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
The alerts at the top of the Wikipedia entry on Netnography say it all: “This article is in need of attention from an expert on the subject.” “This article has multiple issues. Please help improve it.” “Very few or no other articles link to it.” “It may require...
Most consumers think Texas Roadhouse is doing a good job with steaks and other dishes, but many wish they would turn the music down a notch or two. And please do something about those long waits. Texas Roadhouse is a casual dining restaurant chain that first opened in...
We’ve used ConsumerBase to gather and analyze consumer opinion in order to publish netnographies on five large supermarket chains: Kroger, Publix, Safeway, Trader Joe’s, and Wegmans. This post combines findings from all five netnographies into a meta-analysis of the...