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About Us > Help & Support > FAQs > Question 7: Finding competitors online

Marketing & Competitive Intelligence FAQ
Finding potential competitors
using the web and online sources


I have an idea for a business and would like to research the market to see what, if any, other businesses are doing the same thing. I am currently utilizing the Internet to search for potential competitors and services that may be similar to mine. I am finding that many of my searches on various search engines are futile because there are so many different ways to query the information.... In other words, if I neglect to query ALL possible combinations of words many potential competitors do not appear. Do you have any suggestions as to the best method someone like myself can utilize the Internet to research the current market without going to a professional, thereby giving up my idea?

First, you should be able to go to a professional. However you should also insist that they sign a non-disclosure agreement before giving them any information. These are legal documents, which protect you if somebody who you pass information to breaks the terms of the agreement. You can put in clauses relating to damages so your ideas should be safe. Furthermore, using a professional information searcher is more likely to get results quickly and easily, and you are less likely to miss something important (assuming, of course, that you find a competent searcher).

With regards to searching on the Internet look at the advanced search facilities on the search engines you use, which may help you to restrict topics more precisely to what you are looking for. You should also consider including complex search terms to limit the results shown (see the help pages on each search engine for these). For example if you are searching on the single word BOND (not a clever search - but it makes a good example) you would get sites for James Bond, Equity Bonds, Chemical Bonds, Glue (as in bonding), and probably a number of others. Other tricks are to find a relevant site, and identify keywords that this site uses (both in the page and in its keyword Metatag which you can see at the top of the source code of the web-page, using the View Source command on your Internet browser). You then use these keywords to search with.

Also, don't restrict yourself to just one search tool but use several. Research has shown that no single search engine covers more than a fraction of the web, and more importantly, they don't all index pages in the same way. So by using several search engines you cover more pages, and also different ways of ranking the pages that are actually found. (However even using several search tools, you still miss out pages hidden in what is known as the deep web or invisible web. That is why using a professional searcher can pay off).

As well as the well known search tools such as Google, Yahoo, and Ask also consider using more specialist search tools. There are several of these to consider. You can use concept search engines such as Kartoo, and less popular, but still extremely good, search engines such as Exalead which allows you to refine searches easily and currently (January 2007) offers more advanced search options than any of its competitors, and Windows Live Search (formerly known as MSN Search) which includes some good classifications and graphical ways of enhancing search results. (You can learn about the latest tricks and tips for searching at web-sites such as http://www.searchenginewatch.com and http://www.searchengineshowdown.com both of which give guides to better searching and list the top search engines and their features.

Also worth watching out for are the major commercial search databases such as Factiva, Dialog and Lexis Nexis. (Recently these services have started to offer occasional users the flexibility of paying for individual articles without the need to purchase a subscription, so you should also consider using one of these products to search for any relevant news stories rather than restricting yourself to potential competitor web-sites).

Finally, don't ignore offline sources. These include trade directories (many of which are online also) but also trade associations, prospects, potential suppliers and others. Contact Us for more information on going down these routes.

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Quick Tip: History

Quick Tip

After you've heard two eyewitness accounts of an automobile accident it makes you wonder about history.

A key part of competitive intelligence is ensuring that the information you use is valid. Making decisions on inaccurate, out-of-date, subjective or biased information will result in poor strategies that could risk your future. The problem is, how do you check that the information you receive is correct? It is not just a case of believing what you read in the newspapers.

One approach you should take is to think about why the information is actually available. Information does not enter the public domain (which is where ethical CI focuses) without a reason. Understanding the reason is one step in checking the information's validity, and identifying what is really going on.

Ideally, you should also look for further sources that corroborate the information prior to making a decision.

This kind of analysis is what helps turn data into intelligence that can be used in business decision making.

 

Books - Strategic and Competitive Analysis

Recommended Book

Strategic and Competitive Analysis
Strategic and Competitive Analysis: Methods and Techniques for Analyzing Business -
Craig S. Fleisher & Babette Bensoussan
Buy UK £ or US$

Read our review of this book

This book provides an excellent review of the most common techniques of competitive and strategic analysis - giving instructions on how to use each technique, when to use it, and each technique's pros and cons.

The book should be on every strategic planner and competitor analyst's "must have" list and is essential reading for business studies and MBA students. The book covers all the main analysis techniques:

  • the Boston Box
  • financial analysis,
  • Porter Analysis,
  • Value Chain Analysis,
  • Blindspot analysis,
  • SWOT analysis,
  • PEST analysis

and many more.

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For more recommendations visit our book selection.

 

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Our services in competitive intelligence research, competitor analysis and CI training will help you integrate and use competitive and marketing intelligence in your business, strategic and marketing planning processes. Whether you need research, advice or training, our mission is to support our clients so that they achieve their growth objectives.

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Last page / site update: Friday, 12 March 2010

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