Archive for the 'Competitive & Internet Intelligence' Category

Reaffirming The Competitive Intelligence and Economic Development Link

Published
by
Ian Smith
on July 28, 2010
in Author-Ian Smith, Competitive & Internet Intelligence and Economic Development
. 0 Comments

If you think that the practice of competitive intelligence does not have an increasing role in economic development, then it is time to step back and understand the prevailing outlook when it comes to investment attraction.

Investors are now have less time and less money to place in regions that may look the same on paper thus putting economic development officers in competition with other officers not only in the same country but in the same province or state.   In order to sell potential investors and site selectors on a competitive advantage that a jurisdiction has over another location, gathering and analysing data on a frequency basis is required.  As a result, the practice of competitive intelligence should be undertaken.

Last week, instructors from Intelegia joined Eric Canada from Blaine Canada and Jennifer Zeller of Georgia Power at The Georgia Tech Enterprise Innovation Institute.  The four representatives were on hand for the course, “How to Conduct Business Intelligence to Gain a Competitive Advantage“.  The day was broken down into six sessions:

  • Fundamentals of Business Intelligence - This part of the course set the tone for the day by furnishing a look at the business intelligence cycle.  Eric Canada continued to stress the importance of localized business intelligence and asking the right questions when it come to business, retention, expansion initiatives.
  • Know Your Companies: Business Intelligence For EDOs - In his second session, Eric went on to highlight to some of the anaylsis frameworks used to assess companies for economic development initiatives. Frameworks such as Benchmark Analysis, Portfolio Assessment, Triage Analysis and Company Analysis were discussed.
  • Serving Georgia Companies Through Business Intelligence and Research Services - Jennifer Zeller discussed some of the end-products and research tools that are delivered and used at Georgia Power.  From business comparisons reports to industry-specific overviews, attendees had the opportunity to see how an information gathering service can help economic development agencies.
  • Locate Your Sources: Gather Relevant Information - Instructor, Frederic Chevalier presented a collection of “must have” sources for EDOs to conduct their own online searches.  The sources ranged from some of the free well known sites to premium content databases.
  • Leveraging Social Networks To Gather Business Intelligence Data - Isabelle Poirier demonstrated how economic development professionals can benefit from the wealth of information available on social networks and the simple search tools to find content on Web 2.0.  Tools such as Addictomatic and Samepoint were presented.
  • Business Intelligence Monitoring Tools  for Enterprise - Using applications such as Google Reader, Facebook, Twitter and other free tools, Isabelle showed attendees how to push strategic information to themselves.

At the end of the day, attendees were given an outlook on the use of business intelligence and competitive intelligence that every economic development agencies and officers must have.  In order to attraction and or retain investment in a region, agencies must go out and compete with the use of relevant and timely information and established analysis methods to make the best decisions.

Engaging On Social Networks: Competitive Intelligence Implications

Published
by
Ian Smith
on July 26, 2010
in Author-Ian Smith, Competitive & Internet Intelligence and Social Media Marketing
. 0 Comments

With a degree in marketing and working in the field in competitive intelligence for the past 10 years, I am always wondering about the extent that companies go to engage their existing or potential consumers on social networks.  From posting relevant links to articles, videos and podcasts to asking people to voice their opinions on a product or service, companies attempt to create a strong bond with their target audience.  The underlying objective in engaging the audience is to influence them to buy their product or service.

In their haste to talk to their audience using Twitter and or Facebook, some companies overlook the competitive intelligence implications of their social media strategy.  Case in point: A consumer - company “tweet up”.

Urban Dictionary.com defines a “tweet up” as “an organized or impromptu gathering of people that use Twitter.”  Recently, I came across a tweet for a scheduled “tweet up” for a product which I thought it was a very good marketing move until my “competitive intelligence senses” kicked into high gear.  I had to question the strategy of announcing and executing such an initiative.  Consider the following scenario from a strategic intelligence gathering point of view.

