What is Competitive Intelligence?
Competitive intelligence is a key ingredient in a robust market intelligence strategy that aims to bolster marketing performance, increase sales and improve product strategy. It’s the systematic collection of data from a multitude of sources in the ongoing analysis of the competition
Competitive Intelligence helps you to stay up to date with your competitors and your market, and inform strategic business decisions. A thorough understanding of your competition’s strengths and weaknesses will enable you to fine tune your approach to your market and capture the attention of consumers and increase your brand’s share of voice.
What is “Competitive Intelligence” for?
The aim of competitive intelligence is to gain insight into your competition’s brands, products and consumer engagements to make informed decisions. Keeping your finger on the pulse of the competition coupled with consistent trend analysis puts your brand in position to take advantage of gaps in the market before anyone else notices.
Use competitive intelligence to:
- Conduct competitive analysis
- Drive new business pitches
- Measure brand perception and share of voice
- Map customer reviews
How to gain better results with Competitive Intelligence?
Everything from marketing, product development, influencer identification and investment strategy can benefit from a comprehensive understanding of your competition’s successes and missteps.
- Understand not only what otherbrands are getting right, but what they’re getting wrong as well.
- Insights into the competition are evolving 24/7 through social media and online news publications. This creates an absolute need for brands to keep tabs on the competition or fall behind
- Operate on the presumption that the competition is monitoring you. Therefore, you need to know as much as you can about your competition so you can put that information to work in everything you do.
Competitive Intelligence Resources
Social Analytics Reveals Some Oscars Surprises
With the 95th Academy Awards happening in just two days, the buzz online is ‘everything Oscars.’ There’s a ton of talk about the nominees, naturally, but there are also surprises. And it’s the sort of insight that could impact how the entertainment industry engages...
What is a Competitive Analysis? 2023 Guide
Each year brings changes in the market, offering both opportunities and warning of imminent threats to brands. And each year, brands sink or swim depending on how they leverage their consumer and market knowledge. This means you can’t afford to only mind your business...
Guide to the Best Social Media Monitoring Tools for Brands Copy
Do you know what consumers are saying about your brand? Millions of customers are online chatting about you, your products, and your services. They detail their needs, wants, challenges, and all sorts of insights that your competitors are capturing with a social media...