What tools are you using to create and keep current the portrait of your ideal customer? Gathering competitive intelligence can yield invaluable insights that add dimension and depth to that portrait, in addition to providing important information about your competitors and market trends. And as more and more companies invest in competitive intelligence, those who don’t risk losing their own foothold in the market.
Use Competitive Intelligence for Better Business Decisions
Competitive intelligence is the collection, monitoring, and analysis of data on your competitor and industry, and it can help you make better business decisions by expanding your understanding in these areas:
- Market needs and customer profile. Identify your competitors and determine market share. Analyze pricing, demographic trends, etc. Improve messaging with better understanding of target demographics and niche markets. As the U.S. becomes increasingly diversified, effectively serving customer needs requires gathering data that reflects a rich tapestry of perspectives and behaviors.
- Product/Service comparisons. Analyze how your products/services compare to competitors’ offerings; understand what customer needs each one addresses. Learn about upcoming new product/service launches by competitors and determine implications for your own strategy.
- Competitor strategies. Review their online presence, including websites and social media channels; review their use of other channels, e.g., television and radio, and direct customer contact via email, texting, and snail mail; identify how each competitor differentiates themselves in the market. Avoid mistakes by learning from competitors’ failed product launches.
Gain New Insights Into Customer Pain Points
Competitive intelligence is an important complement to other forms of market research, such as focus groups. The late Apple co-founder and CEO Steve Jobs famously said, “A lot of times, people don’t know what they want until you show it to them.” Analyzing customer feedback and data from an analysis that dives deep into your competitors can reveal unaddressed customer pain points, perhaps even some issues customers themselves have not identified—yet.
Use Data to Inform Your Market Strategy
It can be tempting to develop a market strategy based on gut instinct and experience with customers or clients. And while those factors are an important part of the equation, it’s crucial to conduct comprehensive market research that includes competitive intelligence. For example, social media listening and tracking tools provide up-to-the minute insights about how customers interact with brands in your industry: Are customers posting about how your product or service compares to a competitor’s? Are there frequent complaints about a feature or prices? Are you tracking the right keywords? Are there demographic groups you are overlooking in your product design or market strategy?
At Ebony Marketing Systems, our expertise in designing and conducting multicultural research will enrich the unique competitive intelligence strategy we develop for you. For more information, call us at (718)742-0006 or send us a message today.
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