What Is Competitive Intelligence And Its Role In Your Marketing?
Being a marketer, you want to be always ahead of your competitors in terms of sales and conversions. Isn’t it? Then guess what, “competitive intelligence is your best alarm clock.”
No matter what kind of business you have, there is too much competition in the market. And if you do not want to fall behind, you will have to overcome many marketing challenges to ensure success in your business.
Nowadays, many marketers feel pressured due to the competitive environment in the market. And if you want to conquer these challenges, then it’s time for you to choose the right CI solution for your business.
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What is Competitive Intelligence?-
Competitive intelligence is actually the collection of business insights based on the performance of your competitors. It will help you to understand their organizational and commercial practices. And by implementing the same in your own practices, you can also claim for more success in your business.
Basically, CI helps you to know about the strengths and weaknesses of your competitors. From there, you can learn and improve your own strategies to gain more ROI.
Going one step further, now the term competitive marketing intelligence also has been introduced, which provides more specific in-depth insights about the marketing practices of competitors. There you can further go into the business niche and learn about the details that can help you drive more sales and conversions.
Competitive Marketing Intelligence-
More or less, both the terms competitive intelligence and competitive marketing intelligence denote the same thing. The primary reason for using competitive intelligence is to have a look at the competitor’s business strategies, cost, behavior, tools, software, and priorities. So, thereby you can learn more about business insights. However, when you are particularly looking for marketing insights into your competitive landscape, it shows the marketing part of your CI.
- It helps you get a clear edge over your competitive marketers as you can simply learn from the success and failures of other marketers.
- You can also learn about the opportunities that you have missed to include in your own marketing strategies.
- The analysis part shows the audience that your competitors are targeting to ensure sales growth while you can also follow in their footsteps.
- Competitive intelligence can help you to learn about the pain points of your target audience based on consumer behavior, location, interests, gender, and socio-economic data.
- One of the biggest advantages of CI is that it lets you check on the offers and pricing plans of rival businesses. And accordingly, you can create lucrative offers to attract more buyers.
Steps To Gather Competitive Marketing Intelligence-
Nowadays, we have technographic tools like PowerAdSpy that can easily track detailed marketing insights. Whether they are using social media platforms or Google ad networks, it lets you sneak on the marketing campaigns of your competitive brands.
So, before digging any further into the marketing challenges, competitive intelligence can help you to learn about the winning opportunities using the PowerAdSpy ad analytics.
Identify Your Competition-
The first step in your marketing strategy should be to find your competition in the market. Based on the business niche, there you can find many competitors targeting similar audiences like you. Using the PowerAdSpy dashboard’s niche-based search option, you can easily refine the different categories of ad campaigns. There you also have further options to narrow down your search for the brands that have better reach and engagement with their target audiences.
Get Particular Insights About Competing Brands-
The competitive intelligence that you can collect from your commercial rivals is quite vast. It’s not easy to go through each and every point. Instead, it’s better to outline the specific insights that matter the most. That way, you can better focus on reaching the goal of your business.
With the PowerAdSpy tool, you have this analytic part which shows the detailed engagement insights of your competitor’s ad campaigns. There you can learn about how they are targeting the specific group of audience based on their demographic info like age, geo-location, gender, reach, etc. Based on these details, you can also analyze the intent of your target audience to ensure claiming more business opportunities.
Learn About the Key Interest of Your Target Audience-
When you analyze the different marketing campaigns, there you will find ads targeting the user’s intent. And to succeed with your marketing, you have to hit on the pain points of your target audience. For that, you will have to step in the shoes of your audience to learn about what they are expecting from your services.
Here PowerAdSpy also provides you with the feature that filters out the ads based on the preferred group of audiences that you want to reach. By further analyzing the details and engagement insights, it will help you to learn about the interest of your intended audience. And accordingly, define your campaigns to be more effective.
Mark Your Competitors-
Due to the growing competition on marketing platforms, it has not been easy to keep track of competitors on several marketing platforms. However, using the PowerAdSpy ad analytic, you can bookmark the best-performing ad campaigns of your competitive brands from some of the most popular ad networks like Facebook, Instagram, GDN, YouTube, Google ads, etc.
You can spot the brands competing for the same target audiences as you. Also, you have the bookmark option to save the selected ad campaigns which are most effective. There you can check their profile to get a 360° view of the brands competing against you.
Importance of Competitive Intelligence In Your Business-
Now, coming to the part where you think – how does competitive intelligence help you improve your business performance? In fact, CI is an important part of your marketing strategy that makes you understand the competitive landscape of the market. It will show you many opportunities as well as challenges that you have to face while growing your business. In simple words, it is like a bridge that connects your actions and information to get you better results in the end.
- Helps you learn about current marketing trends, emerging technologies, expectations of customers, marketing barriers, and various challenges to bring better ROI.
- From analyzing the details of your competitors, you can make better predictions of how the market may behave and what should be your action.
- There you can learn about the challenges and future threats that may arise in your business.
- Learn about more opportunities to grow your business.
- Create a benchmark and give yourself a goal to chase after.
- Make better strategic decisions based on the data analysis report of CI tools and software.
There are many more potential benefits of Competitive intelligence or Competitive marketing intelligence that you can utilize to grow your business ahead. If you also want to succeed against your competitors, CI is the only solution you need. Also, there are many analytical solutions like PowerAdSpy which keep you ahead in the competition.
So, what are your thoughts? In case you want to share your own experience, please mention them in the comments. And also, don’t forget to share this article with whoever needs this.