Intelligence of canvasing the strategy of competitors…

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Competitors in any business can be a threat or even strength. Being intelligent and learning towards the competitors is a vital process, and this process is better known as competitor intelligence. In definition, Competitor Intelligence by Andreq Pollard (1999:3) is a process that is systematic and legal in collecting and analyzing on information about the competitors and business potentials. This shows that if the benchmark or concept taken is not a patent or copyright, analyzing and learning from the competitors is a legal process. Many companies have the understanding that competitor intelligence is just collecting and following the competitor’s moves, but in real, the concept of competitor intelligence suggests to work as a tool to help businesses reach the profit aimed before, being independent and having the competence to compete with the competitors directly.

It may seem that the companies that conduct competitor intelligence are actually learning from their own competitors. But it is important to see from two aspects where in this process, both parties can actually be benefited with. In the activity being done, proper framework needs to be made in order to conduct the competitor intelligence’s process in a more structured and clear manner. In here, the framework can help in picturing the whole process in assumption manner, attaining the synthesis that can be gained. The process of competitor intelligence does not occur with only one step, but several steps are needed from the pre data collection up to analysis.

Strategy canvas is also part of the process where it works as a tool to identify more on the competitor’s activity, together with the market. In here, SWOT tool can also be used. In brief, strategy canvas is a tool that analyzes the competitor and its market in a more detailed manner. As in the process of canvasing, brainstorming or informal interview with the people from the right field can be done in order to collect more information.

As seen, competitor intelligence is not a process that is as simple as it seems, but each component plays a very important role in the success of it. As per the trend, many international companies are following the same, including the ones at North America. As per the survey done by Global Market Intelligence, nearly 90% of the companies are satisfied and got positive results from the investment they made. In spite of the economic uncertainty happening, those companies still believe to spend their budgets for this activity.

For more details on Competitor Intelligence, please contact:

KIRTI PARKASH

+62 21 8378 3288

kirti.parkash@frontlinerinc.com