Competitive Intelligence In Marketing- Cronycle

Whatis competitive marketingintelligence?

Weareshapedbyourenvironment That’struewhetherwe’re talkingaboutindividualsororganizations.Companiesstartby developingaproductorservicethatfillsaneedinthemarket Theygrowbycontinuingtomeetmarketdemandandthe changingneedsofthecustomer

That’swhyunderstandingyourmarketandyourcompetitors iscrucialtobusinesssuccess.It’salsoimportantfor developmentandframingofyourmessaging,positioning,and valueproposition.It’skeyindeterminingthechannelsyou’ll useforpromotingyourproductsandservices,andwhichyou’ll useforselling.Andit’stheinformationusedtosupportthe go to marketteam,endtoend

Competitiveintelligenceiswhatfuelsmultiplelevelsof directionandcorporatestrategy.Competitivemarket intelligence,though,usesthesameorsimilarinformationto definewaystoreachthecustomerandinspirethemtospend theirmoneyandoertheirloyalty Competitiveintelligence andcompetitivemarketingintelligenceareintertwined,but theyaren’tthesamething

What is competitive intelligence?

It’slikelyyou’realreadyfamiliarwithcompetitive intelligence,butjustincase:competitiveintelligence(CI) involvesresearching monitoring collecting andanalyzing

involvesresearching,monitoring,collecting,andanalyzing dataaboutyourcompetitorsandyourcompetitivespace The purposeistodevelopgaininsightsintowhatishappeningin yourindustryanddevelopintelligencethatcanguidethe organizationinmakinginformed,data drivendecisionsabout goals,strategies,andgrowthopportunities

Thisisn’tjustaboutkeepingtrackofyourknown,direct competitors.It’saboutunderstandingthecompetitive landscape,whatgapsandopportunitiesexistforthecompany toconsider,andevenwhatadjacentmarketsmightbe availabletoyou orwhichonesmightproducenew competitorsordisruptiveproducts.

the power of

What is competitive marketing intelligence?

Ifthat’sthebasicdefinitionofcompetitiveintelligence,then whatiscompetitivemarketingintelligence?

Thepurposeofcompetitiveintelligenceistobetterunderstand thelandscapeatthebusinesslevel whatarecompetitors doing,whatcouldtheybedoing,andwhatsignalsarethey sendingthattheymightbedoinginthefuture? Competitivemarketingintelligence,ontheotherhand,looks intheotherdirection atthecustomer Itseeksto

understand:

Howdocustomersuseyourcompetitor’sproducts? What’smostimportanttoyourstakeholderaudience? Howdocustomersuseyourproducts? Howdotheyfeelaboutyourbrandandyourcompetitors? Whatarethepainpointsyouraudienceistryingtosolve?

Howdopotentialcustomersviewyourproductsincontrast toyourcompetitors?

Etc

Competitiveintelligenceandcompetitivemarketing intelligenceisn’taneither/orscenario Theyservethesame purpose ensuringthatthecompanycanmakeinformed decisions buttheydosowithadierentperspective Oneis howtorespondandanticipatecompetitormoves theotheris howtobetterhelpandspeaktopotentialbuyersandusedto developabettercustomerexperience

Tobesure,optimizingthecustomerexperience from interestthroughpurchase use andadvocacy isjustas

interestthroughpurchase,use,andadvocacy isjustas importantasunderstandingthecompetitivelandscape Customerexperienceisnowacompetitiveadvantage,and sometimestheonlything–intheconsumer’smind separatingoneproductfromanother.Companiesthat prioritizethecustomerexperiencearemorelikelytoweather economicchallengeswell accordingtoMcKinsey&Co.those thatdidsointhelastrecessionrealized3Xshareholder returns

Sources of competitive marketing intelligence

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Onceyouunderstandtheanswerto“Whatiscompetitive marketingintelligence?”anditsdierencetotraditional competitiveintelligence,thenextstepistobeginactingon thatknowledge.Collectingtherightinformationtoanalyze requireslookingintherightplaces Hereareafewplacesto sourcethisinformationfrom:

Competitor’swebsites:Acompetitor’ssiteisagreatplace tolookforinformationforcompetitiveintelligence,butit canalsopointtowardcompetitivemarketingintelligence insightsaswell.Watchforchangesinlayoutormessaging onthesite,aswellaswhatsortsofleadmagnetsthe companyisusing.Eventhekeywordstheytargetcansay muchabouttheirowncustomerresearchanditsresults

Productreviews:Thesecanbeawealthofcompetitive marketingintelligence Customersentimentcomes throughclearlyinincentivizedreviews,andtheycanalso oerasenseoftheimpactacompetitor’smessagingis havingonitsintendedaudience.Infact,evenlookingat whoisleavingareviewcanpointtowhichaudiencesyour competitorislandingwellwith,andwhichonestheyare not.

Third partyarticlesandblogs:Whatarebloggersinthe spacesayingaboutyouandaboutcompetitors?What’sthe feedbacktheyaregiving?Whendotheymentionyour productsandthoseofyourcompetitors,andinwhat context?

Socialmedia:Similartoproductreviews,socialmediacan beagoldmineofcustomersentiment.Don’tlimityourself tojustTwitter,Facebook,andLinkedIn alsoconsider siteslikeReddit,whereconsumersopenlydiscussa product’sperformanceaswellastheeectivenessof marketingmessagesandcampaigns.Thiscanalsoprovide insightsonyourownbuyerpersonas

Marketreports:Thesethird partyreportsarecrucialfor competitiveintelligenceandmarketingintelligencealike, especiallywhentiedtoothermovementsbyyour competitors Forexample,ifareportshowsagrowth forecastforanorganization,isthereacorresponding changetomessagingorhowtheyaddressaudienceneeds? Aretherenewproducts,andwhatistheconsumerneed thatthosefill?Tiethattogetherwithlaterreportsto completethestory.

Embrace competitive marketing intelligence for better customer alignment

Competitivemarketingintelligenceisacornerstonefor understandingandspeakingtotheneedsanddesiresofyour potentialcustomers Theinsightsdevelopedfromthis informationcaninformyourmarketingstrategyfromvalue propositionstosellsheetsandcanimpacttheentireGTM chain,fromproductdevelopmenttosales.

Getstartedbymonitoringyourcompetitor’sinfluenceand receptionbybuyersandevaluatinghowyourownmarketing activitiesfitintothelandscape.Thereareinnumerableplaces todrawinsightsfrom useatoolthathelpsyouuncoverand makesenseoftheinformationyoufind.Then,ensurethat you’reabletosynthesizeyourfindingsintoacompletestory thatcanbesharedwiththerestofthego to marketteam. Addingsystematicresearchandreviewofthecompetitive marketingintelligencespacewillgiveyoutherunwaytosee changescomingandmakedecisionsconfidently

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DawnHoefferleApril212022