Competitive Intelligence is often perceived as negative. This is more because it is termed as unethical, costly and most vital of all people are not aware of its requirements. Being a competitive intelligence service provider I believe it is our responsibility to make all aware of such myths and let all be benefited with CI services to stand out in today’s cut throat competition.
Here are 10 myths about Competitive Intelligence
Myth#1: Competitive Intelligence costs too much:
Compared to what? Making a huge, expensive blunder in the marketplace? Everything required for success has a price tag. Right from paper clips to computers so does CI.
Growing a business, expanding offerings, attracting new customers, or selling in new or different channels are highly competitive activities and requires inside data. Even meeting a new client requires some basic information to ask questions.
The cost of CI is only a fraction of any decision cost, it should be a part of the plan in most cases.
Myth #2: Competitive Intelligence provides no new information
Those who say so only have data through open public sources. But CI requires the systematic gathering of data and then converting it into valuable intelligence. This intelligence is the new information provided by CI.
Myth #3: Competitive Intelligence is data or information and is readily available:
Data is the raw material or numbers or facts. While intelligence is information that is analyzed and suggests actions, strategies, or decisions. Intelligence reveals critical information or insight and implications derived from data.
The goal of CI is to evolve from data to intelligence and transform simple facts into a valuable perspective to support decisions.
Myth #4: Competitive Intelligence is waste of time
Decision-makers have to be more knowledgeable about the past, and more confident about the information and decisions that bring about their present successes and experiences. Few decision-makers have the time to update them. CI provides them with the valuable insight and gives them the confidence to take correct decisions
Myth #5: Competitive Intelligence is only for big companies
CI can be sized for both big as well as small organizations depending on its requirements and resources. However small or big is your brand CI can give you valuable insight.
Myth #6: Competitive Intelligence is done to copy the competition
In fact opposite is true. CI let you have unique approach so as to avoid “me too” copy of your competitor.
Myth #7: Competitive Intelligence involves espionage
CI is ethical. By saying this I forbid any term as spying in CI. 95% of the information you want is available publicly while remaining 5% keeps on changing like competitors customers list, pricing, etc. They keep on changing because successful companies constantly look for changes. Competitive Intelligence does not include any covert operations.
Myth #8: Competitive intelligence is not required for every decision
If a company can afford the time and money or if a tight time frame precludes adding competitive intelligence to the equation, then the gamble may be worth it. Because the cost of competitive intelligence is only a fraction of any decision cost, it should be part of the plan in most cases.
Myth #9: Information is free
There’s no such thing as a free lunch…or free information. Gathering information requires an expenditure–of time and money. A large amount of information is available electronically, from commercial online vendors. The desired information is buried somewhere; the source is incorrect; it can’t be
Identified by key words in an electronic search. Therefore, competitive intelligence service provider companies have expert professional to deal with it.
Myth #10: Competitive Intelligence is difficult
It may actually be true if you are trying it with Google alerts and spreadsheets. It is more technical kind of work involving deep analysis, media monitoring, reach metrics, impact analysis and better understanding.
We address some myths, but will leave you with one fact. There’s nothing stopping your competition from monitoring you. That’s not a competitive edge you should concede easily. iSN Global solutions have rich experience in performing competitive intelligence. Hire our services to stay ahead of all.