Concerns about a recession are looming as key indicators such as increased unemployment, shrinking payrolls and house price declines persist. According to The Wall Street Journal, "U.S. employers shed 63,000 jobs last month, the most in five years, reinforcing a widening view that the U.S. is falling into recession. Among economists and politicians, the debate is shifting to how deep the downturn will be and how to ease it." (WSJ, March 10, 2008)
In a soft market cycle, companies need to use every asset available to them, especially their intelligence assets. One of the most important and underutilized intelligence tools at your disposal is your own internal network of employees. Market-facing employees can provide insights on how a company can improve its competitive offerings to cross-sell, up-sell or introduce new products or services. The key for organizations is to harness these insights through a few key steps.
- Identify key sources within your company and what information they have access to that can increase your intelligence on the competitive environment.
- Develop a process that educates your employee network on how to share key insights that can contribute to the intelligence function.
- Establish regular communication with our internal network to provide ample opportunities for sharing.
In a soft market, organizations need to be on top of their game. Companies cannot afford to overlook one of the most valuable assets available: their own internal network of employees.
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