3 New Competitive Intelligence Books

Red open bookIt is my pleasure to share 3 great competitive intelligence books that came to my attention this week.

Business and Competitive Analysis: Effective Applications of New and Classic Methods, 2nd Edition by Craig Fleisher and Babette Bensoussan, Pearson, 2015.

So what’s changed in this version?

  • They have included new techniques not included in the 1st edition
  • They include Key Intelligence Questions for each technique
  • They give you ideas for other similar or complementary techniques you can use
  • There is a worksheet that you can use for each technique, handy for teachers too
  • They also teach you a better SWOT.
  • Babette Bensoussan promises once you use this improved SWOT, you won’t turn back to the old 4 boxes one.

Craig Fleisher informs that customer orders for printed copies overwhelmed their publisher, Pearson, this week. They should be available again next week. For those of you who need it more quickly, the digital version is available at Amazon and other digital on-line retailers.

 

The Guide to Online Due Diligence Investigations: The Professional Approach on How to Use Traditional and Social Media Resources by Cynthia Hetherington, Facts on Demand Press, 2015.

Learn “Hetherington’s methods” in this book which provide the information for you to:

  • Conduct an online background on any business, person or entity, foreign or domestic
  • Hunt down online social network profiles and locate assets
  • Set up alerts for asset tracking or any type of investigation
  • Learn how to keep up with cutting edge services that are coming up daily.
  • Expose fraudulent business enterprises, locate assets, and find undercover intelligence.
  • Learn about database resources and online sources for conducting research online.
  • A demonstration of actual Web sites to utilize in their own investigations.
  • Found Online – Learn where and how your personal life ends up databases and how it is sold.

 

Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Market the Competition Irrelevant by W. Chan Kim and Renee Mauborgne, Harvard Business Review Press, 2015.  Following are excerpts from Amazon reviews.

According to John Gibbs, an Amazon Top 1000 reviewer:

“While not every reader of the book will discover a perfectly formed blue ocean strategy, almost every reader who spends time and effort working through the tools provided by the authors will come up with some creative strategic ideas which might not otherwise have arisen. This is one of my favourite books on strategy and, although the changes between the first edition and the expanded edition are not substantial, they are still enough to justify the price of buying the new edition.”

Another more anonymous reviewer adds:

“This new expanded edition adds new chapters at the back covering unanswered questions from the original. The new chapter on the issue of what the authors call “alignment”, that explains how to get your staff and suppliers on board with you when you decide to make a ‘blue ocean’ move, is particularly useful. That new chapter alone made this a worthwhile purchase for me.”

Zunaira Munar comments:

“The new expanded edition of the book now puts the big picture in perspective by showing how strategic alignment of value, profit and people propositions is achieved to create a successful blue ocean strategy. The new chapter about red ocean traps is particularly insightful as it shows, through interesting examples, what keeps companies stuck in red oceans and how to overcome those mental models. The addition of two new principles of blue ocean strategy for addressing execution risks related to renewal and sustainability answer some of the very important questions that my clients have asked over the years about blue ocean strategy. It is also interesting to see how the case studies described in the original book ten years ago have evolved over the years, presenting useful insights into the sustainability of blue oceans.”

Jacqueline Chang comments:

“My favourite part about the expanded edition is that there is even more emphasis on how Blue Ocean Strategy can be applied to illuminate the human dimension of organisations, to engage people’s hearts and minds in carrying out their activities. The book illustrates how to build execution into strategy and create trust among employees and other partners. I found many useful examples that other project managers can learn from, particularly in terms of how a new strategy can be implemented quickly and at low cost.”

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Independence or Not?

It’s Independence Day in the US, and it makes me wonder how independent we are as individuals. These thoughts were inspired by “The Busy Trap” in the New Times by Tim Kreider.

How many times have you heard people say, “I am too busy. I am soooo busy.” Are most of us really busier than we used to be? Or are we imposing busyness by all the distractions of everyday 21st century life? I think the only ones who are truly too busy are those who are pulling 3 jobs barely scraping by; students who also work long hours while at university; single parents who no longer have the means to support their family; and those who take care of their elderly parents while also raising kids and working. Not only are they too busy, they are tired and we are losing their creativity while they are in these circumstances.

I traveled a lot in the last month to Illinois, Indiana, Minnesota, DC, Virginia and Maryland. While I didn’t think about it, I found myself engaging with the present, with the people I was around and paying less attention to my social networks. I found myself a lot more relaxed, and less busy! I slept longer and was in a better mood. Laughter, which comes easily to me, was ever present. How many ways do you need to connect every day? Do you have to be connected to Twitter and Google+ constantly? How often do you need to log into LinkedIn not to mention Facebook and Foursquare? Do people really need to know what you’re doing all the time and where you ate and what airline you’re flying? Knowing when to connect on social media is a competitive advantage for individuals and for companies. Knowing when not to connect gives you more independence.

We have have had a record amount of fire destruction in Colorado already this summer. I don’t watch TV, another way that I am less busy. Last week when the Waldo Canyon Fire in Colorado Springs expanded ferociously from the wind gusts and dryness, I was in touch with the present through Twitter feeds and the live video-stream on the Internet. Soon we will have systems in place to help the many families who lost their homes build back their lives.

So how does this translate into competitiveness? We are flooded with incoming information and ways that people steal our time from us, if we pay attention to all of it, or even to too much of it. You don’t need to know ALL the information out there about your marketplace, new technology, the economy, the political situation, your customers, your suppliers and your competitors. Rather you need to know WHEN to pay attention when you are NOTICING CHANGE. If you spend too much time listening to all the chatter you might miss the important changes or your ability to predict how the marketplace is evolving and what you need to do to stay on top or at least to stay competitive!

