In my time as a Competitive Intelligence professional, I learned some lessons along the way. In the hope you may find them useful, here they are:
• Competitive imitation may be the highest form of flattery, but if that is all you do it is the lowest form of strategy.
• Know not only the competitor's products but also how the competitor will act in competitive situations.
• Focus on competitor's weaknesses, not just their strengths.
• Offer information and knowledge (not just data) on a real-time basis.
• Don't just state the problem, offer recommendations.
• Don't just know the competition...to make good recommendations you must also know your own company and the marketplace.
• Don't just postulate about the future.....war game it!
• Get access to the CEO or business unit leader...or else it's all just an interesting exercise.
