15 May 2020
Calculating Your Next Move: How Research for Consultants Helps You Outmaneuver the Competition
For years, the Taxi Industry motored along, satisfied that it had a relatively captive audience. It ignored the convenience that mobile apps offer. It ignored the needs of consumers who preferred using cards to cash. And it ignored that upstart Uber, until it was too late. By the time taxi and dispatch companies saw the writing on the wall, their primary response was to cry foul and ask regulators to hamstring the ride-sharing model. But as one expert wrote in Medium, “How long do you think you can prevent companies from entering the market with that strategy?”
The rise of ride-sharing serves as a good example of why competitive intelligence is so critical, whether you’re conducting it on behalf of consulting clients or to support growth of your consulting business. You need to map out a strategy—and adapt it as you move forward—to finish ahead of the competition. As Uber’s Eric Allison says, “World trade means competition from anywhere; advancing technology encourages cross-industry competition. Consequently, strategic planning must consider who our future competitors will be, not only who is here today.”
Find competitive intelligence faster
The pace of change has accelerated across the business landscape, thanks in part to globalization, lightning fast communications, and exponential growth in data and advanced technologies that use it. As a result, consultants need to implement a competitive intelligence research process that delivers a continuous flow of insights. A one-and-done annual CI report or quarterly CI findings just don’t work for such a dynamic environment.
Used in combination, Nexis® and Nexis® Dossier help consultants conduct deep competitive intelligence research, quickly and easily. Here are five ways you can use these tools to uncover actionable insights that will keep your clients coming back for more and put them—and you—ahead of the competition.
- Track media coverage on your company and your competitors (or your clients and theirs). Simply create your search queries and set up Alerts to send you timely notifications via email when entities or brands of interest appear in the news. Nexis brings together a global collection of print, broadcast, and web news, plus newswires and press releases, so you can stay tuned in to what’s happening in your region or across the world.
- Profile competitors with customized company reports that capture financial and stock information, key executives, competitive positioning, patent, trademark and copyright information, and more—in one convenient document.
- Tap a variety of industry and market sources to identify emerging opportunities or threats. In addition to industry-specific journals and thought-leader blogs, Nexis connects you to a variety of industry and market analysis reports that provide data-driven insights from trusted publishers.
- Review announcements from regulatory agencies to understand how proposed regulations or enforcement actions could impact your clients, their industries, and their competitors.
- Fast track your understanding of the strengths, weaknesses, opportunities and threats associated with your clients and their competitors with MarketLine® SWOT analysis.
With access to an incredible source universe and powerful search technology, you can conduct competitive intelligence research as needed to better anticipate disruptions ahead and map out strategies that help your clients—and your consulting business—come out ahead of the competition.
Want more tips for enhanced competitive intelligence? Download our eBook, “8 Phases of Competitive Intelligence Research: A Strategist's Guide to CI”.