The rapidly evolving business landscape makes keeping an eye on the competition as crucial as ever. Businesses need to remain aware of their competitors' strategies, their latest product developments, and the way they are maneuvering market changes. This will enable businesses to develop their own strategies and stay ahead of the curve.
One modern way of tracking competition is through Competitive Intelligence (CI). CI is about gathering and analyzing information about your competitors from sources that are publicly available. This ranges from their website, press releases, conferences, to other media channels. When utilized effectively, it can provide valuable insights for strategic decision making.
However, a significant aspect often overlooked while gathering CI is feedback - specifically, intel feedback. Incorporating intel feedback into your CI efforts can make a substantial difference - it can transform your CI from being a static fact sheet to a dynamic, organic, and highly beneficial tool.
Intel feedback refers to the responses, opinions, and suggestions of your stakeholders, including employees, customers, partners on the intelligence gathered. It is important because it can provide a new perspective to your existing data and, more importantly, reveal any gaps or inaccuracies in your CI efforts.
Imagine your sales team on a call with a client. They mention a competitor's new feature which is not yet on any public channel. Whammo, that's first-hand, valuable competitive intel. If this information is centrally communicated and applied to strategy, it's a competitive advantage and that’s the power of intel feedback.
To gather effective intel feedback, follow these steps:
Use Efficient Communication Channels: Make it easy for your team to share the intel they come across. This could be through chat applications like Slack or Teams, an email thread, or an easily accessible document. The quicker and easier it is to share, the more likely they are to do it.
Training to Recognize Valuable Intel: Your team, especially customer-facing roles like sales and support, interact with a gold mine of intel every day. They need to be equipped to identify valuable intel and know how and where to share it.
Ensure Anonymity: When feedback is anonymous, individuals are more likely to share candid, in-depth observations. This ensures that you get the most accurate feedback.
Here's how you can effectively apply the intel feedback you've collected:
Integrate Feedback Into Decision Making: The feedback should not just remain feedback. It needs to be incorporated into decision-making processes. Such real-life, first-hand insights might be that missing piece that makes your strategy unbeatable.
Quick Reaction Time: Competitive markets wait for no one. Once a solid piece of intel comes along, the efficiency of your response to it could make a marked difference.
Continuous Tracking: Keep track of the response to the intel feedback, find out how it influenced the decision-making process, and track the results. This could be a valuable learning tool for refining future strategy.
Common tools and technologies can make this all easier, but there is a ceiling to their abilities. This is where advanced solutions like AI tools can step in. Machine learning algorithms can take data analysis to another level, providing accurate predictions and helping to make informed decisions faster.
Aomni, an AI platform for B2B sales, can make the entire process a breeze. From gathering real-time account research to providing actionable competitive insights, Aomni delivers the necessary tools for strategic selling in a lightning-fast 15 minutes. More importantly, it allows for easy intel feedback, ensuring your competitive intelligence is dynamic, accurate, and reliable.
By ensuring a robust process for intel feedback, several long-term advantages emerge:
In conclusion, for companies to stay ahead in today's dynamic markets, they need to have a pulse on their competitor's strategies, movements, and their own positioning. Incorporating intel feedback into competitive intelligence efforts is an effective way to ensure that your strategies are robust, informed, and timely. With tools like Aomni, these processes can be expedited, providing you a strategic advantage. Don't just gather intelligence, act on it!