Sales and marketing professionals use competitive intelligence to gauge what’s working for the customers and what’s not. It gives them a holistic view of the market to do a SWOT analysis. With this, they understand the customer better and move ahead in a way that drives revenue and brand loyalty.
Competitive marketing intelligence takes a different approach. It drills down into understanding how the customer prefers to interact with brands in your domain or niche. It empowers sales and marketing teams with insights on what makes the customers tick and how to get the most out of each digital interaction. Let’s dive in!
The Communication
Communication is a huge factor in marketing success. It’s imperative for marketers to evaluate their competitors’ branding and Marcom strategies. How are they speaking to the customers? Is it working? What is that you can take from it? What is that you do better and should build on?
Crafting the right message at the right time will skyrocket your conversions. It’ll also help you build a brand that people trust.
The Outlook
Competitive intelligence is business-oriented, while competitive marketing intelligence has a customer-centric focus.
The goal of marketing intelligence research should be to gain an in-depth understanding of your customers. How do they behave on different digital platforms? What do they respond to? What do the consumption patterns look like? What are the pain points they are trying to solve? How can you convey your solution to their problems in the right light?
You’re not only focusing on outperforming your competitors but also carving out a special place in your customer’s heart.
The Way
The competitive marketing intelligence data gives you a comprehensive account of how your customers and competitors’ customers have been using similar products or services.
It helps your marketing team create use cases that appeal to your audience, enter new markets, comprehend how customers incline toward existing or new features.
The market intelligence platform automates marketing activities, for instance, delivering personalized marketing messages as a user takes relevant action. Businesses should leverage different types of data, including firmographic, technographic, and psychographic data. It also gives crucial insights on what’s the budget of the target account for specific solutions.
Marketing teams focus on metrics that are easy to measure and not on the ones that have the potential to take the business to a new level. Perform some social listening and dig into customer interactions. Better conversations usually result in better conversions.
Ultimately!
Market research and competitive analysis are an integral part of branding and marketing strategies. But to gain a competitive advantage and present your offerings in unique ways needs something more advanced. Competitive marketing intelligence will shape digital marketing in the coming days. Now, the question to ask here is- what are you doing about it?