Competitors as Teachers – You have at least one competitor who does things better than you do.
If you are THAT business, you can stop reading. Otherwise you know your business is not the best it can be. Your product or service isn’t unique
and there are numerous points where you know improvement is not only welcome but required.
Sure, you have differential advantages (service, price, speed, etc.) but looking across your industry you’ll find one or more competitors who are better in at least one of these areas. You’ll have a competitor who is faster, has lower prices, lower costs, better vendors, or simply excels at sales. Or so you’ve heard.
How to separate the rumors from facts? We like to use this analogy: Your house is cold and dark but you can be fairly confident your neighbor’s house is warm and cheerful because you can see smoke coming out of the chimney and lights through the windows.
Consistent Data Management and Tracking provides the ability to look out across your business neighborhood and make sense of the “smoke” you see on the internet.
Data “leaks out” from your competitors. Events may look to be spurious; however, when a Data Management System is in place trends and activities can be identified to provide vital resources for executives. Your competitors will then teach you lessons on improving your business and preparing for new competitive threats.
Data to be collected varies by business and industry but includes a very wide range of public information such as press releases, website and social media activity, industry mentions, vendor events, executive speeches, new hires, and more. Collecting public data like this is so simple that
few companies actually do it.
RadiusBridge® recommends a custom Dashboard for organizing key data but of course it can be collated manually either by you or an assigned staffer.