Your organization has a limited number of opportunities every year to win big and impact the marketplace. By capturing, analyzing, and using the data about the competition, you can focus your efforts on uncovering new sources of competitive intelligence. As a result, you increase your chances of winning big and impacting your marketplace. However, capturing and analyzing competitive intelligence is easier said than done.
What is Market Intelligence?
Competitive marketing intelligence is any information that’s available to you as a company about your competitor.
Market intelligence is analyzing all the market data (competition, product, industry, etc.) to determine the trends within the market, who is leading, and what needs to be done to stay ahead. Market intelligence is the first step towards knowing what your competition is up to and what you need to do to gain an advantage over them.
Today, almost every business relies on customer data to plan and execute its marketing campaigns. As a result, marketers have access to much richer and more nuanced insights about customer behavior and preferences than ever before.
What are the types of data?
In marketing, there are two types of data: qualitative and quantitative. The qualitative is data that describes the product or service; the quantitative is data that measures the product or service. Market intelligence can be called data that provides insights into the consumer’s behavior.
For example, a website showing you how much your website visitors spend? Where are they coming from, and how long are they spending? Your site gives you a more comprehensive understanding of the consumer than simply asking them what they like and don’t like about your products or services.
The 3 Types Of Competitive Intelligence
In our research, we came across three main categories of competitive intelligence:
Does market intelligence refer to the ability to identify where the market is going? And who are the players in the market? It includes where the market is, its size, and the market’s growth rate.
Customer intelligence means knowing who your customers are. It includes understanding the demographics of your customers and the relationship between your customer and your product.
It also means identifying the problems that your customers have and how they want to be solved. We all know that customer intelligence is essential, but we’ve all got our ideas about what it looks like. You can use Google Analytics to identify your customer types. Google Analytics is a great place to start.
Competitor intelligence means knowing who the competitors are and what they’re doing. The best approach is to collect information from various sources, including public records, trade press, and customer references. You should also analyze the competition’s website, social media presence, and competitors’. Once you’ve diagnosed your competitors’ market position and business model, you’ll be able to create a strategic plan for your own business.
According to a survey by the American Association of Advertising Agencies, only 27% of marketers surveyed claim to use competitive intelligence regularly. This lack of regular use could be because most of the competitive intelligence tools available to marketers are challenging to use. But competitive intelligence can be precious with the correct information and a solid understanding of your target market. This information may help you uncover potential threats and opportunities, find gaps in your market, identify new business opportunities, and understand your competitors.
Which of the following is not considered a source of competitive marketing intelligence?
A. Competitor sales trends and market share
B. Financial performance
C. Market research reports
D. Competitor research reports
E. causal research
H. key customers
I. activities of competitors
J. Sales data
Competitive intelligence, sometimes called competitive analysis, is gathering all the information about your competitors. It can be a simple process of collecting data and then processing it, or it can involve a lot of digging to uncover new, never-before-seen information. A big part of competitive intelligence is discerning patterns and trends within the data you collect.
There are two main reasons your suppliers might be seen as competitors. First, if they’re providing products or services similar to yours, it’s reasonable to think that they know your industry. Second, they may be doing business with your competitors and have some insight into their plans and strategy. Even if your supplier isn’t a direct competitor, there are likely suppliers within your industry. A competitive analysis is a must-do to evaluate potential competitive intelligence.
With all of the current data available to businesses, it isn’t easy to understand why the sales trend for a particular company is the way it is. Businesses often look to sales reports to determine whether the current state of their business is bad or good. Usually, the answer is neither. Sales data can show you the good, the bad, and the ugly. The trick is to look for trends and patterns that provide more information than the raw numbers.
When people say there are a million sources of competitive intelligence, they mean that a million different channels of information can provide insight into competitor strategies, products, pricing, and marketing. But when it comes to what competitive intelligence firms do, they are just collecting and sorting information—and then synthesizing it into something useful. Gathering data is called research, but analyzing and synthesizing information is called competitive intelligence.
Above all are essential parts considered as a source of competitive intelligence.