12
Competitive Intelligence, how to get it and how to use it to grow your business. OCBA Presentation Rob Garber – 12-15-11

Competitive intelligence, How to get it

Embed Size (px)

DESCRIPTION

 

Citation preview

Page 1: Competitive intelligence, How to get it

Competitive Intelligence, how to getit and how to use it to grow your business.

OCBA PresentationRob Garber – 12-15-11

Page 2: Competitive intelligence, How to get it

Talking PointsTalking PointsWhy this is an essential part of your marketing and business plansForces that drive competitionCompetitive overviews, company profiles, ongoing trackingWhat kinds of things do you need to know about yourWhat kinds of things do you need to know about your competition?Analysis – the most important element – the added valueStrategic vs. tactical CI – the difference and why both matterSources of intelligence - gathering CI legally and ethically, Making informed decisions about what?Making informed decisions – about what?Communicating with the market place – Insight and Value Prop

Rob Garber - OCBA CI Presentation

Page 3: Competitive intelligence, How to get it

CI – Essential to your planningCI Essential to your planningHow strong is the competition?

How many other companies are out there?How strong is their position in the market?What are barriers to entry for new companies?How do they differentiate themselves?Strengths and weaknesses of primary competitionHow will they react to your moves?How will you react to theirs?

What is your competitive strategy?Low cost producer – just as good for lessLow cost producer just as good, for lessDifferentiated offering(s) – The only one of it’s kindFocus – segments, target markets – Number one amongst small companies

Rob Garber - OCBA CI Presentation

p

Page 4: Competitive intelligence, How to get it

Forces Driving Industry Competition(Porter’s 5 forces that affect competition and profitability)(Porter s 5 forces that affect competition and profitability)

Potential

I d t

EntrantsThreat of new entrants

Industry Competitors

BuyersSuppliers

Rivalry Among Existing Firms

Bargaining power of buyersBargaining power of suppliers

Substitutes Threat of substitute products or services

Rob Garber - OCBA CI Presentation*Competitive Strategy, Michael E. Porter, 1998 ed.

Page 5: Competitive intelligence, How to get it

Competitive templatesInitial overview (can be updated for tracking purposes)Initial overview (can be updated for tracking purposes)

Company profilesStrategy – how they intend to win, what’s their approach, what’s the goal (not fi i l) B th l di li f l t tfinancial) ex. Be the leading supplier of laptop computers.Position – overview of what they do, who they are, history, top execs, what they sellFinancial performance – VC funding, IPO, if public recent performance, market cap, acquisitions, pricing if available. p, q , p gBackground – Top execs, strategies they are pursuing, current developments.Technology – High level discussion about the tech that the company’s products are based on that make it unique, or give it competitive advantage.Offerings – Summary of how the company packages and brands its offerings (products or services). Functional characteristics, advantages and drawbacks.Partners – Partnering strategy, list of partners.Analysis The most important part of the exercise Thinking about how and/orAnalysis – The most important part of the exercise. Thinking about how and/or should we compete. What are important considerations.

Strengths and weaknessesPossible next moves – educated guesses on likely directions, anticipate possible business activities and strategies

Rob Garber - OCBA CI Presentation

activities and strategies.Implications and recommendations – What does it mean to us, what should we do?

Page 6: Competitive intelligence, How to get it

Competitive templatesTrend reportsTrend reports

MonthlyBrief (2 to 3 pages) fast read format. (Can use hyperlinks in e-format).( p g ) ( yp )Identify the trend in headline, with facts and figures to support why this is a trend.Bulleted “proof points” that are documented recent events that support the observations.Implications and recommendations. Separates “information” from “intelligence” which is much more valuable.

QuarterlyThis is usually a roll up of the previous monthly reports with updates, can be more extensive (10 to 15 pages). More formal report.Includes an executive summary in the beginning for fast overview.Also, contains brief “snapshots” of competing companies that have come

th d d f th b i f d di fil

Rob Garber - OCBA CI Presentation

up on the radar, and can form the basis of a deeper dive profile.

Page 7: Competitive intelligence, How to get it

Strategic vs. Tactical CIStrategic vs. Tactical CIStrategy focus usually feeds top Execs (decision makers) and Marketing

Higher level overview of competitive strategy with more on market dynamics, financial performance, external communications (campaigns, PR), merger / acquisition and partnering activities, new products / marketsnew products / markets.

Tactical focus is more for sales and product managementM d t i t d ( t i t ti f ) lliMore product oriented (customer orientation of course) – selling against the competition, feature differentiation, account instead of market orientation.How can sales & service approaches and product features beHow can sales & service approaches and product features be improved. Increasing the “win” percentage.Reports include “Battle cards”, “Cheat Sheets” comparison summaries, and quick read trend reports for use by field.

Rob Garber - OCBA CI Presentation

, q p y

Page 8: Competitive intelligence, How to get it

Sources of IntelligenceSources of IntelligenceSources can be primary (quantitative or qualitative) and secondary(existing published data and info)

Secondary search should be done first. You may have enough information, or y y g ,if you plan a primary study, it will help you to ask the right questions, and maximize your efforts.Secondary sources can include the obvious Google search in addition to:

Newspapers & magazines including trade / industry press SEC info if your competitor is publicly held Analyst reportsSpeechesThorough search through company websites (compete.com to see traffic stats)LinkedIn – people and company infoTwitter – can be searched various different waysJob postings (indeed.com) what skills are companies looking for?Use Wordle on a competitors web site to see what they’re focused on.Slideshare net presentations on just about anythingSlideshare.net – presentations on just about anything.Your sales force – who are they running into?

Primary research focuses on competitive questionsRating the competition

Rob Garber - OCBA CI Presentation

Rating the competitionWin loss studies

Page 9: Competitive intelligence, How to get it

Rob’s WordleRob s Wordle

Rob Garber - OCBA CI Presentation

Page 10: Competitive intelligence, How to get it

Marketing CommunicationMarketing CommunicationDelivering your messages to the market. The creative brief is how the best ad agencies create high impact advertising.Organizing a blueprint, getting the right insight, making the right promise, getting the creative team on track.

The objective of the ad – what action do we want to inspire? (purchase path)The target, individuals, what they think, how they act, what’s guiding their behavior?The insight – the most important belief, perception, attitude, motivation or need that drives the target’s behavior.drives the target s behavior.The promise – AKA value prop. Single minded answer that will solve the problem expressed in the insight.Support – Proof that the promise is believable.Call to Action – What will be used to move the target closer to purchase?Tone of voice, brand personalityAgency deliverables – what media will be used, cost & timelinesS t i

Rob Garber - OCBA CI Presentation

Success metrics

Page 11: Competitive intelligence, How to get it

Take AwaysTake AwaysDo your homework on the competition

Make it an important part of your planning activity

Use it to develop a winning competitive strategyUse it to develop a winning competitive strategy

Keep your eye on the competition on an ongoing basis

Understand your customer’s motivations, and send them the right messages about why you’re different and better.g g y y

Have a great holiday season, and a happy successful 2012!

Rob Garber - OCBA CI Presentation

Page 12: Competitive intelligence, How to get it

Contact me if you have questions, or need more infomore info

Rob Garber

[email protected]

914-844-2560 (CELL)

LINKEDIN - www.linkedin.com/in/roberthgarber

Rob Garber - OCBA CI Presentation