How Do You Fare Against The Competition?
Competitive intelligence (CI) is the process of gathering and analysing information about your competitors, industry, and market. It allows companies to identify opportunities, threats, and risks; and make informed decisions to stay ahead of the competition.
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Companies that track their CI see a 60% increase in leads by reframing their position in relation to marketing trends. In today’s fast-paced business environment, it’s more important than ever for companies to leverage CI to gain a sustainable competitive edge.
Here are eight ways Fortune 1000 enterprise companies can use CI to identify opportunities, threats, and risks.
Conduct market research
One of the best ways to stay on top of your competition is to conduct market research and gather data on your industry. This can include analysing competitors’ products and services, pricing strategies, marketing tactics, and customer feedback.
Market research can provide valuable insights into the industry, as well as the specific strategies and tactics that competitors are using to gain an edge. By utilising this information, businesses can make informed decisions and stay ahead of the competition.
Monitor social media
Social media is a powerful tool for CI as it allows you to see what people are saying about your competitors and their products. This can give you insight into their strengths and weaknesses, as well as opportunities for growth. By monitoring social media, companies can quickly identify shifts in customer sentiment and respond accordingly. For example, if a competitor’s product is getting negative feedback on social media, it may be an opportunity for your company to improve its own product or marketing strategy.
Analyse competitor’s financials
By analysing a competitor’s financials, you can gain insight into their business operations and strategies. This can help you identify potential opportunities and threats, as well as areas where you can improve your own operations. For example, if a competitor is investing heavily in a certain area, it may be an indication that this is a growth area for the industry and an opportunity for your own company to invest in as well.
Track competitors at industry events
Given the average enterprise attends 1-2 events per month, industry events are a great way to stay on top of the latest trends and developments in your field. You can also network with other professionals and gain valuable insights into your competition. This can include attending trade shows, conferences, and networking events. If a competitor is present or giving a presentation, it also offers a great opportunity to understand their positioning and give insight into their strategy. By being present at these events, companies can stay informed about the latest industry trends and gain a better understanding of their competition.
Monitor public audio/video
Audio/video data is on the rise, more is produced, and people are increasingly choosing audio/video over text consumption because the learned retention rate is much higher. If you’re not tracking the audio/video data being produced by your competitors or in your market, you are missing a massive piece of the puzzle. This includes podcasts, YouTube videos, webinars, investor conferences, industry events, and more.
Today, AI-powered technology can listen, transcribe, and summarise both audio and video files to include in your analysis. Tracking these data sources is essential to get a complete picture of what is happening in your competitive landscape.
Source: Edison Research and Triton Digital
Perform SWOT analysis
A SWOT analysis is a useful tool for identifying opportunities, threats, and risks in your industry. It involves analysing your own strengths and weaknesses, as well as those of your competitors. A SWOT analysis can help companies identify areas of their own business that need improvement and areas where they have a competitive advantage. This information can then be used to inform business decisions and stay ahead of the competition.
Implement a competitive intelligence product
Implementing a CI product can help you stay on top of the latest developments in your industry. The top CI products centralise all data in one place — from social media, news, review sites, websites, job postings, investor reports, conferences, and more. Due to the amount of data and level of noise, most CI teams will also work with domain-expert vendors to further contextualise the information and provide decision-ready recommendations. By implementing a CI product, companies can quickly and easily gather and analyse data on their competitors and the industry as a whole. This can help inform business decisions and stay ahead of the competition.
Collaborate with other experts
Reach out to other experts in the industry, such as consultants and analysts, who can provide valuable insights and perspectives on your competition. Collaborating with other experts can also help you stay on top of the latest trends and developments in your field. By working with other experts, companies can gain a more holistic understanding of the industry and stay ahead of the competition.
Companies that are tracking CI are seeing substantial growth, such as:
- A 60% increase in leads by reframing positioning in relation to market trends.
- 40% accelerated thought leadership by analysing what competitors are talking about vs what the market is showing interest in.
- 35% faster time to market from innovation tracking.
CI is an ongoing process that requires constant monitoring and analysis, but the insights and advantages it provides can give a company a significant edge over its competitors. By staying informed and making data-driven decisions, companies can adapt to changing market conditions and stay ahead of the curve.
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