Competitive Intelligence – It’s What You Do With What You Know That Matters

A phone call today sparked an interesting thought.  What is healthy competition, and what is fair and ethical?

Is it OK to get ideas from your competitors?  We all do.  You can’t ignore your competitors, and in fact, that would be a huge mistake.

The real question is, what do you do with the information that you get?  The Internet allows people to be Mystery Shoppers, and find out the real story about you and how you do and get business.

Here is the reality…your intent and what you do with the information is the key. If you want to find out what your competitors are doing so you can come up with a different approach that helps you define your difference from that person, I personally think it is OK.

When is it not right to use that information?  When you are trying to compete head-on and copy the other person’s ideas exactly.  Besides, how do you differentiate yourself from the other person.  Eventually, your prospects and clients will see that you are copy-catting.  So…make it your own.  Do something different.  Explain why you are unique and worthy of the business.

Be yourself, define your offer, and create your unique competitive advantage.  Look for how you can provide value, and how you can help others.  My personality may not fit your needs and learning style.  Someone else may do a much better job and resonate with you.  Hire them.

Create a niche within the niche.  Name your product.  Use a unique marketing approach. Be bold, and always be aware of your competitors, but be ethical.  Do no harm.

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