If you don't fully understand what's happening in your competitive marketplace, it's difficult to make good strategic decisions for your business. Or, if you are simply getting your butt kicked by the competition, it may be time to find out why and what you can do about it.
Accurate competitive intelligence can be an invaluable asset. Here are some things you should know about competitive intelligence:
Leverage the power of the Web for business intelligence
As the Web continues to mature, great business research is becoming more accessible than ever.
I recommend: Hoovers.com offers a wide range of detailed information that let’s you do a fairly detailed business background check. Some are free; most you pay for.
Business.com is a free, business-specific search engine designed to help you find the companies, products, services you need to make smart decisions.
Access public records information for a business background check
Public records can be a great place to do business research on companies, people and assets, and to understand the critical relationships among them.
I recommend: On
KnowX.com, you can run business background checks, verify property values and more using public records and other data resources.
SearchSystems.net is a directory of public records on the Internet, covering billions of records useful for competitive intelligence, including business listings and corporate filings.
Engage professional services to conduct competitive intelligence
D&B offers excellent business intelligence services.
I recommend: Check offerings at
D&B Small Business Solutions. You can find business research on new customers, old customers, your competition, and new markets. The best info isn't cheap, but it's worth the cost. Consulting firm
Fuld & Company caters mainly to big companies, but the Intelligence Index & Competitive Intelligence Tools section of their Web site is valuable for entrepreneurs seeking insight into what competitive intelligence is all about. You'll find free business research reports, white papers, competitive intelligence terms and an intelligence toolbar. Check Business.com’s directory for
providers of competitive intelligence and
business background check services.
Consult the experts on business intelligence
Every year, more and more people make a career out of the creation and management of business intelligence.
I recommend: Non-profit membership groups for business intelligence experts maintain Web sites with information accessible to anyone. The
Society of Competitive Intelligence Professionals' site has a resources section a directory of business intelligence product and service vendors.