Competing for business can seem like a fierce battle, and the odds of success may appear to be insurmountable. However, all is not lost.
There is a weapon that you can use in this battlefield, and it’s commonly known as competitive intelligence (CI). This new weapon is defined as the ethical gathering and analysis of competitor, market and customer information from open sources. It can be the key to leveling the battlefield.
The analysis that you gather from CI is used to make strategic decisions. It can be likened to a study that provides inside information about your competitors and your clientele. It is often the difference between a competition and a victory.
The survival of your organization may depend on the acquired knowledge about both your prospects and your competitors. In recent years, the transparency of public sector procurement has increased. Use this information to understand your clients. Companies that can demonstrate a true understanding of a client’s needs will be the victors. Embedding competitive intelligence as part of your core management process is essential for your company’s survival and growth.
You can make CI part of your business operations by creating profiles of both your target clients and your key competitors. You can begin by compiling data from your competitors. You can find most of the data from their websites. You should also identify your own strengths and weaknesses to improve your ability to compete.
Best Practices for Management:
- Qualifying Your Tenders
Tendering can be expensive, and you should compete where it counts. Don’t be afraid of losing. You can learn as much from losing as you can from winning.
- Systemic Intelligence Gathering
Take the time to know your competitors, your partners and yourself.
- Procurement History
Identify incumbent suppliers, buying habits, previous purchases and decision makers.
- Maintain Your Data
It would be wise to keep your data in a safe place. Maintaining and keeping your data safe will protect it from getting into the wrong hands.
Keep in mind that CI is about understanding the bigger picture and having the correct perception of the marketplace. You are trying to quantify or qualify competitive threats and business opportunities in a precise way. Seize your opportunities, and you will see them multiply.