So on this Independence Day, think about how you are going to regain some lost time in your life by turning down some of that “social noise,” tempting though it be. Learn how to relax again. I plan to enjoy my Mom today who is 94 and is visiting us. Maybe that’s why “The Busy Trap” spoke to me. I want to relish the time I have with her today. BTW she is napping now.

Real-Time Competitive Intelligence

Competitive Intelligence has historically focused on strategic and tactical forms of intelligence. In fact, SCIP changed its acronym from Society of Competitive Intelligence Professionals to Strategic and Competitive Intelligence Professionals. While competitive intelligence is an important component in strategic planning, and companies benefit from scenario planning: many companies miss the boat by not conducting and communicating competitive intelligence in real-time. Real-time competitive intelligence deserves to be a focus within the profession.

Many companies think they are conducting real-time competitive intelligence since they monitor their market landscape continuously on the Internet and increasingly through social media such as Twitter, LinkedIn and Facebook as well as industry specific forums or social networks like Ning. While monitoring is the foundation of real-time market intelligence, it is not actionable. The action you take in real-time will give you a competitive advantage.  As David Meerman Scott said at our AIIP conference, “Speed and agility bring competitive advantage…Act now before the window of opportunity vanishes.”

That’s the point: many in competitive intelligence sit on the knowledge they gain from monitoring the environment. I think part of the reason is that competitive intelligence is a staff job, and many in the profession don’t have the authority to take action. Some corporate cultures reward information hoarding, the exact opposite of sharing and taking action.

However, competitive intelligence managers can inform our company employees in real-time, and in areas where we have more knowledge, we can make recommendations. The balancing act in our job is to offer cooperative intelligence: don’t inundate people with too much information, just what you know is important to them.

When you read a rumor about a competitor or marketing trend that could significantly impact your company, check it out right away. This usually involves talking to another human being. That’s why having a deep human source network is essential for every competitive intelligence practitioner.

When you’re at a trade show, report back your findings several times during the day to the sources in your company who are asking. Invariably your findings bring up more questions.

It’s interesting that Sales will quickly follow up with leads immediately after a conference or trade show. With the same exuberance, you need to fire off a report of your key findings to those who need to know, and those you suspect should know. Don’t put it off: some of the most timely intelligence comes from trade show interviews. What I really like is that much of this is not published yet, and can be used to give your company’s marketing, sales and product teams a leg up.

When you hear that a competitor is merging or acquiring another company, put the word out immediately at your company, especially to sales people, as they can reassure your customers that your good service will continue, and perhaps instill doubt about the merged competitor entity.

The point is those companies that take action more immediately are the winners these days. Those that ignore events or sit on valuable information lose. What has been your experience with real-time competitive intelligence?

Gain Competitive Advantage through Risk Management: NCBA’s Story

Kendal Frazier, Senior VP at National Cattleman’s Beef Association (NCBA) spoke at our Denver Association of Strategic Planning meeting on the subject of crisis and risk management. To appreciate NCBA’s risk management program, it’s helpful to understand this industry. They are HUGE, a $70 billion industry. Cattle are raised in every state, and occupy more land than any other industry in the US. There are over 800,000 in beef cattle; and 200,000 in dairy cattle. The two key goals of NCBA are to protect the safety of US cattle and thus protect the health of beef consumers and maintain consumer confidence in the product. There are strict rules to reduce the risk of disease entering the US cattle market from imports. There is a big push for risk communication: that is how NCBA will react to bad news such as Mad Cow disease!

While the more sensational story was around NCBA’s involvement in the Oprah Winfrey show in 1996, I more appreciated how NCBA implemented its risk management strategy when Mad Cow entered the US on Dec 23, 2003, and believe they reacted in a way that reflects cooperative intelligence principles.

On that same day, NCBA reached out to a pre-selected list of government contacts. They activated a dark website which had been developed just in case Mad Cow penetrated the US. At 5:30 pm that night, Ann Veneman, Secretary of the USDA, made the announcement. Then NCBA held a news conference with 140 media contacts. At 7:30 pm, they made announcements to state agencies, beef councils and affiliates, like McDonald’s who sells 3% of US beef. As of Dec 23, 20 – 30 people worked solely on this issue as prescribed by the emergency response process plan. They had a communication response plan all set to go and worked throughout the holiday season.

What lessons did they learn?

Practice, practice, practice–even down to the level of conducting media interviews.

Organize a team of spokespersons at the National and State level.

Organize your internal resources. Make sure that you have all functions around the table when these crises happen. You need everyone’s perspective: legal, marketing, administrative, purchasing, research, government affairs—all functions!

Drive consumers and media to your dark website. It was helpful to have already developed a dark website for Mad Cow disease.

Your enemies will attack: be prepared. NCBA had a list of enemy activist groups as part of their preparedness for this event.

Expect people to overreact and have your response ready (some schools said they would eliminate beef at cafeterias).

Communicate this difficult problem in easy terms to the consumer.

Make sure that industry amplifies what the government is saying.

Keep major partners in the communication loop.

The media is not the enemy, but is the battle ground. Choose multiple spokespersons for your message.

Evaluate how well your spokesmen come across in the media. Pull weak players and use the more effective spokespersons.

Give the ground team more support (the Washington State team where Mad Cow entered the US).

Being ready when a crisis hits is a huge competitive advantage! Scenario planning is a great exercise to flesh out which crises you should be prepared for. If you wait until the crisis hits, it’s too late, especially in today’s real-time world!

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