Competitive Intelligence

 

 

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.

3 Things You Need to Know

  • First Movers are brands that gain a competitive advantage, being the first to bring a new product or service to market. They typically build strong customer loyalty and establish powerful brand recognition.
  • Learning from a competitor’s success instead of reinventing the wheel is smart, as is learning from their mistakes.
  • Competitive intelligence can discover emerging trendsand white spaces for your next big product or opportunity.

Fast Facts

  • Crayon’s 2020 State of Competitive Intelligence Survey found that 48% of respondents say their industry has become much more competitive over the past three years.
  • Companies that update their competitor intelligence on a weekly basis are 2x more likely to see positive revenue impacts than those who update less frequently.
  • 40% of marketing and sales teams believe data science driven by artificial intelligence (AI) and machine learning is foundational to their success.
Price Value Analysis

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.
    Hammer and nail attempts

    Competitive Intelligence Resources

    Tebow and the Jets: WSJ Sentiment Tracker by NetBase

    Well, it appears I jinxed myself on my last blog post about the Wall Street Journal Sentiment Tracker that NetBase powers, when I mentioned that I am decidedly not a football fan, but probably need to start learning more about it. The March 24th installment of the WSJ...

    Brand Passion Index: We All Scream for Dairy Queen

    Last week, I was at SXSW where we ran a fun and insightful campaign on the age-old question: what do women want?  4,000 SXSW staff   donning bright red shirts enticed attendees to find out “what women want” at the NetBase booth and panel, and all of this buzz built to...

    Double Bonus: Two Weeks of WSJ Sentiment Tracker

    I am just wrapping up an insanely busy week at SXSW 2012. If you haven’t already seen what NetBase has been up to, check out our infographic on Mashable here, our exclusive  analysis on the social media chatter at the show for AdWeek, and further commentary on our...

    Premier social media analytics platform

    Expand your social platform with LexisNexis news media

    Power of social analytics for your entire team

    Media analytics and market intelligence platform

    Enrich your media analytics with social data

    Social media benchmarking
    and competitive intelligence

    Data streams & custom KPIs for advanced data science

    AI, Image Analytics, Reporting Tools & more

    Out-of-the-box integration with other data sources