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How can you develop a comprehensive competitive intelligence strategy?

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Competitive intelligence (CI) is the process of gathering, analyzing, and applying information about your market, customers, competitors, and industry trends to support your strategic decision making. As an investment banker, CI can help you identify opportunities, risks, threats, and trends that affect your deals, clients, and prospects. In this article, you will learn how to develop a comprehensive CI strategy that covers the following steps:

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Tue Heiselberg
Steve Jones

Mentor and coach helping clients to increase sales , margins ,and profitability I Taking clients to new levels of…
Romuald Sobalski

I talk about Supply-Chain, in French.

1 Define your CI goals

Before you start collecting and analyzing data, you need to have a clear idea of what you want to achieve with your CI. What are the key questions you want to answer? What are the main objectives you want to support? How will you measure your CI success? Your CI goals should be aligned with your overall business strategy and reflect your specific needs and challenges.

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Steve Jones

Mentor and coach helping clients to increase sales , margins ,and profitability I Taking clients to new levels of business success I Overcoming personal limits and beliefs.
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It’s important to distinguish between information and intelligence. Of course you need to gather relevant data, company performance, product strategies and the like but in themselves these aren’t intelligence rather vital important information. Intelligence requires more context, more shall we say gossip. Who are your customers talking to? Are they lobbying someone? Who is taking the directors to dinner? Are there any unseen family connections? this may seem like a form of espionage and in a way it is.? you need to show up and buy coffee when there’s no budget, It’s when your clients will be least guarded .Keep your friends close keep your competitors closer understand what they are doing in your account.. it’s your busines

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Richard Flores-Moore FCCA MBA

Delivering systems led global transformation. Focussed on finance, insight and cloud platforms. Genuinely intersted in making lives easier using AI. Studying for Certified AI Practitioner (CAIP)
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Step 4 in this development process discusses tools. I suggest these tools should also be deployed here in step 1. This will help formulate and support your strategic goals thinking AND give you a reference point to gauge progress and discoveries made when reaching step 4

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Tue Heiselberg
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Before difining goals you need to define the very broad "competitive landscape" - and the timeframe for each of the most central elements: Why build electric cars if you cant get batteries in the future?

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Linda L.

Sr financial analyst
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Airline companies are the perfect poster child as to how competitive intelligence being deployed. Flight pricing changes daily based on ever-changing external data going beyond price of fuel to supply and demand of cash-paying vs. award seats. Their CI goal-setting is very much based on data analysis on customer & competitors' information.

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2 Identify your CI sources

There are many sources of data and information that you can use for your CI, such as industry reports, news articles, company websites, social media, financial statements, analyst reports, customer feedback, and more. However, not all sources are equally reliable, relevant, and accessible. You need to evaluate your sources based on their credibility, accuracy, timeliness, and usefulness. You also need to consider the ethical and legal implications of using certain sources, especially if they involve competitors' confidential information.

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Romuald Sobalski

I talk about Supply-Chain, in French.
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Do not trust everything you see on the Internet. Especially if it's poorly AI generated. Having field experts comment on these awfully generic questions will not get you anywhere.

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3 Collect and organize your CI data

Once you have identified your sources, you need to collect and organize your data in a systematic and efficient way. You can use various tools and methods to help you with this task, such as databases, spreadsheets, software, surveys, interviews, and more. You should also establish a consistent format and structure for your data, so that you can easily compare and contrast different types of information. You should also update your data regularly to ensure its validity and relevance.

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4 Analyze and interpret your CI data

The next step is to analyze and interpret your data to extract meaningful insights and patterns. You can use various techniques and frameworks to help you with this task, such as SWOT analysis, Porter's five forces analysis, PESTEL analysis, benchmarking, scenario planning, and more. You should also use quantitative and qualitative methods to validate and enrich your findings. You should also look for gaps and inconsistencies in your data that might indicate areas for further research or improvement.

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Linda L.

Sr financial analyst
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Just recently at work I ran some large data sets aiming to understand in order to answer a pricing question raised by 1 of the newest customers. I used benchmarking to look for patterns, gaps, inconsistencies & even potential business liabilities!

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5 Communicate and apply your CI insights

The final step is to communicate and apply your insights to support your strategic decision making. You can use various formats and channels to share your insights with your stakeholders, such as reports, presentations, dashboards, newsletters, and more. You should also tailor your communication style and content to suit your audience's needs and expectations. You should also provide clear and actionable recommendations based on your insights, and monitor and evaluate the impact of your CI on your performance and outcomes.

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Linda L.

Sr financial analyst
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To best communicate & apply CI insights after the hard work (data analysis) is done, we should use visuals & channels to share with stakeholders. Automate the data collection & distribution wherever possible, & be readily available to answer follow-up questions/concerns from stakeholders.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Tue Heiselberg
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Generally it is more interesting in business to find out what might happen in the future - than what happened in the past. What is your main competitor planning now? So how to make your CI info gathering open to this kind of information?

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Vipul Tiwari

Work, Learn, Grow | Fintech | Leadership | FRM (GARP) | Project Management | Business Analyst | Consulting
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In addition to above-suggested points, Continuous Monitoring of CI can be considered: Competitive intelligence is an ongoing process. Implement continuous monitoring mechanisms to stay informed about changes in the competitive landscape. Regularly update your strategy based on new information.

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How can you develop a comprehensive competitive intelligence strategy?

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1 Define your CI goals

2 Identify your CI sources

3 Collect and organize your CI data

4 Analyze and interpret your CI data

5 Communicate and apply your CI insights

6 Here’s what else to consider

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