The Other F-Word

Klue

Not everyone is a visionary. We can’t all see the forest when we’re focused on the very practical, day-to-day business of managing the trees.

That’s why we find a team of smart people with different strengths to advise, guide and correct us. And we listen to them.

That’s why we implement tools and workflows to capture and track market and competitive intelligence. And we pay attention to it.

That’s why we cultivate a culture of ownership and engagement among our teams and give them the tools to share and collaborate. And we reinforce it.

That’s what competitive intelligence is about. Together, the right people, the right information and the right tools make us stronger and smarter. 

Make history, don’t be history

When things go well, it’s all back pat this and aren’t we clever that. We enjoy the moment and cast our eyes towards the next bit of happystance. Everyone wants their share and we’re happy to spread it ‘round. Winning, magnanimous us. But.

When things go bad we cast around frantically for someone or something to hide behind. Why? Why! We go back to the process map and the data, devoting resources to uncovering the fault. Rarely is there a smoking gun; a moment we can decisively point to as the one we went off the rails. We blame timing, big Government, small government, the Kardashians and—most often, bad luck.

We never saw it coming. We shake our head, dismayed at this unexpected, unfortunate, turn of events. What could we have done? What should You have done? 

Know the market

You need sunshine to sell lemonade. Whether you’re making something new or making something better, you’ll want a clear picture of the space you’re moving in. This includes intel from customer surveys, regional analysis and existing product research.

The fall of Borders can be attributed to many things, not least of which is its rapid expansion based on—what seems in hindsight—limited understanding of the market trends. Heavy bricks and mortar expansion, lack of an online infrastructure and brand, and over-investment in CDs and DVDs ultimately led to the shuttering of the company.

Know the customer

Buyer personas, journey, behaviours…you probably know so much about your customers you could buy them a better birthday present than their family. You track where they go, what they do and when they do it; what they like, what they want, what they buy. You know how long it takes for them to decide and how long it takes until they come back for more. 

In 2003, Friendster founder Jonathan Abrams turned down a $30 million offer from Google. Instead, he and a group of investors who were excited about the concept but lacked the basic understanding of the audience became what VC David L. Size calls an “iconic case of failure”. Ouch. Basic technical functionality requested by users was unserved while competitors like MySpace integrated user content and built community. 

Know the competition

There are many tools, APIs, sites and apps you can use to track your competitors. Google Alerts, Pocket, Evernote, keyword tools, content tracking platforms, social graphing, patent tracking, HR monitoring…just to start. After you collect the data you need to curate it for relevance, timeliness and usability. Then, it needs to get the people who can use it best. The most valuable intel comes from customers who have experience with the competing product or pitch, so gather as much from them as you can. 

It is both powerful and humbling to know that failure is no more a result of bad luck than success is of chance. When you do the work—when you’re prepared—winning is no fluke.

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