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
According to Harvard Business School, more than 30,000 new consumer products are launched each year, and a majority of these products fail. Why? There are many reasons, but a recurring theme revolves around market research intelligence, or lack thereof! When new...
Although it’s only one tool in your marketing metrics arsenal, market intelligence is one that you’ll want to keep updated and in good working order. Being ready to capture and act upon insight in real-time is crucial, because when emerging crises happen, they do so...
Consumer behavior is a mystery at best sometimes, however savvy brands globally are harnessing the power of consumer behavior analysis to guide them in complex decision making. More specifically, they tend to focus on: Filling Product or Service Gaps Identifying...