When analyzing the network of competitors, what specific information should be extracted using LinkedIn's advanced search capabilities, and how can that info be used to formulate a competitive strategy?
When conducting competitor analysis using LinkedIn’s advanced search capabilities, extracting specific information about their network is crucial for formulating an effective competitive strategy. This goes beyond just identifying their employees; it involves gaining insights into their organizational structure, talent pool, strategic focus, and market reach.
One key area to focus on is identifying the organizational structure of a competitor. Using the "Company" filter along with "Job Title" filters like “CEO”, “CFO”, “CTO”, “CMO”, “VP of Sales”, and “Director of Engineering”, you can identify their leadership team and understand their overall strategic direction. For example, if a competitor has a large number of executives with backgrounds in sales and marketing, this suggests that their strategic focus is on market penetration and customer acquisition. Conversely, if they have a large number of technology focused executives, such as "Chief Technical Officer", it might indicate that their strategic focus is on technological innovation. This information can be critical for your own strategic planning. If a competitor is focused on sales, it might be a good idea for your company to focus on research and development to get an edge.
Another crucial area of analysis is the competitor's talent pool. By using the "Past Companies" filter to identify employees that have worked at a rival firm, and combining that with "Skills" and "Job Title" filters, one can gauge the types of skills and experience that the competitor values. This information can inform your own talent acquisition strategies. For instance, if you are looking to hire engineers, and you see that a competitor has a large amount of staff that have specific skills, you might try to target those specific types of skill sets for recruitment. Also, if you see that a competitor has very specific skill sets, this might help inform your product development or innovation strategies. You might target a niche that the competitor has overlooked.
Furthermore, LinkedIn’s advanced search is invaluable for analyzing a competitor's hiring trends. By filtering for "Recruiting Manager", "Talent Acquisition Manager" or "HR Business Partner" roles within the competitor's company, you can assess the types of roles they are actively hiring for. A spike in recruitment for a specific department, such as product development, indicates that the rival organization may be investing in that area. For example, if a competitor has a large number of job openings for engineers focused on artificial intelligence, this signals that they might be making strategic investment in that area. Also, observing where the competitor is hiring from (geographically) might also help inform your own recruitment strategies, or help inform your competitor's strategies for market penetration.
Analyzing the networks of key individuals within a competitor’s organization is also important. Using the "Connections" filter one can examine the types of professionals they are connected to, including potential partners, clients, and investors. Also, by observing the groups they are members of, or the content that they are sharing, you can see the types of activities that the competitor is involved in. This allows you to understand how the rival company is positioning itself within its sector. These insights can help you discover potential partnership opportunities and gaps in the market that you can exploit, or even try to target some of those partners and collaborators.
Also, using LinkedIn's advanced search, a user can track the movement of talent. By observing the profiles of professionals who used to work for a competitor, a user can see where they move to. The flow of talent between companies provides valuable data for inferring what the top talent values, or if there are organizational issues within the rival company. For example, if a lot of key personnel are leaving the company, it might be a good indicator of a lack of morale or poor business practices, and this would be a valuable insight when creating a business plan for your company.
In summary, the strategic analysis of a competitor’s network on LinkedIn using advanced search requires a detailed evaluation of their organizational structure, talent pool, hiring practices, leadership team, and talent movement. Using this data, a company can formulate its competitive strategy. This strategic approach will inform a company's product strategy, marketing and sales strategy, hiring strategy, and overall competitive position, enabling it to not only react to the competition, but also to proactively shape its market and gain a competitive edge.