Competitive intelligence gathering what is it and how to do the basics
Competitive intelligence gathering is a process of collecting and analysing information about your competitor’s business. It helps you understand their strengths and weaknesses and how they operate in the market.
Competitive intelligence refers to information that helps an organisation identify its competitors’ strengths and weaknesses. It includes data about their products, services, technologies, processes, people, finances, and marketing strategies.
Competitive intelligence gathering is the process of collecting and analysing information about your competitors to gain a competitive advantage. There are many ways to gather competitive intelligence, but the most important thing is to ensure that you are collecting accurate and up-to-date information.
One of the most important aspects of competitive intelligence gathering is understanding your competitor’s strengths and weaknesses. This can be done by conducting a SWOT analysis for strengths, weaknesses, opportunities, and threats. Once you have a good understanding of your competitor’s strengths and weaknesses, you can develop strategies to exploit their weaknesses and beat them in the marketplace.
Find out what competitors are doing
You can use several different tools to find out what your competition is up to. One of the easiest ways to gather competitive intelligence is by using Google search. Simply type in “competitor name + industry” into the search bar, which will bring up a list of results showing how other companies are ranking for similar terms.
Another critical aspect of competitive intelligence gathering is keeping track of your competitor’s marketing campaigns and product launches. This can be done by subscribing to their email newsletters, following them on social media, or setting up Google Alerts for their company name.
Learn about their marketing strategies.
Once you have gathered some data, you need to analyse it. It’s important to understand what your competitors are doing to determine whether you should follow suit. You might consider increasing your budget if you see that they are spending more money than you are. On the other hand, if you notice that they aren’t investing much at all, you might decide to cut back on your own advertising efforts.
Discover their strengths and weaknesses.
To find out how your competitors are performing, you will need to conduct research. You can use Google Analytics to track your competitor’s website traffic and conversions. You can also use tools like Buzzsumo to identify the top influencers in your industry and learn what they are saying about your competitors.
Identify their target audience.
Once you have identified whom your competitors are targeting, you should determine where they are getting their leads. This means identifying where people are coming into contact with them. If you see an ad on Facebook, Twitter, or Instagram, you can assume they are targeting those platforms. However, if you see ads on websites, blogs, or forums, you can assume they are also targeting those sites.
Determine how they’re going to win.
You need to identify what makes your business unique and different from your competition. What sets you apart from other companies in your industry? Is there something that no one else does? Are you offering a service that others aren’t? Do you offer a product that’s better than theirs?
Competitive intelligence gathering what is it and how to do the basics
In conclusion, competitive intelligence gathering is collecting and analysing information about your competitors to gain an advantage in the marketplace. It is important to understand your competitor’s strengths and weaknesses, as well as their strategies and objectives. There are many different ways to gather competitive intelligence, but the most important thing is to be creative and think outside the box. With a little effort, you can quickly obtain the information you need to give your business a leg up on the competition.
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