When it comes to collecting information on your competitors, both new and existing small businesses should evaluate how they keep an eye on the competition. Competitive intelligence (CI) gathering can be advantageous for businesses looking to pounce on opportunities their competitors blatantly missed or fumbled. The act of gathering CI can be done several ways - (e.g. various media sources, online news sources and government agencies). That said, your best source for keeping tabs on the competition is from your sales staff. The only problem is they need to be trained to look for cues and/or ask the right questions from potential clients. Encourage feedback and get creative for rewarding the staff members that bring back juicy information.
In developing your CI formula, gathering competitor information is one variable. As you get started, you should first define your business goals and objectives in tandem with clearly understanding where you are in the marketplace / industry vertical. By doing this first step you have now outlined the differences between you and the competition. Next, you should determine who really matters and then focus on what really matters. The "who" is easier to identify once the first step is complete. The "what" boils down to your competitor's products / services, marketing and operations. Lastly, formalize the process by setting up the appropriate system to receive, review and evaluate the flow of CI obtained. Remember that the true value in competitive intelligence is how you use it to your advantage for strategic planning purposes.
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