How Can Competitive Intelligence Benefit Your Business?

Business competitive analysis is an essential tool for companies to understand their market position and identify opportunities for growth and improvement. The process involves evaluating the strengths and weaknesses of both your own business and those of your competitors. By conducting a thorough competitive analysis, companies can identify the key factors that influence their market position and make informed decisions about their strategies and initiatives.

In this blog, we’ll discuss the importance of a competitive analysis in growing your business. Continue reading to learn more!

What is Human Intelligence?

Human Intelligence is an important aspect of competitive analysis, as it provides a more nuanced understanding of the market and your competitors. Unlike data-driven methods, human intelligence allows you to gain a deeper understanding of your competitors’ motivations, decision-making processes, and other factors that can impact their performance. This information can be used to develop more effective strategies and gain a competitive edge.

One of the key benefits of incorporating human intelligence into your business competitive analysis is the ability to gather qualitative data that is not readily available through other means. Such data may include information about customer attitudes, supplier relationships, and internal decision-making processes. By incorporating this information into your analysis, you can gain a more comprehensive understanding of the market and make more informed decisions about your business.

Maximize Market Advantage

Another advantage of human intelligence in competitive analysis is the ability to gather insights from a variety of sources, including customers, employees, industry experts, and other stakeholders. Utilizing human intelligence allows you to gain a more rounded understanding of the market and your competitors, and to identify opportunities for growth and improvement that you may have missed otherwise.

Learn More About Competitive Analysis at Adapt Intel

Incorporating human intelligence into your business competitive analysis can provide valuable insights and help you to make more informed decisions about your strategy and initiatives. Whether you’re looking to gain a better understanding of your competitors, identify new opportunities, or improve your market position, human intelligence can provide valuable insights and help you to achieve your goals.

Contact Adapt Intel to learn how competitive analysis can benefit your company! Visit our website or click the button below to connect with our team of experts!

What is Tacit Knowledge and How Do Companies Obtain It?

Charles Spurgeon once said, “Wisdom is the right use of knowledge.”

Every motivated executive, high-performing team, and hustling professional craves knowledge. The more insights they gain, the better they understand the truth. This results in a higher probability to perceive patterns, draw conclusions, and achieve success.  And in today’s world, the more knowledge they share, the more benefit it can bring to goals created by a company or industry.

\All knowledge is not created equal. Its nature is variable, so its value is variable. So how can you determine what knowledge to gather and share? Continue reading to learn more.

Enter Competitive Intelligence (CI)

Competitive intelligence helps identify and effectively leverage specialized knowledge about a company’s competitive environment. Its objective is to be predictive, as companies seek CI to plan tactical moves in the short term and enable strategic success in the long term. In most cases, this amounts to gathering information about the competitive environment as it exists to produce projections about the future. As a result, most CI collections are contemporary. It focuses on what’s occurring RIGHT NOW because the people who drive its collection need an accurate picture and answers about what is current. CI professionals often focus on the existing environment, but this is problematic. 

CI Roadblocks

A great deal of knowledge relevant to how a company or industry arrived at its current condition is not identifiable in the here and now; it’s located in the past. There is key information buried like gems in pockets of tacit knowledge, which is intelligence gained through personal and professional experience in current or previous jobs. Tacit knowledge is possessed by professionals such as subject-matter experts, peripheral specialists, and academic authorities. These people possess experience and industry exposure that make them valuable sources of CI information. People with tacit knowledge develop their expertise and insights over decades, and in many cases, their understanding of when and how an industry or company developed spans above and beyond what can be found through online research. 

Why Do Companies Lose Tacit Knowledge? 

Tacit knowledge is difficult to identify and curate for CI purposes for two reasons-eglecting to document industry knowledge, and a recent progression of younger leaders with less experience. People who have it and are more accessible have generally never been asked to record it. This is because they are so preoccupied conducting the activities associated with their jobs that they never think to write down their lessons learned. On the other hand, People who have tacit knowledge may have retired, left to work for a different company, or are using this knowledge in another industry (and thus may not be easily identifiable as a ‘current’ resource).

Despite these circumstances, pursuing tacit knowledge for use in CI products and analysis is crucial. After all, according to research, 80 percent of all assets in companies relate to tacit knowledge, which is why it’s considered the largest untapped resource in an industry. Additionally, generating a holistic picture of a company or industry means looking at all the factors that contributed to its current status, not just the ones that are easy to identify and quantify. And although CI professionals can assist in this identification effort , there are steps companies can take RIGHT NOW to ensure they are structured to capture tacit knowledge:

