Competitive intelligence is a very effective way to gain an edge on your competition in the marketplace, but it’s best if you keep it ethical and legal. Don’t do anything you wouldn’t want your competition doing to you. In other words, don’t break the law.
Still, legal concerns aside, you can spy on your competition in a number of ways (all of which are legal). Here are 7 of them.
- Subscribe To Their Newsletter – Just about every company has a newsletter. Are you a subscriber? Companies often share their latest developments with their newsletter subscribers first. If you’re on the list, you’ll be in the know. Subscribe to the print version as well as the e-mail/digital edition.
- Follow Their Blog – This is something you can do anonymously. No subscriptions necessary. Just log on once or twice a day and see what they’re up to.
- Follow Them On Twitter – Almost everyone has a Twitter account these days. Are you following your competition? You should be.
- Newspaper Clippings – People and companies still make the news the old-fashioned way. Are you clipping any print news about your competition? You should be. But also include clippings of online news – websites, blogs, etc. Anything that is newsworthy should go in your drop file.
- Check Out Their Facebook Page – These days, companies are as likely to update their Facebook page before doing anything else.
- Stay Connected On LinkedIn – Is your competition active on LinkedIn? Have you even looked. Many companies have their employees answer questions on LinkedIn. You should be there right alongside them.
- Download Their Mobile Apps – If your competition has a mobile app, you should be using it.
There’s no telling what you’ll learn about the competition if you do these 7 things. Competitive intelligence today isn’t like it was 20 years ago.