What advice would you give to someone who is tasked with setting up a Competitive Intelligence function? For our latest 'Ask the Expert' series we posed this frequently-asked question to a panel of Market and Competitive Intelligence professionals. We'll publish the different responses over the coming days and weeks.
First up, we approached Suzanne Jones, Market Intelligence Manager at the Co-Operative Group. Suzanne responded with some useful tips for gaining traction early on and making sure that you demonstrate how intelligence activities positively affect sales volume, revenue or contribute to your organization's mission.
Q: What advice would you give to someone who is tasked with setting up a Market or Competitive Intelligence function for their company?
SJ: One of the main challenges when starting out is getting your name known and becoming the source of market insight. The following helped me to have impact early on:
Provide intelligent news: Keep your eyes open for strategic news, report it as early as you can (e.g. 8am) include commentary, opinion, a view on what it means for your company and a link for more information. Send it out as widely as you can - make sure it's Blackberry friendly
Use internal strategy as a framework: Help your audience engage with the
intelligence you’re producing - use the same formats, language and headings as internal strategy documents
Find market opportunities: Easily said and not easily done, but if you can deliver an early success story linking intelligence to sales or revenue, you’ll build a reputation overnight.
Let people know what to worry about: Make threats analysis or competitor reports relative to your own company situation – i.e. do your executives need to worry about it or is it small potatoes?
Good luck!
Suzanne Jones has worked in intelligence for over 8 years delivering strategic insights, the majority of that within retail financial services. She is the Market Intelligence Manager at the Co-operative Group.
If you wish to contribute to this series email me at this address orlaith.finnegan(at)digimind.com