Competitive Intelligence

Competitive Intelligence is a way for brands to understand the strengths and weaknesses of their major competitors (part of a classic SWOT analysis), so they can learn from what they do well and where they struggle.

 

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What is Competitive intelligence?

 

Competitive Intelligence is a way for brands to understand the strengths and weaknesses of their major competitors (part of a classic SWOT analysis), so they can learn from what they do well and where they struggle.

This helps inform the business on the best ways to win over their customers, either by developing products and services that better meet their needs; or simply by positioning themselves in a way that shows they would be a better alternative. Competitive Intelligence also alerts you to potential challenger brands, so you can react before it’s too late.

 

Why is Competitive Intelligence important?

 

It’s easier than ever to launch a new product or service, meaning there’s always a new challenger looking to eat your lunch. Meanwhile the largest players continue to expand their reach into different markets as they look for growth - meaning it’s ever more likely you’ll be competing against Amazon, Google, Microsoft, Apple, Facebook etc.

Having your finger on the pulse allows your to be an agile organisation that can respond to real threats before they harm your bottom line. It also gives you a simple game plan for how to win market share away from existing competitors, as it exposes their major flaws.

 

When do you need Competitive Intelligence?

 

Anytime you read the news and see someone has launched similar product or service (or a major marketing push), and you need to know ‘should I response?’ There’s no better way to answer that question than going directly to your target consumers. No amount of existing data and analytics can help you understand what a competitive move like that will do to your brand.

 

Where should you use Competitive Intelligence?

 

IMarketing, Insight and Strategy teams will often work a lot with competitive intelligence - depending on how you want to apply it. Often it will be used in decisions around brand, messaging, positioning, product and feature development.

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SME Market Intelligence

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