Sending out a tweet days in advance provides:

1) Competitors who maybe on your list of followers to plan and attend the “tweet up”.
2) Competitors with the opportunity to establish a system to monitor information that is made available during the “tweet up”
3) Competitors to access archives of the “tweet up” courtesy of the company’s Twitter page.

A similar scenario can hold true for a Facebook initiative using the discussion boards or wall posts.

Am I discouraging companies from using the various avenues to engage individuals on social networks?  Not at all. What I am trying to highlight is that strategists must be smarter when it comes to communicating with their target audience.  Social networks are not only marketing platforms but outlets to collect strategic intelligence as it becomes available.  Efforts to prevent significant pieces of data from appearing on competitors’ radar should be taken.  Consider:

1) Conducting an audit of your social media marketing outlets - Have someone outside your marketing department to browse your Facebook, Twitter and YouTube accounts to seek out the answer to the following question, “Do we want our competitors access to this piece of information?”.  In addition, use some of the Web 2.0 search tools to cull information that might be available on Web 2.0.  This initiative is a part of a defensive competitive intelligence plan.  (Please read, “Defensive Competitive Intelligence In A Web 2.0 Environment”)

2) Drafting and adhering to engagement guidelines - When engaging your audience, you may not be prepared to deal with some of the unwelcome comments.  These comments can be used against you by competitors.  As a result, a set of guidelines should be established to clear state the topics that should be covered, when postings should be done, should hashtags be used, etc.

Are you concerned about what your competitors can learn about when you are engaging your consumers?  Tell us!!

Is Gathering Social Intelligence A New Concept?

Published
by
Ian Smith
on July 7, 2010
in Author-Ian Smith, Competitive & Internet Intelligence and Web 2.0 Search
. 1 Comment

From Google’s collection of search and alert tools to dozens of dashboard applications, marketers are quickly adopting practices to gather information from social networks.  Recently, Nielsen has partnered with McKinsey to introduce social intelligence consulting.  In short, the offering entails gathering social media data and providing analysis.

After reading this announcement, I said to myself, “is this just another segment of the market intelligence pie being chopped into another slice?”

Although the initiative of gathering social intelligence on Web 2.0 sounds like a new and ambitious idea from a strategic point of view, the practice has been around for years.  Since the introduction of Usenet in 1980, internet researchers has had the ability to search, read and extract text from discussion groups on the web.  One of my first mandates in 1998 dealing with competitive intelligence research had me searching for comments regarding a specific drug for osteoporosis.  The client was interested in the negative comments especially when it came to long term side effects.

There is no doubt that the web has evolved since 1990.  From Web 2.0 based sites as sources of information to content monitoring applications, access to marketing intelligence is becoming easier for researchers and analysts.  A solid grasp of internet intelligence search methodologies and tools will provide an advantage to individuals who would like to avoid costly consulting services to collect and analysis of social conversations, mentions and real time information.

Is there a huge difference between “social intelligence” and “competitive intelligence” regardless of how information is gathered?

Your thoughts?

Social Media Monitoring With FPinfomart Heartbeat

Published
by
Ian Smith
on June 21, 2010
in Author-Ian Smith, Competitive & Internet Intelligence and Web 2.0 Search
. 0 Comments

As content increases on Web 2.0, the need to implement a social media monitoring system is essential for competitive intelligence functions within large and small companies.  As seen in the posts, “Simple Monitoring Of Social Networks With Google Reader” and “Social Media Monitoring With Radian6“, there are applications available to cull strategic details about competitors and their products or services.  Recently, I had an opportunity to take FPinfomart Heartbeat for a test drive.  FPinfomart is a Canadian media monitoring and corporate information service providers.

