Date post: | 16-May-2015 |
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Competitive Intelligence 101
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What is Competitive Intelligence?
How can it help my business?
Step 1: Plan
Step 2: Collect
Step 3: Analyze
Step 4: Report
Test. Measure. Analyze. Modify. Repeat.
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Competitive intelligence is a systematic program for gathering and analyzing information about your competitors' activities and general business trends to further your own company's goals.
What is Competitive Intelligence?
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Our competition launched a new product
It’s smaller, less expensive and can do more
Our sales are down 20%
How can CI help my business?
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Collecting
Planning
Reporting
AnalysisMethod, Tools and System
Data
Test. Measure. Analyze. Modify. Repeat.
Information
Intelligence
Needs
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Step 1: Plan
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For more information: Call 410-977-7355 or visit mcgrawmarketing.com
What questions do we need answered?
Where can we find quality information?
Who is responsible for gathering and analyzing the information?
How will recommendations be developed and shared?
Test. Measure. Analyze. Modify. Repeat.
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What questions do we need answered?
Company Overview
Promotion
Target Audiences
Products & Services
Pricing
Distribution
Human Resources
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What questions do we need answered?
Company Overview •Mission and Vision•Historical Performance• Milestones• Awards and Recognition
•Organization• Structure (Org Chart)• Leadership: Biographies
•Goals and Objectives•Key Strategies•Key Metrics• # of employees• # and location of sites
•Strengths and Weaknesses
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What questions do we need answered?
Target Audiences
•Key Metrics• Total• Growth Rate (+/-)
•Consumer• Demographics• Psychographics• Behavioral• By Geographic Market
•Business• Firmagraphics• By Geographic Market
•Major Clients• Length of relationship (years)
•Strengths and Weaknesses
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What questions do we need answered?
Pricing
•Pricing Strategy• Skimming or Penetration• Discounts and Promotions• Financing Options• Guarantees
•By Product and Service• Historical to present day
•Strengths and Weaknesses
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What questions do we need answered?
Products & Services
•List of each product and service• Description• Admissions Criteria• Graduation Requirements• Target Audience• Features and Benefits• Sales ($/# of Total Sales)• Year Launched/Age• Product Lifecycle
• New, Growth, Mature, Lagging
• Accreditation•Innovation• New program development –
time and frequency•Strengths and Weaknesses
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What questions do we need answered?
Distribution
•Distribution Strategies• Channels• Partners• Reach/Market Penetration
•Learning Management Systems• What technology was being used
for online courses?•Strengths and Weaknesses
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What questions do we need answered?
Promotion
•Budget•Strategies• Unique Selling Points• Positioning Strategy• Product and Service Offerings• Brand Image Strategy
•Media Usage and Activity• Rebuild their Communication Plan
•Website evaluation• Social media• Content marketing
•Partnerships
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What questions do we need answered?
Human Resources
•Hiring Process•Training and Development•Compensation and Benefits•Trends• Frequency• Types of positions
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Project Leader
Marketing (CMO)
Product and Services
(CAO)
Distribution (CIO) Pricing (CFO)
Human Resources
(VP, HR)
Who is responsible for gathering and analyzing the information?
For more information: Call 410-977-7355 or visit mcgrawmarketing.com
Where can we find quality information?
How will recommendations be developed and shared?
Test. Measure. Analyze. Modify. Repeat.
For more information: Call 410-977-7355 or visit mcgrawmarketing.com
Step 2: Collect
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Internal Sources External Sources
Human ManagementSalesCustomer ServiceInfoCenterMarketing Technical Service
CustomersSuppliersJournalistsConsultantsResearchersGovernment
Document IntranetReportsDatabasesBusiness plans
HomepagesBlogsMediaReportsStatisticsPatents
Hybrid MeetingsSite Visits
Trade FairsSeminarsSite Visits
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Other Sources
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Corporate Websites
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Corporate Websites
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Google Alerts
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Google Reader
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Twitter Search
http://www.ducttapemarketing.com/blog/2010/03/22/7-insanely-useful-ways-to-search-twitter-for-marketing/
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Syndicated Research
Is usually conducted by an independent research organization, and financed by its sale to all members of a given industry.
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Other Sources
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Step 3: Analyze
Step 4: Report
Test. Measure. Analyze. Modify. Repeat.
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War Games
Scenario Analysis
Growth Share Matrix
Psychological Profiling
Shadowing
Reverse Engineering
Growth Share Matrix
Psychological Profiling
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Summary
Quality Sources of Information
Team and Process
Be Neutral
Go to the Information
Human Intelligence
Ethical Behavior
Clear Objectives
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To learn more…
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Please share this document with anyone you feel might benefit from its contents.
If you have any questions or comments, please contact Pat McGraw at 410-977-7355 [email protected].
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