What role does company or competitor profiles play in your business development efforts?
Whether you’re looking to land new clients, track competitors, spot opportunities or avoid threats – organizational profiles deliver the insights you need to power your competitive intelligence functions.
We understand the pressure you face to produce insights – and do so quickly and efficiently. One way LAC Group works with our partners to add value is by providing dedicated resources to take care of essential deliverables like company reports quickly and cost effectively.
When to use company profiles
There are many times where you need sound intelligence on a company:
- You are looking for ways to engage with a prospective client – demonstrating that you understand their business objectives and can help them achieve their goals.
- You need an overview of a key competitor for product planning, sales preparation or benchmarking purposes.
- You are considering partnering with one or more organizations to take advantage of a growth opportunity.
- You want to minimize the risk of future disruption or competitive surprise.
Company profiles are the foundation of many competitive intelligence functions because they are versatile and can convey the information you need rapidly.
Essentials of a good company profile
Company profiles should start with your needs and priorities. What do you need to know about the company, and why do you need to know it? These two questions will determine what information and analysis goes into the report – and what is filtered out – so that you have the data and insights you need.
Profiles should be concise. Focus on the “so what,” while minimizing unnecessary details, so your reader can glean the significant insights immediately, without having to wade through pages of irrelevant information.
Identify sources in advance. Pinpointing the best places to find the data you are looking for – whether from published reports or subscription sources – increases efficiency and improves the quality of the report.
Create a template of essential elements. Most company profiles will include certain key elements – having a standing template listing what data and analysis goes where helps ensure these are always covered. It also helps you optimize workflows and set achievable timelines for report creation and delivery.
Even with an efficient process in place, profiles take some time to produce.
If you are struggling to meet the demand for these reports, consider setting up a dedicated team. Alternatively, look for a partner that can produce these for you – or provide overflow coverage – freeing your team up to work on higher-level deliverables.
From good to great: Customizing your approach for added value
If you have a good handle on the basics, consider simple ways to further customize your company profiles.
One of the most effective ways to boost their value is to tailor your report to the requestor’s purpose – adding selected data and analysis based on whether the report will be used for business development, strategic planning, partner screening, etc.
Based on our experience, we have outlined some examples to consider in the following chart – though your own needs may vary.
Whether you are struggling to deal with a backlog of requests or you are seeking to up your game with more targeted profiles, LAC has the experience and expertise to help.
Utilize our CI expertise for detailed knowledge on your competitors, markets, prospects and those industries in which you work. We’ll help you unlock insights to win more competitive deals and protect your market position.