News Monitoring Approaches
Secondary intelligence is one of the best and cost-effective ways to get information about your business landscape. News is a popular source for intelligence because most of it is fact-checked, proofed, and timely if sourced properly. Conducting competitor or market research from news is also a great way to track competitor milestones and predict upcoming strategic moves as long as multiple sources are used and cross referenced. With ClearCi, companies that are both private or publicly traded can be monitored in the news very easily through their own companies website pages or via social media, discussion boards, and other sources.
When you can answer the right questions at the right time, you drastically increase your credibility.
Best Practices for Monitoring the Competitive Landscape through News
Answering Key Intelligence Questions
Just like in any research initiative, monitoring news is most effective when you have a specific topic of concern you need to address. Perhaps you need to validate an assumption or dismiss a rumor that’s affecting your view of reality. Using news monitoring software will allow you to see clearly what's shaping perception on a topic by allowing you to research news posted back in time. If you're thinking about using ClearCi to monitor news for the first time, we recommend that you list some of the key intelligence questions you need to answer. Also, pay careful attention to details you’re missing and configure your account to email you updates of recent developments. Below are a few examples of questions executives need to answer:
What new or changing regulations
are affecting your industry?
If you're concerned about how new regulations could influence your industry, configuring your ClearCi account to capture news from industry blogs, trade publications or associations can help you obtain clarity. Monitoring news about important political or economic decisions will also help you prepare for sudden changes potentially affecting your business. To follow these, we recommend using different government sites that publish information about your industry. For example, the US government setup many different online sources which could answer questions related to healthcare insurance laws or banking restrictions. Insurance, finance, healthcare and energy, are just a few of the most common industries heavily regulated by the government.
What's threatening the business?
When you can lead a conversation on issues important to your business, it gives you a interesting competitive edge among your colleagues. Sometimes there are topics buzzing that could actually become threats if you don't monitor them over time. This could be something like a new approach to sales, distribution channel or a new financial currency like Bitcoin. Staying aware of important topics like these can help you plan, even if initially it isn’t an obvious threat. Common examples of disruptive threats include smartphone apps, alternative banking, and new energy sources. It’s common for these topics to have their own dedicated pages now reporting news potentially impacting your business.
|What's new technologies are being used?|
Technology is in the driver’s seat, so it’s important to watch its turns at all times.
Configuring your account to consider emerging technologies and their impact to your industry or customers, is a good practice. Not only is it important to pay attention to technologies that can streamline business operations and increase profit margin, it's important to see how the industry may be adopting new technologies to improve their products and services. The telecommunications industry, for instance, is one that is constantly evolving helping some of the biggest companies lower costs and go-to-market faster.
|What's happening in emerging markets?|
It's common for news in emerging markets to serve as early warnings or predictors. A nation is known to have an emerging market when its business activity experiences rapid growth and industrialization. Emerging market economies such as Brazil, Russia, India, and China, collectively known as BRIC, are predicted to surpass a combined gross domestic product (GDP) of the G7 nations by 2027 . These and other developing, yet high-risk high-reward, nations, make it an environment for ambitious companies to bloom and grow rapidly. They have vibrant corporate cultures and are setup to grow. Not only are they already growing, they’re exceeding the growth rate of most developed markets in emerging industries - clean energy being one of them.
Even though competition is fierce in the US as companies try to gain market share in clean energy, limiting competitive market intelligence to US borders can hinder a company’s ability to compete in today’s global economy. Using competitive intelligence software to monitor key players overseas, changes in industry regulations, practices, and trends, supplements a company’s decision-making on product development, strategy, or pricing here in the US. Receiving market intelligence as it occurs for new business opportunities and expansion into emerging markets, such as Colombia , is possible with data monitoring tools.