Competitive intelligence
What is a competitive intelligence ?
Competitive intelligence is often a type of service that is not sufficiently considered by small companies - unfortunately wrongly -. Every year, HEC Junior Conseil assists many companies that need to carry out competitive intelligence to observe the practices and innovations of their competitors, allowing them to save time and money while enabling them to better position themselves in relation to their competitors.
Carrying out a competitive watch means observing the competition, its practices, its innovations and its results. As its name suggests, competitive intelligence is a long-term process. long-term observation It can last from several months to several years. Competitive intelligence is used to provide the client with information about direct, indirect or potential competitors: it is a monitoring the market and its competitors. There are several indicators that can be used to carry out competitive intelligence: the arrival of new products or services on the market, the implementation of competing commercial actions, marketing or communication campaigns, the appearance of major innovations in the sector of activity, the economic performance of competitors, etc.
In concrete terms, a company wishing to have a competitive watch carried out will come to HEC Junior Conseil and ask it, for example, to monitor the news (for example marketing) of X competitor companies for X months. As soon as a news item is identified on one of the social networks of a competitor company, on its website or on specialised press sites, it will be noted and formatted with an analysis of the potential associated threat and strategic recommendations for our company.
In general, companies use competitive intelligence to :
Developing effective business strategies
Anticipating and planning for market opportunities and disruptions
Assess competitors' market positioning
During the launch of a new offer to check that it is not copied by the market
For example, HEC Junior Conseil worked on a competitive intelligence mission for a European leader in construction and engineering. The group was interested in the trends and uses of tomorrow in the building and public works sector, and wanted to strengthen its presence on the smart-cities market. It therefore entrusted us with this competitive intelligence mission, which was ultimately a success, as it has enabled our client to become one of the European leaders on the smart-cities market.
This is often one of the first steps for entrepreneurs It is often one of the first steps for entrepreneurs who have to formalise all their research and documentation and is useful both for the start-up and for future investors. The form of the business plan is often predetermined and leaves little room for originality. The business plan is therefore primarily a detailed plan that start-ups set for themselves and that they are expected to follow for the next few years.
To find out more and to know everything about competitive intelligence, we invite you to read our article :
4 steps for your project
1. Determining the criteria and issues to be monitored during competitive intelligence
2. Weekly collection of the observed novelties and update of the report which can be consulted directly by the client for a better follow-up
3. Analysis of the data collected and consequences for our client
4. Strategic recommendations and handovers
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