competitive intelligence Archives - Page 2 of 2

Formalize Your Competitive Intelligence Process

Need to Formalize Your Competitor Intelligence Process? Here are 10 Essential Steps to Follow.

May 28, 2019March 22, 2024David Lithwick

I have only known a few Canadian companies that set-up a Competitive Intelligence (CI) department with a full time Competitive Intelligence manager or analyst. Instead, what many companies do is formalize key elements of their competitive intelligence process. They take a hands on approach where team members are assigned to carry out specific tasks under the watchful eye of a market research or business intelligence manager So What Are These Steps? Identify those issues that are currently making the competitive intelligence process less effective. Get agreement from team members on: The role of competitive intelligence process. Topics to monitor. Key intelligence questions that need to be answered. What essential sources… Read More

Can Competitive Intelligence Be Used to Predict Election Outcomes?

June 14, 2018March 22, 2024David Lithwick

An interesting thought. One idea that comes to mind is to measure the density of party lawn signs in closely run areas. In other words, take a sample of 10 blocks and count the number of lawn signs per party. We used the upcoming Ontario elections as an example, and focused on Richmond Hill (suburb just north of Toronto). Before the election, the lawn sign count was: 29% PC – 52% Liberal – 19% NDP However, the outcome on the 2018 Election Day was: 52% PC – 28% Liberals – 17% NDP – 3% Greens So what does that tell you? Using their commanding lawn sign coverage as a predictor,… Read More

Ten Sources to Tap Without Contacting your Competitor

May 22, 2017March 22, 2024David Lithwick

INTRODUCTION Typical Pharma Competitive Intelligence goals are to assess a competitor threat or to obtain reliable information on your competitor’s sales force size, regional allocation, CHE efforts and presentation tools. Depending upon your methodology, gathering Pharma Competitive Intelligence can place you at risk. For example, too many phone calls to your competitor will alert them. They could then counter by providing misinformation or fast-tracking their own initiatives and marketing efforts to gain the advantage. There is also the issue of potentially over-stepping ethical boundaries. A workable resolution is to tap primary sources of competitor information without contacting your competitor. And…to do so in an ethical manner. Where to go from here?… Read More

Understanding the Impact of “Customer Churn”

May 10, 2017March 22, 2024David Lithwick

Customer churn should be top of mind for all organizations. The importance of a strategically executed customer onboarding program was our last topic. Such a program cements new customer loyalty and commitment. A strong onboarding program also sets the stage for the new customer bringing you more of their business. However, the flip side of converting new customers to long term customers is losing them – customer churn. Customer Churn Definition The measurement commonly used to assess losing customers is called “churn”. The ratio is determined by dividing the number of new customers who leave your business by the number of new customers you have acquired during the same period.… Read More

Customer Onboarding Best Practices

May 2, 2017March 22, 2024David Lithwick

Introduction Adopting best practices for customer onboarding is a key factor in client retention and loyalty. Many businesses today are allocating resources to competitive intelligence, mystery shopping and market research. This is in an effort to gain a competitive advantage and increase both share of wallet and market share. However, in my experience, ensuring the customer has a memorable and seamless entry into your organization is essential. First of all – In cementing loyalty. Further – in their internalizing your value proposition. And finally, in bringing you more of their business. Therefore, having them act as your ambassadors, by ensuring your clients are brought into a lasting relationship with your… Read More

Blending Competitive Intelligence with Market Research

March 6, 2017March 22, 2024David Lithwick

Introduction If you are a researcher, you might consider, as a tactic, blending competitive intelligence with market research in adding value to your employer’s or client’s success. I define Competitive intelligence by focusing on the words themselves: “Competitive:” investigating competitor activities, and “Intelligence:” using your expertise and intellect to analyze that data & information collected to create intelligence for making meaningful decisions. The process of gathering, analyzing and interpreting information about a market, product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service is commonly referred to as market research. Understanding the commonalities… Read More