Staying On Top Of Competitive Intelligence
Competitive intelligence is the process of learning as much as you can about your own business and the market environment in which it competes. It means getting as much solid, usable information as you can so that you know you’re putting your resources where they’ll be most effective.
The more you know, the less you waste.
Read Our Article: “Competitive Intelligence: Some Common Mistakes“
What Do You Need To Know To Help Your Business Compete?
At Slinde Nelson, our business lawyers help clients acquire competitive intelligence and better understand their business environment. We open up the process to them and demystify it so that they can understand how to do it properly. Many CI professionals probably want you to think their business involves a magic wand of sorts.
Really, you just need to know which sources you can draw on for good information, and you need to know how to find them. Trade journals, business magazines and the internet can provide a starting point, but they won’t get you very far.
Instead, consider analyzing hard financial data when undertaking competitive analysis. Do concrete market research when learning about your audience. Best yet, schedule one-on-one interviews with people who have the information you need.
Infrastructure Is Paramount
Once you acquire competitive intelligence, you need a solid infrastructure in place to make sure it quickly reaches the people who need to see it. One piece of competitive intelligence may need to go immediately to your sales team. Another may need to go to those on the production floor and another may need to go before a board so that immediate decisions can be made.
You need people in place with the equipment necessary to ensure that competitive intelligence gets where it needs to be when it needs to get there. The longer you wait, the less valuable it becomes.
Talk With Us About Your Challenges And Opportunities
For a brief, free consultation to discuss competitive intelligence and other services our attorneys provide for businesses, call 866-280-7562 today or contact our firm online. From offices in Portland, Oregon, we serve clients in Oregon and Washington.