When I was informed that my primary task at ReadyTalk would be garnering competitive intelligence (CI) for the web conferencing industry, I was intrigued by the idea but did not know what to expect. Despite not being very educated on the subject of CI, I started formulating a plan based on what I knew and a list of guiedlines to follow. I admit that I was excited about this project and eager to get started.
Over a month has passed since the briefing on the CI task and I am pleased to report that my plan was a well implemented success. Without formal education on CI and just a few guidelines to follow, (I assure you nothing unethical was conducted) we were able to acquire adequate intel on ReadyTalk's competitors.
Just the other day after our review of the CI project, I decided to do some research on the topic. Why I waited this long is a mystery to me. I understood the idea of CI and why we were doing it, but I guess I never thought about its impact on the business world or more specfically, the web conferencing industry.
To my surprise I discovered that CI is much bigger than I had imagined. It is a multibillion market and with today's ever changing business environment it is as important as ever. Researching CI has opened my eyes to a whole network and community of CI professionals, there are a variety of CI consultant companies as well as a global organization for CI. CI can increase you company's ability to:
- Position your company in the market
- Stay ahead of competitors
- Be alert to market changes
- Increase profitability
- Know and understand your competitors and the marketplace
- Increase your sales team's competitor awareness
These are only a few benefits of CI, having the opportunity to profile competitors will allow your company to better understand them as well as the marketplace. Check out this resource for some more valuable and interesting information about CI.
[tags]competitive intelligence, web conferencing [/tags]