Ultimate Guide to Competitive Marketing Intelligence
Ultimate Guide to Competitive Marketing Intelligence
Competitive marketing intelligence supports businesses in making more informed decisions. But, how can you turn data into a strategic advantage? Sales and marketing professionals use competitive intelligence to gauge what’s working for the customers and what’s not. It gives them a holistic view of the market to do a SWOT analysis. With this, they understand the customer better and move ahead in a way that drives revenue and brand loyalty. Competitive marketing intelligence takes a different approach.
It drills down into understanding how the customer prefers to interact with brands in your domain or niche. It empowers sales and marketing teams with insights on what makes the customers tick and how to get the most out of each digital interaction. Let’s dive in!
The Communication - Communication is a huge factor in marketing success. It’s imperative for marketers to evaluate their competitors’ branding and Marcom strategies. How are they speaking to the customers? Is it working? What is that you can take from it? What is that you do better and should build on? Ad intelligence platforms can go a long way. Learn what kind of copy sells in your space, which keywords rank, which topics are surging, and most importantly, understand intent using different data sources. Crafting the right message at the right time will skyrocket your conversions.
The Outlook - Competitive intelligence is business-oriented, while competitive marketing intelligence has a customer-centric focus. The goal of marketing intelligence research should be to gain an in-depth understanding of your customers. How do they behave on different digital platforms? What do they respond to? What do the consumption patterns look like? What are the pain points they are trying to solve?
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