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Competitive Intelligence: Part 2 - Using Internet Resources - Hands-0n! : 

Competitive Intelligence: Part 2 - Using Internet Resources - Hands-0n! Jill Hurst-Wahl Hurst Associates, Ltd. www.HurstAssociates.com Copyright © 2004, Hurst Associates, Ltd. All rights reserved.

Agenda: 

Agenda Workshop goals Introductions What is competitive intelligence (CI)? Can you do CI “on” the Internet? How can you use search engines effectively? Free sources on the Internet? Sources at your local libraries? Plan of attack? When do you stop searching?

Workshop Goals: 

Workshop Goals To teach you how to begin to locate information on companies, markets and products in order to gain a competitive advantage for their companies. To give you a list of resources available and knowledge of how to use them effectively.

Introductions: 

Introductions Who am I? Information consultant who provides business intelligence research for organizations that are tired of making decisions based on limited information. Who are you?

What is competitive intelligence?: 

What is competitive intelligence? According to the Society of Competitive Intelligence Professionals: “A systematic and ethical program for gathering, analyzing, and managing external information  that can affect your company's plans, decisions, and operations.” With 80% – 90% of all information part of public knowledge, you do not have to spy.

Slide6: 

CI believes that business decisions should not be made on instinct or intuition, but on information that has been gathered and analyzed from your point of view. CI will help your organization ensure that it is not surprised by actions of its competitors or others in the industry.

Can you do CI intelligence “on” the Internet?: 

Can you do CI intelligence “on” the Internet? Yes, use your Internet connection to access free and fee-based sources. For example: Competitor web sites Internet search engines High-quality free sources (e.g., Thomas Register) “Free” sources at local libraries Fee-based services

How can you use Internet search engines effectively?: 

How can you use Internet search engines effectively?

Slide9: 

The good news is that there is lots of information available on the Internet for free. The bad news is that the Internet search engines do not index everything that is on the Internet. But even with that limitation, the Internet is a good place to start.

Tip #1: 

Tip #1 Don’t limit your searches. Use more words to describe what you’re looking for. Review/scan the top 100 hits retrieved, rather than just the top 10. Set your preferences to display 100 hits at a time.

Tip #2: 

Tip #2 When you’re running into brick walls, try a different search engine. There are hundreds, see http://searchenginewatch.com/links/index.php for lists by type.

Slide12: 

Four Internet search engines worth using regularly are: Google, http://www.google.com Google has indexed more of the Internet than anyone else (reportedly has more than 8 billion pages indexed as of Nov. 2004). Yahoo!, http://www.yahoo.com

Slide13: 

Ask Jeeves, http://www.askjeeves.com All The Web, http://www.alltheweb.com Second largest index of web pages.

Tip #3: 

Tip #3 Learn how to do an advanced search in your favorite search engine. Note that many of them work the same. Go to: http://www.google.com/help/index.html Why Google? The Googlization of search

Google search tips: 

Google search tips Choose your keywords (search words) wisely. AND OR Google assumes AND women men Must explicitly state OR (uppercase) women OR men

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Uses phases (in quotation marks) “machine shops” Eliminate ambiguous words “bass” can relate to music or fishing bass –music Search for synonyms ~food ~facts ~ecology

Slide17: 

Limit your search to a specific web site site:macny.org Use the Advanced Search option http://www.google.com/advanced_search

Exercise #1: 

Exercise #1 Do the following queries in Google: Find machine shops in Elmira, NY Find information on ball bearing failures Find a restaurant in Canton, NY Find mentions of Corning and fiber optics but not on the Corning.com web site

What free sources are available on the Internet?: 

What free sources are available on the Internet?

News & press releases: 

News & press releases Normal news sites e.g., http://money.cnn.com/ Customizable sites e.g., http://my.yahoo.com News search sites e.g., http://news.google.com http://www.businesswire.com http://www.prnewswire.com

Tip #4: 

Tip #4 Customize a news site, such as My Yahoo!, to track the topics or companies that interest you. At My Yahoo!, you can do this for free. Then make this your start page in Internet browser. Modify this page as your information needs change.

