later.
Be thoughtful when giving out information on your company. Direct the relay of information to your business purpose and on a "need to know" basis. Especially for those of us that have a trusting nature, realize that business is another world. (Just watch the paranoia factor here - trust is also the basis of a successful business).
Much of your research can be done on the internet and sources are readily available through the Freedom of Information Act. Public companies are easier to research but websites such as "WHOIS" and People Finders allow you to find private business owners. Doing searches on databases with companies or individual names will yield you knowledge you didn't know you would have available to you if you follow the direction the search takes you.
Are you thinking of aligning your business in a joint venture? What do you know about this person or business, the CEO? Do a search and don't limit it to your present industry - information on sites such as Virtual Librarian under the section "Information and Libraries" offer links to sites that might surprise you. Targeting a marketing campaign? Look up contacts on professional directories.
Are you thinking that you can't do this? Think again. I am a nurse. Yes, a nurse! I didn't have a business background but I learned how to do research because I needed information to start my company. The information that I have now has helped me in formulating my vision, having confidence that my decisions are based on strategies that are as informed as my ability will allow.
A few more thoughts on Competitive Intelligence. CI is not business espionage. Information you obtain has to be obtained through honest measures with the intent to help your business, not harm another. If you keep that principle in mind, you will be okay - and avoid the wrath of our federal government!
Copyright 2005 - Gariety Group Consultants. You may reprint this article provided the author bio and link remain intact.
Copyright 2005 - Cathy Gariety formed Gariety Group Consultants after using research to direct her vision. You can too! Watch for more articles on Competitive Intelligence for the solo entrepreneur. She has also developed a program for stress management targeted to the health care industry. Sign up for her Stress Buster newsletter by going to her website at http://www.garietygroup.com
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