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Marketing & Competitive Intelligence FAQ
Compiling Competitor Profiles
I've been asked to perform an evaluation on one of our major competitors and have never done this before. I've gathered a ton of information and now need some guidance as to how to put it all together. Would you have an example of a format I could use for a competitor evaluation?
From your question, I am not sure that you are following the best approach.
There are two ways of doing a competitor evaluation.
- A shotgun approach - where you go and collect everything available including the name of the chairman's wife and children and which schools they go to. This will give you a ton of information - most of which will be irrelevant. (Yes - believe it or not, we have been asked to find family information such as this. Apart from the fact that obtaining it and passing it on would generally break European data protection regulations, such information is highly unlikely to provide intelligence that would help business decision making - which is the purpose of collecting competitive intelligence. It is valid to collect information on key management so that behavioural profiles can be created - but this does not usually need to include detailed family information such as schools, spouse details, etc.).
- A targeted approach. You need to formulate what is often called a KIT - or Key Intelligence topic. Identify what you need to know about a particular competitor, break it down into a series of key questions, and go and find that information only. As new needs come up, you will formulate new KITs. Over time you will develop a very targeted and custom based knowledge on the individual competitor, its approach, behaviour patterns and strategy. This can then be used to feed back into your own strategies to formulate counter moves.
The second approach makes much more efficient usage of time and will be more useful for management as it gives them what they need without the requirement to sift through that ton of data. Of course the ton of data is important as it gives background information, and can help in spotting new trends and anomalies that may signify a change in strategy for the competitor or confirm other information. However when asked to do an evaluation the first question should be what is the purpose. (If an acquisition then the information will be different to looking at new product ideas or new market moves).
However as you already have lots of data, you should not just throw it away as what may seem irrelevant now may be important later. One approach is to construct a detailed profile of the competitor. A form I use as a guideline breaks down the major types of information that you are likely to collect or need on your competitors as follows:
- Basic information such as location and core business.
- Background information
- Financial assessment
- Marketing & sales capabilities
- Operational details
- Miscellaneous aspects
- Key news stories / recent events
- Strength & weakness assessment
- Strategy evaluation
- Threat evaluation & outlook
I use this as an aide-memoir for everything on a particular competitor. It is essentially a brief summary of all the essentials - so that you have everything in one place. Its purpose is to save you from having to look up the key points and search through several documents whether held in a hard-copy format or computerised.
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Quick Tip
Quick Tip: Use multiple search engines
When doing an Internet search don't just use one search engine. Look at using a selection - Google, Yahoo!, and a few others. The reason is that each search engine uses different rules for ranking the order of pages - what they see as the most relevant pages.
By restricting your searches to just one engine you're also limiting the results you find to that search engines view of what is important. Your view may differ - and by using a range of search engines you will not only potentially find more relevant sites but you are also given a choice of different ranking methods.
Bonus Tip
Don't just use the standard search form but instead use the advanced search facilities. These allow for much more complex searches that are more likely to result in you finding what you need quickly.
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Books - Art of the Long View
Recommended Book

The Art of the Long View Peter Schwartz
Buy UK £ or US$ This is an excellent introduction and guide to scenario planning.
Read our review of this book
If there is one book that is head and shoulders above all the other on the subject of scenario planning, this is it. Schwartz's book is a joy to read and gives a tremendous introduction to the subject, leaving the reader with a firm grounding and understanding in the way that scenario planning has helped many companies gain competitive advantage in their industries. The text includes many case studies and anecdotes making it a must-read book. Peter Schwartz is not only one of the world's leading scenario planners - but an excellent writer also.
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