The competitive intelligence process is a strategic approach to gathering, analyzing, and utilizing insights about competitors and the competitive landscape. It involves a systematic and ongoing process that aims to provide businesses and organizations with insights into their competitors' strategies, capabilities, strengths, weaknesses, and potential future actions. Here is a simple overview of the competitive intelligence process:
1. Define Objectives: Clearly identify the specific objectives and goals of the competitive intelligence effort. This can include understanding competitors' product offerings, pricing strategies, market share, and overall business strategies.
2. Identify Information Needs: Determine the specific information needed to achieve the defined objectives. This can include gathering data on competitors' activities, industry trends, emerging technologies, and customer preferences.
3. Collect Data: Utilize various sources to gather information relevant to the objectives. These sources can include public databases, industry reports, news articles, social media, trade journals, customer feedback, and even personnel within the organization that may have insights into the competition.
4. Analyze Data: Analyze the collected data to uncover patterns, trends, and insights. This involves examining the information in relation to the defined objectives and evaluating its relevance, accuracy, and reliability. Techniques such as SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats
Timecodes:
0:00 Intro
1:45 Intelligence requirements organized as Key Intelligence Topics and Key Intelligence Questions
2:55 Intelligence Collection Plan
3:31 Secondary research or also known as desktop research
5:56 HUMINT or Human Intelligence gathering
6:58 Intelligence and data processing and analysis
7:27 Additional collection
8:83 Final analysis
9:45 Documentation and competitive Intelligence review