• Pass on tacit knowledge at the end of a project by documenting and storing it on a desktop or online tool: These tools should be standardized across a company for easy use and understanding. A tool for capturing tacit knowledge can be as simple as an excel spreadsheet, or as comprehensive as an application with the specific purpose of making sure historical information is available and coded for future use.
• Work in dynamic or cross-functional teams:  Tacit knowledge can be transferred to junior employees by pairing them with senior experts. New generations of employees can then use tacit knowledge as the basis for their activities and production by learning it from older generations. Its transfer also increases the individual value of these junior employees as they become the repositories for new information. 
• Record tacit knowledge in stand-alone documents: Many companies encourage or require employees to draft a ‘lessons-learned,’ analysis at the end of their job or add to existing manuals about the position, work team, or company. These living guides can be invaluable products for describing evolutions in a company or industry’s history. They can also be leveraged at later dates to inform current-day employees. 
• Leverage senior employees with deep industry knowledge and experience:  Most companies employ at least one individual with longstanding experience who has worked with multiple firms within the given market. This person maintains a robust network of connections and has navigated the many changes in the given industry. Establish a mentor-mentee program where the senior employee passes on well-earned tacit knowledge in a supportive manner. Conversely, leverage these industry “ringers” through brown bag presentations or brief “spotlight” lessons during daily scrums.

Lean More About CI at Adapt Intel

Tacit knowledge collection may be more of an art than a science, but it is a crucial component of developing a persistent and relevant strategy for CI collection. With the right approach to gathering tacit knowledge, and the right CI strategy to use that knowledge effectively, companies will be well-positioned to develop wisdom about their competitive environment.

Contact Adapt Intel to learn how CI and tacit knowledge can benefit your company! Visit our website or click the button below to connect with our team of experts!

As a salesperson, you want customers to like you and value what your business brings to their bottom line. Creating a career path, generating commissions, and receiving accolades all result from closing deals. You cannot close deals without understanding the importance of building customer relationships, which are accomplished by hitting two points: the moment the customer discovers they like you and the moment they decide confidently that your product/service meets their needs. 

These two moments are related, but they are not the same. And as a salesperson, you may only have full control of one of these moments to win over your customer — the likability moment. This doesn’t mean the product is not important. Your story can help an otherwise uninterested client envision themselves using, benefiting from, or enjoying your product. The product might (also) be the best solution for your customer’s needs. It is not entirely within your power to influence the product, regardless of whether you built it or not.

But guess what? You built a strong customer relationship; and people buy things from people they like.

Building customer relationships involves several components, depending on what formula you use.  Here is ours: Likability = What You Say (12%)  + Your Body Language (87%) + How You Seem (1%).  

What You Say Matters 

This refers not only to the information you communicate, but also the verbal interest you show in the customer to building a stronger relationship. Expressing sincere interest about the customer is key for likability, as it is the most natural way to discover whether the product or service you’re selling is well suited for their needs. Keep in mind that asking questions is not the only way to get to know your customer. A more natural approach is to elicit information from your customer. More information provides more opportunity to explain or link the product or service to your customer’s needs. Elicitation is gathering information without directly asking for it. For example, if a customer says, “I had a bad experience using your competitor’s software”, your response could be open-ended like, “Tell me what happened.” However, if you’ve already asked questions and want a more natural conversational flow, your response could also be, “we’ve received that feedback from quite a few customers (expression of mutual interest)”. Another relatable response might be, “many customers I’ve spoken to lost at least a week of productivity after using this software (bracketing)”. In addition, another option is to stay silent and allow the customer to take a breath while you are actively listening. Each of these responses will prompt the customer to share more information, in most cases along the same lines as what they would share if you asked, “What happened?”. The difference is elicitation makes the interaction more of a discussion than an interview.  It also enables you to convey empathy with your tone AND your words.  Other ways of building customer relationships verbally include complimenting the customer, saying thank you, and being honest and genuine. Future articles will explore these active likability actions.

What You Don’t Say Also Matters

Research shows between 70 and 93 percent of communication is non-verbal. Examples of non-verbal acts you can show to increase your likability include smiling, nodding, making eye contact, displaying open body language, and mirroring the physical stance of your customer.  What you don’t do nonverbally also has a huge impact on likability. For example, don’t slouch, wear clothes that make you look disheveled or unprofessional, or drag your feet when you walk. 

Perception Affects Customer Relationships 

The way you come across, or your perception, is just as important when building customer relationships. This is a tougher category to quantify as it is less tangible to describe/produce, but is reflective of a quote I once read from Maya Angelou: “People will often forget what you said, and possibly what you have done. But people will never forget how you made them feel.” 

So how do you directly determine the best way to build a strong relationship with your customer? Outside the verbal and nonverbal techniques described above? The answer — awareness. When people meet you, they will formulate an opinion based on your verbal and nonverbal acts. Make sure you are aware of this happening and be mindful enough to correct your course if what you appear to be isn’t to your liking.

The Importance of Building Customer Relationships: Final Thoughts

In the moment, likability may seem like a formula, but in retrospect, likability is an impression and pertinent to building a relationship with your customer. It is a memory, and serves as a reflection of what one or multiple interactions means over time. If you succeed at customer likability, the customer will not only like you, but will remember your impact. This means you will have an open door to grow trust and rapport, not only for your own sales objectives, but for the company’s ability to act in an informed and responsive way as the relationship grows.
Great customer relationships don’t happen overnight, so it’s essential to cultivate and nurture them every step of the way. If you’re looking for more insight on how to build  strong customer relationships, don’t hesitate to contact our team and schedule your demo today!