Over the last few years, intelligence gathering has increased amongst investor relations professionals. A recent survey by Canadian Investor Relations Institute (CIRI) found that 95% of IROs now regularly gather information on their company’s market competitors.
In our new white paper, The Evolving Role of Investor Relations in Competitive Intelligence, we spoke with Canadian investor relation experts about the role they play in intelligence gathering as well as how and why they use competitive intelligence.
Competitive intelligence is a collaborative function
“Competitive intelligence can’t be siloed in an organization,” explains Greg Secord, vice president of IR at OpenText Corp. “Each department is stronger in one area of expertise.” With a collaborative approach to intelligence gathering and a process to continually share information, Secord can stay informed about trends arising through channels he may not have exposure to, such as those used by Communications, Marketing or Customer Service. This allows him to be fully informed of the competitive landscape when talking with analysts and investors.
Social Media is highly important to competitive intelligence
While tracking individual tweets is not the goal, it is valuable to track sentiment on social media and derive insights that can drive your competitive strategy.
Estelle Métayer of competitive and strategic intelligence firm, Competia, advises IROs that ignoring social media sentiment and insights can be detrimental to their organizations.
Use the correct tools
With the abundance of content online, organizations must sort through the “noise” to tune into what is actually important and relevant to their competitive strategy. National Equicom vice president, Kristen Dickson deploys a media-monitoring tool from CNW to track company, competitor and industry mentions and uncover actionable business insights.
For more advice on the importance of IROs’ role in competitive intelligence gathering with a focus on effectiveness, efficiency and strategic impact, download our white paper today.