Octopus Competitive Intelligence

Complaining Won’t Save You, but Competitive Intelligence Will: Weekly Winning Strategies You’re losing. You’re too busy complaining about the market. Or why your competitors are beating you. You need to adapt to it. Complaints are easy—they give you an excuse to justify why things aren’t going your way. But, while you’re frustrated, your competitors are working hard. They’re analysing, adapting, and winning. Complaining won’t save you, but competitive intelligence will. Without competitive intelligence, you’re operating in the dark. It’s not enough to keep doing what you’ve always done. Keeping going and hoping it will eventually work. The market is always evolving, and so are your competitors. Despite what the snake oil salesmen tell you, AI is going to change your market, perhaps in ways you don’t realise. But you have to wade through a lot of bullshit to see it. They’re finding trends and gaps you’ve missed. You’re too focused on what’s wrong, not what’s possible. It’s easy to bitch...

Anticipate don’t improvise: Weekly Winning strategy We have all heard the phrase “Anticipate don’t improvise”. When it comes to competitive intelligence, anticipation beats improvisation every time. Here’s why: Improvisation is reactive. It’s what you do when caught off guard, scrambling to make sense of sudden market shifts or unexpected competitor moves. It’s when you lose that piece of business to a competitor and claim it was down to price, but deep down, you know it’s not. Quick thinking can save the day or your job. But relying on it as a strategy every time is a gamble at best. It’s like playing soccer without a plan. You’re making moves. You may score. But without a clear strategy, you’re hoping for the best. It’s a thing of beauty Anticipation is proactive. And it’s a thing of beauty when it works out. It’s about understanding the market landscape. Knowing competitors inside and out and predicting their next moves before they make them. You need a solid foundation of competiti...

When faced with unfamiliar problems, the instinct is to find an expert. Need software fixed? Call a developer. Are you facing a pandemic? Consult an epidemiologist. Does Sky News need an expert on something? Find someone who can talk. Tackling strategic analysis? Seek out a strategist, probably from McKinsey and the like. But reliance on experts comes with its own problems, encapsulated in the “Expert Fallacy.” Understanding the Expert Fallacy The Expert Fallacy occurs when we trust an expert’s opinion on matters beyond their expertise. And often, we don’t know what their experience or expertise is. They just sound convincing. This misjudgment can lead to wrong or daft decisions and misplaced trust. Experts are often overconfident in their own knowledge. Especially on TV new channels. Why? Because they are paid to sound confident. It’s entertainment. They may speak authoritatively on topics inside and outside their purview, leading others to take their word as gospel. How many listen t...

Olympic Competitive Intelligence Lessons from Michael Johnson: Why Businesses Must Stop Bimbling As a former 400-metre runner to a reasonable level, achieving a sub-48 seconds a couple of times, I listen to what one of my heroes says. Michael Johnson, one of the greatest 400-metre runners, was unbeatable for a few years. Although he never raced Butch Reynolds :-) He spends some of his time on the BBC sports sofa. And has done so during the Olympics. This week, he came up with something we can all learn about business. And yes, it’s related to competitive intelligence lessons we call all learn. But it’s common sense: The Importance of Knowing Your Competitors He said this after Great Britain’s Keely Hodgkinson won the Olympic Gold. “Understand your competitors. She would know what her competitors are capable of. What sort of tactics do they usually use? And then you think about those things before your race.   You’re thinking about those things in the moments leading up to that call...

  Understanding and unpacking Competitive Advantage: Weekly winning strategies Competitive advantage is that unique edge that makes customers choose you over the rest. It’s about identifying and shouting about the aspects of your business that stand out in the market. Giving you a great chance to capture a bigger market share. An advantage can come from various sources. It could be user experience, product quality, intellectual property, or exceptional customer service. So, how about unpacking competitive advantage? Examples of unpacking Competitive Advantage The source of competitive advantage will differ across industries and businesses. Here are some common examples: A skilled, innovative, and motivated team can be a major asset. Unique access to advanced technology or innovative production techniques can set a company apart. Offering exclusive products protected by IP laws or patents. Cost Leadership. The ability to produce and sell at a lower cost, offering better value. A str...