I was talking with someone recently who wanted to accomplish three specific tasks – gather market intelligence, create competitive profiles and send out newsletters. As we talked further, we discovered that the three tasks were closely related. The conversation then shifted to what intelligence was needed and how would it be used?
In this situation, it probably makes sense to take one step back and conduct a Competitive Landscape Analysis using helpful frameworks like PESTEL and Five Forces. These types of analyses can narrow the focus and yield a specific set of competitors and trends to study and monitor.
Next, a knowledge portal, like Line of Sight Group’s Market-i Competitive Intelligence System, enables a way to organize, relate and contextualize all types of structured and unstructured intelligence. Using this system and the information garnered from the Competitive Landscape Analysis, a team could start gathering competitive intelligence, saving it, and then creating weekly newsletters, demonstrating swift value.
After several weeks or months, competitive profiles could also be created. As soon as these profiles were activated, all of the previously posted articles and artifacts could automatically link and append to the profiles. Similarly, any new intelligence added to Market-i would have immediate relevance and would add to the collective knowledge. The newsletter function could also include tips and techniques for using the intelligence as well as information regarding what to look for and how to capture it.
Knowing what you are looking for, why you need it, and how you will use it will allow you to architect a solution that will provide short and long term benefits. It also becomes more valuable with each new piece of intelligence, report or artifact added. Finally, an approach that includes both a push and a pull aspect helps ensure that there will be high levels of engagement. The total value can indeed be greater than that of the parts.