This article by Bruce A. Brien, author of The Stratascope Sales Enablement Blog gives basic but helpful tips, for people who are just starting to discover Competitive Intelligence, on how to set up a system to monitor their competitors. Basically he categorizes three ways to collect information on each of your competitors:
- Their website: the website will not only display their services, products and solutions offerings. It will also most likely be used to broadcast their success stories.
- Social media: Brien recommends following your competitors on Twitter, Facebook, blogs, et cetera.
- RSS feeds: set up RSS feeds based on searches about your competitors and one or two keywords, such as issue.
He advises to collect and share this information on a portal. He also suggests to add discussion threads so that knowledge from within your organization is combined with the information found on the internet. Personally I think this is a good first step if you are not structurally monitoring your competition yet. As simple as this may seem, it will probably help you analyse your competition and come to nice insights, which will leverage your next steps in CI.
Competitive Intelligence: Your sales teams need to know what they are up against by Bruce A. Brien