The introduction of a new product is a very expensive undertaking. The executive who is willing to remain ignorant of his competitors situation, in order that the company may save money, and not give proper rank and honor to those individuals providing this intelligence is not only short sighted, but devoid of humanity.
The reason why the wise executive is able to have his company succeed in the marketplace is due to having market intelligence. Market intelligence can only be obtained from people.
Sources of Market Intelligence
There are five methods for obtaining market intelligence:
- Local Market Research Companies
- Individuals With Anger About Competitors
- Former Workers
- Planting False Information
- Knowledgeable Observer
Note: Need to make mention techniques mentioned in Silicon Valley Fever, have a loyal worker go work for a competitor, learn their secrets, quit and return to work for you.
Local Market Research Companies
In any given location, there are people which are knowledgeable about the companies and products of a given market. In many cases, these people will work for companies which specialize in this information.
Individuals With Anger About Competitors
Look for individuals who are angry about the way they or a relation have been treated by a company.
Former Workers
Hire employees of your competitors to work for you. From them you can learn how business is performed in a country and the nature of the market. From them you can identify sources of market research and other dissatisfied individuals.
Planting False Information
When you provide false information to your competitors, the source used to provide the information will no longer be trusted once the information is found to be false.
Knowledgeable Observer
The ideal observer is one who remains unnoticed by ones competitors, yet has the insight and intuition to grasp great meaning from small signs. This is of particular importance when working in a technical industry. A person without the proper technical training will not see, hear, or understand, what will be learned by a knowledgeable observer.
The Management of Intelligence Sources
The management and use of market intelligence requires much wisdom and experience. You must be humane and just in your dealings with your sources of information.
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