Prepare for a Financial Storm with Competitive Intelligence Software
Article Series: 5 Minutes Can Change The Way We Think & Work
Summer is around the corner. Just imagine the onset of glistening sun rays, balmy weather, and breezy seaside days. But wait. Summer could bring droughts and severe weather too. If you’re not proactively informed, a heavy storm could blow you away! Companies aren’t exempt.
Awareness and well thought strategies aren’t just necessary for protecting your assets, it is necessary for organizations to prevent getting blown away by a financial storm. By incorporating competitive intelligence software into your strategy to track competitors, you can take cover long before the first gusts of wind start blowing through.
Although you can’t control a financial storm, having proactive and reactive measures can contain it. Financial storms are often caused by market entrants, new discoveries, government elections, new laws or economic factors like inflation. Incorporating competitive intelligence software to research competitors is the first preventive measure.
The Federal Emergency Management Agency teamed up with ready.gov to come up with a gameplan on how to stay safe during a storm. They urge you to plan for before, during, and after. By being aware every step of the way, you can ensure that you will survive the storm and remain unharmed.
Calm Before the Storm
They say failing to prepare is preparing to fail. Neglecting to actively research competitors and market forces will leave you in the rubble, picking up the pieces as you watch all your hard work fly by. Take the US economic climate of the late 2000s, for example. Washington Mutual, Wachovia, and Bank United failed to prepare and weren’t able to weather the storm. Later, Greece and Spain’s economy saw something similar. Being proactive means doing something now. Track competitors and formulate a plan on how to prepare before the storm hits. The calm before the storm can mean that the competition is up to something. By using competitive intelligence software to track competitors, you will uncover some insights that may be brewing in the marketplace.
The Perfect Storm
Once the storm hits, don’t panic (check out our survival tips). It’s important to work methodically. After all, if you were proactive, the storm shouldn’t have blown you away. There is always a chance the storm is slightly stronger than expected, even if you did research competitors. That’s okay. React accordingly. Your pre-storm preparation should have given you the support to survive the financial storm. For example, if a storm knocks out your power, you should have generators. In the same way, you should have preparations ready to contain financial storms. In order to act accordingly, competitive intelligence technology is necessary to track competitors and the market.
Okay, the storm has finally subsided. How bad are the damages? If you used competitive intelligence software to track competitors, it should be minimal. Again, storms are inevitable and preparation is key. By continuously using competitive intelligence software to research competitors, you will be prepared for the next financial storm. Any hurricane veteran knows to fully stock up with survival supplies before the first storm of the season hits. Some even host hurricane parties to ride out the storm. That’s when you know you’re really ready. A wise organization would do the same. Don’t wait until it is too late. Competitive intelligence software provides you with the insight needed to predict the next financial storm before you find yourself in the midst of a disaster.
What do you think? What game plan has your organization implemented to prevent getting blown away by a financial storm?
To learn how to get the most from competitive intelligence software for better decision making, download one of our latest white papers:
5 Valuable Secrets to Knowing Your Competition
Outdated Technology Holds Companies Back from Greater Competitiveness
How to Know Your Competition and Survive a Market Disruption
This article was written by Mariela Tobar, MarComm Specialist at clearCi. Have questions, comments, or want to write for our blog? Contact her at marketing@clearCi.com or connectwith her on LinkedIn.