FPinfomart Heartbeat is an application that allows user to participate directly in social conversations and monitor the conversations through one interface.  Once an user logs in, a dashboard is provided to access to information regarding the keyword(s) that are being tracked across multiple social networks, including forums.  Figure 1 presents the dashboard for the keyword, “Tylenol“, where the latest information on the amount of mentions per social network is posted.

Figure 1: Heartbeat Dashboard For Mentions of “Tylenol”

Individuals interested in the amount of mentions for alternatives brands of Tylenol, Heartbeat supplies statistics as seen in Figure 2.


Figure 2:  Share of Mentions of Alternatives to “Tylenol”

To begin investigating the content gathered by the tool, users can click upon one of the icons representing the Web 2.0 applications.   Figure 3 illustrates the results or “Your Heartbeats” from blog posts that mentions, “Tylenol” and filtered by the tag, “side-effects”.

Figure 3: Filtered Heartbeats by “side-effects” Tag for Tylenol, Motrin and Advil

Heartbeat provides a wide array of metrics to measure mentions on social networks.  Figure 4 presents the “Geography” measurement for “Tylenol”.

Figure 4: Measuring Heartbeats by Geography

Heartbeat also offers a powerful comparison tool for social mentions.  As users click on the “Compare” tab on the dashboard, there are six criteria in which they can generate charts from.  Figure 5 is a look at the gender comparison charts for the Tylenol, Motrin and Advil.

Figure 5: Gender Comparison of Mentions For Tylenol, Motrin and Advil

For individuals who are seeking to improve their Web 2.0 monitoring capabilities, be sure inquire about FPInfomart Heartbeat.

Company Buzz App On LinkedIn

Published
by
Ian Smith
on June 14, 2010
in Author-Ian Smith, Competitive & Internet Intelligence and Web 2.0 Search
. 0 Comments

It seems that LinkedIn is attempting to make life a bit easier for competitive intelligence researchers.  First, it was the Company Follow function, (please read, Linkedin Follow Function and Competitive Intelligence) and recently, the business social network has revamped their “Company Buzz” application.

This application allows users to monitor the mentions of companies on Twitter, identify trends and track buzz over time.

Once the the application is downloaded onto your profile,  you will have access to a search interface as seen as in Figure 1 where the company name, LinkedIn is used.

Figure 1: Company Buzz Results For LinkedIn

Adding companies to monitor tweets can be done by simply entering their names and  clicking on the “Save this search” link.  Figure 2 profiles the result page when Nike and Reebok is added to the Saved Searches.

Figure 2: Nike and Reebok Added To The Saved Search

For each Company that is added, the application provides a collection of Buzz Words as seen in Figure 2.  Once clicked upon, the buzz words link will lead to a page of results with the word appearance in each tweet.  In Figure 3, the buzz word, “shoes” for  Reebok is highlighted in blue and the associated tweets are listed.

Figure 3: Buzz Words Results - “shoes”

Data on trends (mentions) is also available courtesy of a line graph as seen in Figure 4 for Nike.


Figure 4: Company Buzz Trend Graph For Nike

Downloading the application on your LinkedIn profile is practical.  It will prevent you from jumping to Twitter to retrieve the tweets and generate a graph.

Tips To Efficient Industry Research

Published
by
Ian Smith
on June 7, 2010
in Author-Ian Smith and Competitive & Internet Intelligence
. 0 Comments

Search tools, be it for Web 1.0 or Web 2.0 based content, has spoiled internet researchers when searching for industry information.  Newcomers to an industry can use a tool such as Google Squared as discussed in “Competitive Intelligence Research With Google Squared?” to become familiar with a sector within the context of various metrics.

Here are some additional tips to consider when tackling industry-specific mandates.

1. Use Wikipedia

The Web 2.0 based encyclopedia is ideal to obtain an overview of the industry.  The source can provide a description of the key elements of the industry and keywords to aid in a search later on in the mandate.  Figure 1 is a screen shot of the Wikipedia entry for computer software.

