It’s just like the fashion industry. New business concepts become almost buzz-words and then seem to lose their appeal. That doesn’t mean the concepts are still not important. Just no one seems to talk about them. Competitive Intelligence is one such concept that is critical to a company’s success. The notion that the CEO should be constantly vigilant on what is going on “out there” is fundamental to survival and success. How is the competitive environment changing? What are the principal competitors doing? Such knowledge may influence company strategy in a major way. Competitive Intelligence must be one of the core functions of a company’s management, even if it’s dropped off the ‘Hot Topic’ list
So we now have the latest ‘Hot Topic’ – Business blogging. You know it’s important when the New York Times says it is, as Steve Rubel pointed out. Here’s part of the NY Times reasoning:
From a marketing perspective, blogs make perfect sense. They are cheap to produce, immersive and interactive. It’s easy to measure their readership and response rates.However business blogging isn’t just about marketing. It can be the way in which all aspects of a company and its performance can be broadcast to an eager audience. Blogging is now a serious competitor to professional journalism in bringing us the news as a whole. Equally if you want to know what’s going on in an industry, you need to be aware of what the ‘movers and shakers’ in that industry are doing.
As more individuals and companies get into blogging, then there will be increased information available. Luckily newsfeeds and newsfeed aggregators make it a manageable task to be aware of new developments fast. So this streamlined access to wider sources of information can make Competitive Intelligence that much more effective. Perhaps the activity will come into vogue again