0:06 what is competitive intelligence and how
0:08 do businesses use it in the simplest of
0:10 terms competitive intelligence is a
0:12 process that makes your business more
0:14 competitive if we think of business as a
0:16 race then the goal of business is to get
0:19 to the Finish Line first the Finish Line
0:20 in business can mean a lot of different
0:23 things it could be the successful launch
0:27 of a new product or increasing sales or
0:29 perhaps improve customer service
0:31 regardless of the goal getting to the
0:33 Finish Line first isn't as simple as
0:35 being the fastest there are a lot of
0:36 obstacles between your business and the
0:38 finish line for example there are
0:41 competitors some are big wellestablished
0:43 companies that dominate the market they
0:44 have lots of resources but can be slow
0:48 to react they are small competitors they
0:49 might not have vast resources but they
0:51 are Nimble and Innovative and can
0:54 quickly react to changing Market factors
0:56 ignoring your competitors is dangerous
0:58 since they are often racing or lumbering
1:01 toward the same Finish Line L but
1:02 competitors aren't the only thing
1:03 standing between your company and your
1:06 business objective Regulatory and trade
1:08 issues can slow down your progress or
1:11 detour your strategy knowing where those
1:13 hurdles are and how to avoid them is an
1:16 important part of running a smart race
1:17 there are other Market events that can
1:19 detour your strategy as well being able
1:21 to foresee and plan for disruptive
1:24 Technologies industry consolidation and
1:25 Industry Trends can help ensure you
1:27 reach your
1:29 goal in the competitive intelligence
1:32 world we call this the competitive
1:34 landscape can you imagine trying to run
1:36 a race with a blindfold on the chances
1:38 of getting to the Finish Line first or
1:41 even at all are pretty slim that is
1:43 where competitive intelligence comes in
1:44 competitive intelligence can help your
1:46 company understand and navigate the
1:49 competitive landscape by researching
1:51 such things as competitors regulatory
1:54 environment and Industry Trends
1:55 competitive intelligence can help you
1:57 plot a course that will ensure you reach
2:00 your business objective but where does
2:01 the information come from and how do we
2:04 get it competitive intelligence
2:05 information can come from a number of
2:07 places including published reports
2:10 financial statements websites and
2:12 articles this kind of research is often
2:14 referred to as secondary research and
2:16 would include anything that you can find
2:18 on Google or at your public
2:20 library for a more detailed look at
2:23 competitor or industry requires primary
2:26 research primary research is information
2:27 that is gathered directly from the
2:29 people who have the information primary
2:31 intelligence comes from conversations
2:34 with industry experts competitors former
2:36 employees vendors and
2:38 customers the benefit of pret research
2:40 is that it provides the most detailed
2:41 and comprehensive view of the competitive
2:43 competitive
2:45 landscape however it's important to
2:46 understand the legal and ethical
2:49 guidelines concerning primary research
2:50 in most cases companies will need to
2:52 hire a thirdparty vendor to conduct
2:54 primary research on their
2:57 behalf once the primary and secondary
2:58 information has been
3:01 gathered it is then analyzed and
3:03 processed the analysis can be supported
3:05 by different technology
3:07 applications but ultimately it requires
3:09 the skill and perspective of human
3:11 analysis to get the most out of the
3:13 information the result of this process
3:15 is competitive
3:18 intelligence let's review your business
3:20 objective is the Finish Line everything
3:22 between you and the finish line is the
3:24 competitive landscape trying to navigate
3:25 the competitive landscape with a
3:28 blindfold on doesn't make a lot of sense
3:30 competitive intelligence can remove the
3:32 blindfold and help your company see the
3:34 competitive obstacles that lot between
3:36 you and your goal competitive
3:37 intelligence can be gathered from
3:39 secondary research such as Google or
3:42 Hoover but for detailed customized
3:45 information you need primary research
3:46 remember to protect your company from
3:48 legal or ethical breaches it's a good
3:51 idea to utilize a vendor to support your
3:53 primary research needs that is where we
3:55 come in sedulo is a full service
3:57 competitive and Market intelligence
4:00 consulting firm contact us today to
4:01 learn more about how we can help you get
