Any sphere of business planning calls for intelligent assimilation of information about the competitors as well as the business environment. A good competitive strategy should encompass every single sphere of the business strategy. Today’s businesses have to act in an environment where information is openly and readily available in the form of online company sites, search engines and that too at the click of a mouse in a ready to search format.
In fact, the latest trend that one can find is the availability of an even older form of publications, tutorials, and periodicals that are found online. Unfortunately, in spite of the entire information boom, one still faces problem in finding relevant and information. The best example of the same in this regard would be that of competitive intelligence. This difficult in finding crucial information is not restricted to any particular country such as the United Kingdom but is a global phenomenon.
Competitive Intelligence Services – Sources of Information
The reason behind the majority of companies adopting fierce competitive intelligent practices is to gain deeper and in-depth knowledge about competitors such as the competitor’s intentions, weakness, and vulnerability in a more legal and ethical way.
More and more companies in the United Kingdom are resorting to competitive intelligence services. The goal is to ultimately gain information about the strategies and approach engaged by the competitors. The common of sources of information generally engaged in a competitive intelligence study involve the following:
1. Press Research Analysis
This involves regular assessment and study of information about headline statistical figures, changes in top positions, statements made by senior a staff that carries weight age. Generally, many of companies conduct such analysis on regular basis but in an informal way. For a more formal approach, companies use third-party market research agencies to conduct competitive intelligence study for obtaining detailed information on competitor’s strategy.
2. Price Research Analysis
Price research analysis makes up different methods and types involving tiring work of following websites, drawing price lists based on the study of competitor’s price list for products and services. Determining competitor’s price list is not only indispensable but even difficult and all the more expensive due to the complexities involved such as an all-inclusive service and brand benefits.
3. Competitors Interviews
Though extremely difficult to do, conducting interviews of competitors is a good way of achieving information about them. The top senior level management forms one good source to get information provided they are willing to give the interview. Attaining cooperation with the senior management level is one of the crucial and difficult tasks for intelligence agencies. One easy way engaged by agencies of intelligence is to get information about competitors from their rivals as they would be more than willing to offer them. Moreover, the employees at different levels are known for shifting between companies. Hence, the conduct of competitor interview is one good way of obtaining information about competitors and the market.
In reality, competitive intelligence services act as a rich and distinct information platform as it covers a comprehensive range of issues with respect to competitors helping a business in taking key strategic decisions.