Figure 1: Wikipedia Entry For “Computer Software”
Click On Image To Enlarge

2. Consult Association Websites

Association websites are excellent sources for information especially when it comes to recent news, issues, statistics and trends.  Consider visiting a source such as Google Directory which provides links to several association websites in one location on the web.  Google Directory for industry associations is illustrated in Figure 2.

Figure 2: Google Directory For Industry Associations
Click On Image To Enlarge

3. Benefit From LinkedIn Answers

Using LinkedIn Answers For Competitive Intelligence Research demonstrated how well the business social network can be used for secondary data gathering.  By browsing through the site with the existing answers categorized by topic or posting a question with the hopes of getting a reply, researchers mine for information based on industry professionals’ expertise.  Figure 3 presents the interface for the Advanced Answers Search


Figure 3: Advanced Answers Search Interface

Social Media Policy and Competitive Intelligence

Published
by
Ian Smith
on May 31, 2010
in Author-Ian Smith, Competitive & Internet Intelligence and Social Media Marketing
. 0 Comments

Who would have thought that four year ago that tools such as Facebook, Twitter and YouTube would have been an essential part of marketing communications campaign? On a business to consumer (B2C) level, there are clear avenues where the social media applications can aid in reaching marketing objectives.  Can the same be said about business-to-business (B2B) marketing?

According to the study, B2B Goes Social: A White Horse Survey Report, 86% of B2B Marketers Use Social Media. This statistic is also accompanied with research that states that only 32% of B2B marketers are engaged daily.  Given this fact, there is a need to write and implement a social media policy which should take into consideration competitive intelligence gathering practices of competitors.  Such a policy may include the following elements:

  1. Identity - Be sure to identify yourself with correct name, photo and company affiliation.  Using a false name and bogus information to mislead individuals will cause individuals to prevent you from networking with others and joining groups.
  2. Audience - Whether it be a blog or a Twitter feed, companies must consider their audience for their difference communication Web 2.0 platforms.  Although there is a need to provide accurate information to current or potential clients, there are competitors monitoring social networks to cull significant intelligence. As a result, it is important to regularly audit the audience in terms of who is reading the corporate blog or receiving tweets
  3. Moderating comments - Although it can be satisfying to receive comments on a blog or on Facebook, it is important to have a system to moderate posted content from others.  The content could contain intelligence that can be used by competitors and should be managed to ensure that it is not easily accessible.
  4. Make good judgement calls - Employers trust employees to make the best decisions in the interest of the company.  This entails not sharing too much information while engaging with other, networking with potential or existing competitors and posting appropriate content.

Revisiting Key Intelligence Topics

Published
by
Ian Smith
on May 24, 2010
in Author-Ian Smith and Competitive & Internet Intelligence
. 0 Comments

In order to have an efficiency and effective competitive intelligence function within a large company, a complete evaluation of entity is needed.  The initial step of the assessment is revisiting the key intelligence topics (KITs).  As discussed in “Selecting Your Key Intelligence Topics“, key intelligence topics are questions that the function attempts to answers through information gathering and strategic analysis processes.

Whether or not a company’s KITs remains constant or fluid, there are five reasons why managers should review them on a regular basis.

1.  Competitive Landscape Change - Although this may sounds elementary, this fact can be overlooked by some due to a micro approach to competitive intelligence gathering.  Joint ventures, mergers and / or change in leadership can influence how key intelligence topics are viewed by decision makers and managers.

2. Trend Spotting - If there are significant trends affecting an industry, key intelligence topics must be modified.  Trends may open the doors to opportunities the companies must be prepared to exploit.  On the other side of the coin, trends may unveil threats to the companies in which decision makers must use actionable intelligence to formulate defensive strategies.

3. Increased Access To Information - Having more access to information can modify a firm’s set of key intelligence topics.  Over the past five years, a tremendous amount of strategic intelligence is available via blogs and social networks.  Networks such as Facebook, Linkedin and Twitter provides researchers with avenues to collect opinions from consumers which in  turn allows firms to update their intelligence topics given the new source of information.  Figure 1 illustrates the discussion board that is available on the Mitsubishi Facebook Page.