Public and private companies: 

Public and private companies http://www.hoovers.com/free/ Database of 12 million companies, with in-depth coverage of 40,000 of the world's top business enterprises. http://finance.yahoo.com Gathers info from Reuters

Slide23: 

http://www.thomasregister.com comprehensive online resource for finding companies and products manufactured in North America http://www.thomasregional.com/ Covers 550,000 distributors, mfgrs., & service companies; Searchable line-item catalogs featuring product specs, images, part numbers, and prices.

Slide24: 

SEC filings What kind of information can you find here? http://www.freeedgar.com/ Free, but you must register. http://www.sec.gov/ Patents http://www.uspto.gov

Slide25: 

More sources listed at http://www.businessjeeves.com (not all are free)

Exercise #2: 

Exercise #2 Go to Thomas Regional and look for a product that you use. Look in Upstate NY. Notice the ways you can modify your search results on the right side of the screen. Go to Hoovers and search on one of your large competitors. Is it there? Does the information seem to be accurate? Be sure to look at the fuller financials and news.

Tip #5: 

Tip #5 Keep track of the sources you use for a particular query and what is helpful (and what is not). This will help you in the future. If you are working on an in-depth request, also keep track of what you have found and what you still need.

What resources are available at local libraries?: 

What resources are available at local libraries?

NOVEL: New York Online Virtual Electronic Library: 

NOVEL: New York Online Virtual Electronic Library NYS makes a wide variety of databases available to all New Yorkers through a program called NOVEL. Databases are available through public and academic libraries.

Slide30: 

Business & Company Resources Center – brings together a wide variety of global business information including over 300,000 company profiles, the Thompson Financial Securities Data and Investext reports. General Science Collection Health Reference Center-Academic

Slide31: 

InfoTrac Custom Newspapers – offers over 150 full-text newspapers, which include 7 New York State newspapers and the New York Times, which is indexed in full text for the full current year. MasterFILE Select – contains full text for nearly 775 periodicals covering general reference, business, health, education, general science, multicultural issues and much more.

Slide32: 

National Newspaper Index – provides indexing (1977-present) of America's top five newspapers; the New York Times, Wall Street Journal, Christian Science Monitor, Los Angeles Times and the Washington Post. Topic Search – Current events. There is full text for over 64,000 articles and more than 3,000 diverse sources, including international and regional newspapers.

Tip #6: 

Tip #6 Not all of the NOVEL databases are available to you over the Internet through your local library. You may have to use some on-site. Consider using the NOVEL databases through the State Library. See http://www.nysl.nysed.gov/library/novel/database/dmv-id.htm for more information.

Tip #7: 

Tip #7 Check out your local library! They are here to serve businesses as well as students and people doing personal research. Find out what you can access through your library’s web site (likely more than the NOVEL databases).

Exercise #3 – Demonstration: 

Exercise #3 – Demonstration Using Business & Company Resources Center through Bird Library (SU). Search on Lockheed. What companies are displayed? What info is available on LMT? Look at tabs across first.

Slide36: 

Search on Crouse-Hinds. Old data. Why is it inaccurate? Search on Biophan.

Other resources worth noting: 

Other resources worth noting http://www.dictionary.com http://www.acronymfinder.com http://www.investorwords.com http://www.archive.org (Wayback Machine) http://www.whois.net (not comprehensive)

Developing a plan of attack: 

Developing a plan of attack Knowing about your competitors is much easier if you gather information continually. Set a weekly/monthly reminder Gather what is easy (and accurate) from Internet sources. Do searches in NOVEL databases (and other high quality services) looking for analyzed/synthesized information.

Slide39: 

If there is information you cannot find (or a source that is unavailable to you), have a specialist continue the search for you. e.g., a librarian or information consultant (AIIP.org) Have your salespeople, customer service reps, etc. report what they hear and see. They will gather valuable clues/information. Regularly report what you have found. Use it to help your decision-making process.

When do you stop searching?: 

When do you stop searching? You want to find the answer, no matter how much effort (or time) it takes. But there is a point (or points) when you should stop researching a topic. Stop when: You can’t find any more information. The amount of effort to find any more may not be worth it. You have run out of time or money.

Questions?: 

Questions?