You do not need a cloak, or a dagger, in order to be a good business spy. A small business owner needs to wear many hats. Many forget to put on their secret agent trench coat in pursuit of competitive business intelligence. An old adage asserts that information is power. Information also equates to money in the business world. You do not need to join the CIA in order to become a good business intelligence operative. A few simple techniques will suffice.
It Is Never Bad To Track the Competition's Ad
All of your competitors advertise in one fashion or another. Business owners should locate and track the advertisements of all their direct competitors. You can learn a lot by studying your peer's ad campaigns. It might clue you in to a niche market you otherwise hadn't thought of. Their ads might also provide valuable information to be used in support of your pricing decision process.
Walk Through the Door of Your Competitor's Store
The most valuable competitive intelligence can be gleaned by simply visiting your competitor's store. Assume you are in the color printing business. Visiting the local printers can be quite educational. You will be able to gauge their traffic and peruse their pricing. Also, you might pick up an operational tip or two by watching them at work.
Don't Be the Jerk without a Good Network
A good network within and ancillary to your industry is a great source of intelligence. Vendors who service multiple companies in your space are especially coveted within your network. By staying in touch with these parties you will have your finger on the pulse of the industry. For example, you might hear a competitor is soon retiring. This would present an ideal opportunity for to use color printing for a direct mail campaign targeting the customers of that business.
Get a Clue Why Some Don't Buy From You
Unfortunately, you do not control 100% of your market. Some customers to go to your competitor's store. It behooves you to find out why. Whether in social situations or other avenues of life, when you come across a competitor's customer ask them why they patronize the competition. What is it they like about doing business there as opposed to elsewhere? The answers will allow you to conform your operation to satisfy formerly uninterested potential customers.
Competitive intelligence is one of the critical tasks among many necessary to run a successful business. The above techniques are simple and free of cost. The benefits can be significant. Stop operating in the dark. Develop your intelligence databank and watch your company prosper.
