Competitive Intelligence is a process that involves the gathering, analyzing, and distribution of information about products, customers, competitors, and technologies using the Internet. The information that is gathered can help managers and executives of a company make strategic decisions. This section is about competitive intelligence gathering, and sources of valuable information.
Competitive Intelligence Gathering
Competitive intelligence gathering is the process of identifying, gathering, analyzing, verifying, and using information about your competitors from resources such as the Internet. Competitive intelligence means understanding and learning what about other businesses, in order to become as competitive as possible. It is non-interfering and subtle in nature compared to the direct intellectual property theft carried out through hacking or industrial espionage. It concentrates on the external business environment. In this method, professionals gather information ethically and legally instead of gathering it secretly.
Ethical Hacking uses the same methods as competitive intelligence to gather information. Facts about a target could be found using publicly available sources, those include: catalogs, financial reports, job postings, press releases, annual reports, news articles, trade journals, patents, and watermarks. In Infosavvy Training Institute you learn the multiple techniques to gather the information of organization and their employees details. Using the Whois we find out the full information of the company and there multiple ip address. There is another method call theharvester tool which is in kali linux. By using theharvester we can find out the employee’s details like name of employee, designation and some time we find there contact number also.
Competitive intelligence helps in determining:
– What the competitors are doing
– How competitors are positioning their products and services.
Companies carry out competitive intelligence either by employing people to search for the information, or by utilizing a commercial database service, which can be lower in cost.
Sources of Competitive Intelligence:
Competitive Intelligence gathering can be performed either using direct or indirect approach.
Direct approach: serves as primary sources for competitive intelligence gathering. Direct approach techniques include gathering information from trade shows, social engineering employees and customers and so on.
Indirect Approach: Through an indirect approach, information about competitors are gathered using online resources. Indirect approach techniques include:
1. Company websites anti employment ads
2. Search engines, Internet, and online database
3. Press releases and annual
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Competitive Intelligence – When Did this Company Begin? How Did it Develop?
Gathering competitor documents and records helps to improve productivity and profitability that in turn stimulates the growth of the company. It helps in determining answers to the following:
When did it begin?
Through competitive intelligence, companies can collect the history of a particular company, such as its establishment date. Sometimes, they gather crucial information that is not often available to others.
How did It develop?
What are the various strategies the company uses? Development intelligence can include advertisement strategies, customer relationship management and so on.
Who leads it?
This information helps a company learn about the competitor’s decision makers. Where is it located?
Competitive intelligence also includes the location of the company and information related to various branches and their operations.
Attackers can use the information gathered through competitive intelligence to build a hacking strategy.
Information resource that helps to gain competitive intelligence include:
EDGAR: Database: EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file with the U.S. Securities and Exchange Commission (`SEC’). Its primary purpose is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy by accelerating the receipt, acceptance, dissemination, and analysis of time-sensitive corporate information filed with the agency.
Hoovers: Hoovers is a business research company that provides complete details about companies and industries all over the world. Hoovers provides patented business-related information through the Internet, data feeds, wireless devices, and co-branding agreements with other online services. It gives complete information about the organizations, industries, and people that drive tie economy.
LexisNexis: LexisNexis provides content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting, and academic markets. It maintains an electronic database of legal and public-records related information. It enables customers to access documents and records of legal, news, and business sources.
Business Wire: Business Wire focuses on press release distribution and regulatory disclosure. This company distributes full text news releases, photos, and other multimedia content from various organizations across the globe to journalists, news media, financial markets, investors, information website, databases, and general audiences. The company has its own patented electronic network through which it releases news.
Competitive Intelligence – What Are the Company’s Plans?
Market Watch: Market Watch tracks the pulse of markets for engaged investors. The site is an innovator in business news, personal finance information, real-time commentary, and investment tools and data, with journalists generating headlines, stories, videos, and market briefs.
Alexa: is a great tool to dig deep into the analytics of other companies. It allows users to:
– Discover influence outreach opportunities by uncovering sites that link to your competitors using Competitor Back link Checker.
– Benchmark and track your company’s performance relative to your competitors using Competitive Intelligence Tools.
Euro-monitor: Euro monitor provides strategy research for consumer markets. It publishes reports on industries, consumers, and demographics. It provides market research and surveys
The Search Monitor: The Search Monitor provides competitive intelligence to monitor brand and trademark use, affiliate compliance, and competitive advertisers on paid search, organic search, local search, social media, mobile, and shopping engines worldwide. It helps interactive agencies, search marketers, and affiliate marketers to track ad rank, ad copy, keyword reach, click rates and CPCs, monthly ad spend, market share, trademark use, and affiliate activity.
Attention Meter: Attention Meter is a tool used for comparing websites (traffic) by using Alexa, Compete, Crunch Base, and outcast. It gives a snapshot of traffic data as well as graphs from Alexa, Compete, Crunch BaSE, and Quantification the specified websites.
Questions related to this topic
- How to Conduct Competitive Research?
- What is competitive intelligence gathering?
- What is the difference between business intelligence and competitive intelligence?
- What is the meaning of competitive intelligence?
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