Knowledge Is Power

EastSight InSight

Ask first who is your internal “customer base?” The C-suite, marketing, sales, strategic planning, all of them? Satisfying all of them would be extremely difficult. CI is usually aligned with one function, generally the one to which it reports. Have the frank talk with your manager about how much effort should be expended for each internal customer and track your effort accordingly.

EastSight InSight

After you have completed your list of internal sources, make a list of potential external sources. These could include third parties with whom you are friendly such as industry watchers, employees at data providers, customers, and economic development people. All these could have good information and be willing to talk.

EastSight InSight

A CI pioneer said that eighty percent of what you need to know already exists within your organization. Are you taking advantage of this knowledge? Talk to people in other functions to develop important channels of communication:

*Ask sales about tactics of competitors

*Ask marketing about new products and messages seen at trade shows

*Ask purchasing about pricing for products and services used multiple competitors

Make a list of potential sources within your firm and reach out to them. You’ll be surprised at what you can find out.

Interactive Design/Competitive Intelligence Discussion Nov 13 Should be Interesting

Here's the description of the meeting: As an interaction designer, have you been asked to do some competitive research of other products in your industry? How do you do this research? What are the techniques and tools? What are the ethical considerations?

We are going to spend the evening with members of the Strategic and Competitive Intelligence Professionals from the Boston area. We'll share a little about what we do and SCIP will share about what they do. By the end of the meeting, we'll know a little more about each other's professions and walk away with new tools to add to our "toolbox" for the next time we need to do some competitive research.

Don't miss out on a night of great interaction design fun, food, and drink!

There are a limited number of seats, so register now on eventbrite.com. Go to Boston eventbrite.com and search for Interaction Design and Competitive Intelligence.

August 2014 EastSight InSight

“Do nothing” or “No change” is one of your least understood competitors. The upfront costs of making a change mean that the on-going benefits need to be significant, in terms of lower costs, increased productivity, or additional functionality. If the current situation is good enough, even if less functional than your alternative, the prospect will not make the change. If you have time to make a salad or a cake from scratch, then you will probably not buy bagged salad or bakery products. If your PC is old, but fast enough for email, you have no real need to upgrade to a faster model. So be sure that your product has enough value to overcome the good enough syndrome.

Please Join MA SCIP for Breakfast July 24 for Discussion of SCIP14 and Future Events

SCIP Massachusetts Chapter Presents Are You in the Loop? Highlights from SCIP14 And Ideas for MA SCIP Events

Breakfast Meeting Thursday July 24, 2014 8:00-9:30 AM Rebecca’s Café, Newton, MA

Miss the SCIP Conference in Orlando? Join the SCIP MA Chapter for conference highlights, discussions, and networking! We will fill you in on:

• Key take-aways from the sessions

• Developments in CI practices

• Updates on other attendees you may know

• The news from SCIP headquarters

• Information about next year’s conference

If you attended SCIP14, join us to share your perspective and information on the sessions which you attended, as well as network with chapter colleagues!

Were any of the topics or presentations at SCIP14 worthy of a reprise at the chapter level? Bring your ideas for future events or for our annual fall CIdea Fest.

Previous “In the Loop” events prompted discussions of several interesting CI topics. We hope the same dynamic happens this year.

LOCATION:(See directions below)

Rebecca’s Cafe 275 Grove Street Newton, MA 02466

REGISTRATION:

(SLA Members-Please Contact [email protected] for form)

CONTACTS

Parmelee Eastman: 781.416.3686 [email protected]

Jason Tong, 978.505.6648, [email protected].

Michelle Winter, Manager Global Chapters and Volunteer Initiatives, SCIP: 703.739.0696 x 115 [email protected].

ARE YOU LinkedIn?

Are you LinkedIn with the MA Chapter? If you aren’t, join the SCIP Boston Chapter Group on LinkedIn! Find us at: http://www.linkedin.com/groups?about=&gid=2200786&trk=anet_ug_grppro where you can start and join discussions, hear about upcoming local events, view job postings, and more!

DIRECTIONS

From North/South/West: Take Route 95 S or N depending on your starting point Take exit 22 onto Grove St, Newton Bear right onto Grove St. Pass the Riverside MBTA station Turn left into the office park Drive to the back of the building Rebecca’s is on your right once you enter the building

From Boston by car: Take the Mass Pike to the Route 95 North exit Follow the directions above

From Boston by the T: Take the Green line to Riverside Exit the T, turn left 275 Grove is the first office building on the same side as the Riverside Station

July 2014 EastSight InSight

If your competitors are selling for less than you are, consider researching their costs. Studying your competitors’ cost structures requires a lot of detail, and therefore, a lot of work, but can yield surprising insights that could change your operating philosophies and practices. Are they using different machinery, different ratio of labor and machinery, overseas manufacturing? What is most important is that you keep an open mind—do not assume that your competitors are operating the same way you are. They probably are not operating the same way and understanding those differences is the key competing effectively.

EastSight InSight June 2014

Liam Fahey mentioned at SCIP14 that the CI Council had determined that successful CI was 10% data, 20% analysis, and 70% influence. What is your experience?

What did Tim Ferriss Forget?

When I mentioned that I might be involved in an outsourcing project, a friend suggested that I read Tim Ferriss’ 2007 best seller, “The 4-Hour Workweek” which contains descriptions of the multiple ways Ferriss outsourced both his business and his personal work so he could learn to salsa dance and to speak German. Ferriss, in case you have not heard of him despite this self-promoter’s best efforts, started a brain-stimulating supplement called BrainQUICKEN supposedly endorsed by celebrities (who are not named) and guaranteed to work with 60 minutes. Margins on the product were 80%.

Ferriss worked hard to build his business and then decided he’s rather be traveling the world. So he outsourced most of the operations to a fulfillment house, authorized his staff to make decisions up to $400, and told them that he would check his email regularly, but on a very limited schedule.

He also outsourced personal tasks to the point of having his personal assistant send an apology to his wife for forgetting to pick up cash at the ATM (it worked!). He also advocates limiting reading news to the headlines you can see in the newspaper dispensers. He called it “…putting yourself on a low-information diet.”

Fortunately for him, he sold his BrainQUICKEN business in 2010 because the book does not contain the word “competitor.” Profitable products and marketplaces attract competitors like honey attracts flies. Ferriss assumed he can outsource his life and ignore the potential impact of economic swings, new technology, and changes in consumer behavior on his business. To be honest, he did said that he was approached by two potential buyers of BrainQUICKEN, but both deals fell through. Both companies created their own products which, he said, failed.

He also advocated that employees start “working from home” so they too, can use his advice to increase their productivity and travel the world in the newly discovered spare time, having fun instead of hating their jobs. This advice assumes that their bosses do not discover that they are working from Bora Bora.

Of course, Ferriss’ basic business is self-promotion which will never be eclipsed by changes in the economy, consumers, and technology. He’s laughing all the way to the bank.

I’m still working hard, but I love what I do. I find satisfaction in putting the pieces of a competitive puzzle together to understand first, what the competitor is doing, and secondly, why the company has adopted the strategy and tactics that it has.

Plus, I traveled when I was his age – although not as extensively – so the thought of a low information diet and working only four hours a week does not appeal to me at all.

How about you?

EastSight InSight

You should establish relationships with people who can provide you with information about competitors on a continuing basis. Be sure to hold up your part of the relationship by helping them with what they need. It could be information about their competitors, about their suppliers, or about developments in their target market. You must have some information that they could use, and you could release to them without hurting you.