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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.
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.
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 respond?’ 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.
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.
Getting started with Attest could not be easier.
People can answer confidently and honestly and are always in control of their data. We’re also an MRS partner and have been nominated for two awards this year.
We’re scientists, passionate about rigour. Attest automatically controls for bias by randomising answer orders and using a consistent format.
We keep our question and survey sets below 7 minutes to maintain higher levels of engagement, and capture better quality responses.
Attest uses state of the art, multi-layered encryption to ensure that data is transferred and stored securely.
Watch responses flood in over 10x faster than traditional methods. Attest’s average turnaround is 1000 responses in 24 hours. We’ve seen it perform much faster.
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