Competitive Intelligence Archives - Page 2 of 4

Labour Intensive Competitive Intelligence Studies

What Goes into a Pharma Competitive Intelligence Study; Why Are They So Labour Intensive?

August 18, 2019August 8, 2023David Lithwick

Introduction Executing a Pharma Competitive Intelligence study is anything but straight forward. It’s a combination of investigation, intuition, blending, synthesizing, quick study, obsessing and number crunching. Let’s spell out the steps and time that goes into a typical pharma Competitive Intelligence study. 1. Finalize Questions (10 Hours) Not only do you need to put together a list of questions that are precise, but the assumptions behind the questions have to be tested as well (If, e.g., one of the questions is, “What do other national diabetes associations besides The Canadian Diabetes Association feel about a national diabetes strategy?”, you’ll have to check out if there are, in fact, other… Read More

Competitive Intelligence Mistakes to Avoid

Formalizing Your Competitive Intelligence Program? 10 Absolute, Must Do Steps to Avoid “Screwing Up”.

August 16, 2019August 8, 2023David Lithwick

Introduction Are your team members are all over the map when gathering Competitive Intelligence? Do they generate the same or similar information, start from scratch each time they gather Competitive Intelligence or provide unfiltered data that lacks insight? If so, then it’s time to formalize a Competitive Intelligence program. The following steps explain how. Key Steps Start by identifying those negative perceptions (e.g. “Competitive Intelligence” is spying”) that will hinder any effort to set up the program. Create a Competitive Intelligence mission statement (e.g. “provide the right information, to the right people, at the right time, to make the right decision”, “fill information gaps that market research is unable to”,… Read More

New to Competitive Intelligence? Don’t Confuse Competitive Intelligence with Market Research – Avoid these Mistakes

August 14, 2019August 8, 2023David Lithwick

Mistake #1 – Assume Market Research Terminology Example – “Who is on your a customer panel?” Lesson – Competitive Intelligence uses a cross section of buyers, associations, key opinion leaders, former employees, customers, competitors, and any other respondent group who can help. There is no predetermined panel. Mistake #2 – Base Sample Size on a Formula Example – “What will the margin of error be for this sample size?” Lesson – Most respondents are B2B, not consumer. What counts is not the number of interviews completed but the credibility of the respondent (i.e. title, knowledge level, insights). Mistake #3 – Assign Probabilities Example – “What is the probability… Read More

Competitive Intelligence Analytics Example

Cutting to the Chase in Competitive Intelligence Analytics

July 1, 2019August 8, 2023David Lithwick

One of the biggest challenges in competitive intelligence is ensuring your findings are verifiable. In competitive intelligence we do not have the option, as with marketing research, where a large sample of respondents ensures you a high level of accuracy. Because you are targeting a small group of highly informed respondents, you would be very lucky to complete 20 to 30 competitive intelligence surveys, versus the hundreds you can in market research. Terms such as “corroboration” and “triangulation” are bantered around in competitive intelligence as ways to ensure the results are accurate and verifiable. But what lacks are actual examples to follow. With this in mind, let me share you… Read More

Competitive Intelligence Tip: Creating Your Summary Table

June 12, 2019August 8, 2023David Lithwick

The challenge in competitive intelligence is dealing with lots and lots of fragmented data stemming from a myriad of sources. The best way to do this is by creating and filling a summary table. Sure this sounds like a simple, obvious solution. But the trick is setting up the table and determining what information should be entered. Goal of your Summary Table Ultimately the goal is to cover the key intelligence questions with enough detail, specificity and clarity that leads to meaningful insights about the competitor you’re researching. So how to go about it? 2 Tables Not 1. There are 2 tables to generate: The first plots your findings, where the… Read More

Formalize Your Competitive Intelligence Process

Need to Formalize Your Competitor Intelligence Process? Here are 10 Essential Steps to Follow.

May 28, 2019August 8, 2023David Lithwick

I have only known a few Canadian companies that set-up a Competitive Intelligence (CI) department with a full time Competitive Intelligence manager or analyst. Instead, what many companies do is formalize key elements of their competitive intelligence process. They take a hands on approach where team members are assigned to carry out specific tasks under the watchful eye of a market research or business intelligence manager So What Are These Steps? Identify those issues that are currently making the competitive intelligence process less effective. Get agreement from team members on: The role of competitive intelligence process. Topics to monitor. Key intelligence questions that need to be answered. What essential sources… Read More

Can Competitive Intelligence Be Used to Predict Election Outcomes?

June 14, 2018August 8, 2023David Lithwick

An interesting thought. One idea that comes to mind is to measure the density of party lawn signs in closely run areas. In other words, take a sample of 10 blocks and count the number of lawn signs per party. We used the upcoming Ontario elections as an example, and focused on Richmond Hill (suburb just north of Toronto). Before the election, the lawn sign count was: 29% PC – 52% Liberal – 19% NDP However, the outcome on the 2018 Election Day was: 52% PC – 28% Liberals – 17% NDP – 3% Greens So what does that tell you? Using their commanding lawn sign coverage as a predictor,… Read More

Know Your Non-Traditional Competitors (and Don’t Get Blind-Sided)

April 12, 2018August 8, 2023David Lithwick

Here’s a statistic to think about: If you get blindsided, there is more than a 25% likelihood that it will be by a non-traditional competitor. So, what are the key differences between traditional and non-traditional competitors? Traditional – Been in business for a number of years, generate high market awareness with an infrastructure to support a dominant market share. Non-traditional – Cheaper products, technically innovative, and distribute through unconventional channels. Example SC Johnson’s new product failure (Tahiti Foam Bath) was based on a strategy that focused only on the market leaders, Noxzema and Vaseline. They should have assessed the level of competitor noise by other companies, such as those listed… Read More

Competitive Intelligence Tips They Don’t Teach You at scip

March 18, 2018August 8, 2023David Lithwick

Don’t be constrained by only collecting information that is in the public domain. Go below the radar screen. Why? There are plenty of ethical approaches to uncover critical CI that lie outside the public domain. Focus groups and B2B interviews are 2 examples. Don’t waste time coming up with the perfect definition for “Competitive Intelligence” . Why? There is none. “Competitive Intelligence” is often interchanged with “Business Intelligence” and “Market Intelligence”, making the concept even more ambiguous. For every hour you collect CI, spend no less than 5 hours analyzing your data. Why? It’s your analysis and interpretation of findings that will matter, not the complex approach you… Read More

Five Potential Mistakes in your Competitive Intelligence Study

February 16, 2018August 8, 2023David Lithwick

Assigning a Numerical Probability Example: You calculate there is only a 20% chance of a leading overseas competitor entering your market, and then base your marketing plan on this estimate. Your assumption turns out wrong. There is little budget left to offset this threat. Giving into Group Think Example: 9/10 respondents you speak to expect your competitor to launch within the next 4 months. The 10th (a rep) says it will be delayed for a year. You assume the majority are correct and initiate a counter plan (e.g. hiring more reps, updating sales messaging). However, that one rep is correct. Your increased spending is for naught. Pursuing CI as A Market… Read More