Figure 1: Discussion Board On Mitsubishi Facebook Page

For more on competitive intelligence and social networks, read “Branding Reinforcement Tool or Source For Competitive Intelligence?”

4. Personnel -  Adding personnel with specific skills can influence established intelligence topics.  Skills such as primary research techniques, deep web searching and advanced strategic analysis methods can lead managers to offer different options when there is a need to reply to key intelligence questions.

5. Budget - Budgets will always dictate the resources needed to collect and assess the information to respond to the key intelligence topics.  In times when budgets are reduced,  manager may not be able to deliver upon the pre-defined topics.  As a result,  managers and decision makers must readjust the demands made on the competitive intelligence functions when access to tools to gather and analyze data are limited.

Offline Competitive Intelligence Sources

Published
by
Ian Smith
on May 17, 2010
in Author-Ian Smith and Competitive & Internet Intelligence
. 0 Comments

Access to the web has afforded competitive intelligence researchers with the luxury of keying in a few words and then generating a list of results.  It should be noted that the web does not provide all the answers to reply to potential a firm’s key intelligence topics. (Please see “Selecting Your Key Intelligence Topics“)

At times, researchers must resourceful when attempting to gather strategic information that is not available online.  Here are some offline competitive intelligence sources that should be consulted by newcomers to the field.

  • Colleagues - Colleagues are great for collecting information on a monthly basis.  Whether they attend trade shows or have the opportunity to talk to clients. colleagues can be trained to pick up strategic details that are not readily on the web nor in premium content databases.
  • Local business journalists - Journalists can assist in times when researchers are seeking private company information and insights on local industries.  They have done a great deal of primary research for articles and special features for their publication.
  • Suppliers - In times when Porter’s Five Forces analysis is needed, suppliers can provide data that is difficult to glean from a lengthy web search.  In addition, suppliers may offer estimates on some of competitors’ costs.
  • Clients - On occasion, clients may be able to provide further details regarding the key intelligence topics once the research mandate has started.  Their understanding of the industry or competitor(s) may lead researchers in tackling the job at hand from a difference angle that may result in gathering data efficiently.

Linkedin Follow Function and Competitive Intelligence

Published
by
Ian Smith
on May 10, 2010
in Author-Ian Smith, Competitive & Internet Intelligence and Web 2.0 Search
. 0 Comments

On April 29th, 2010, via “Get on the inside track with “Company Follow”“, Linkedin launched its new “Follow” function similar to Twitter.  This announcement should be met with great joy by competitive intelligence professionals.  It is just another tool to use to gather strategic intelligence as discussed in “Using LinkedIn People Search To Profile A Company“.

Upon reflecting on the advantages of using the tool, one has to take a step back and consider the defensive competitive intelligence ramifications of Linkedin’s new toy.

As stated in “Defensive Competitive Intelligence In A Web 2.0 Environment”, there are difference scenarios that can come to the forefront on a daily basis on social media applications.  Now with the “Company Follow” feature, companies will have to reconsider their visibility on the social media tool.

Here are two some discussion points to mull over if your company has profile page on LinkedIn.

1. Is it necessary to have a profile on LinkedIn? - Although social media sites affords companies with an inexpensive avenue to market themselves online, it provides competitive intelligence researchers with a resource to gather information easily.  Reconsider what should be posted and edit the information on the page.

2. What is on employees’ profile? Providing access to employees’ profile has its consequences.  As seen in “Competitive Intelligence Research With LinkedIn - Who’s Hiring?”, significant details can be collected and assessed to anticipate a strategic move.  Figure 1 is screen shot of a list of new hires at Microsoft Corporation.

Microsoft Corporation’s New Hires Listed On LinkedIn