SALES: Sales needs compelling stories to tell that are both relevant and timely. With competitive intelligence, you can arm your sales team with the collateral and training needed to close new business. Product reviews can give a unique insight into the strengths and weaknesses of competing products, allowing sales to highlight key differentiators to prospects.
PRODUCT: Using product reviews as well as picking up on market trends, your product team can improve the roadmap to better align with your target audience. By looking at which aspects of competing products are highly rated, and also those that are negatively reviewed, you’re able to improve and iterate to be as competitive as possible.
MARKETING: With in-depth competitive intelligence, your marketing team can easily adjust messaging and create new content to better attract new business. By keeping an eye on competitor website changes, new collateral additions as well as social activity, you can confidently create a successful marketing calendar and reposition your brand to best compete in your market.
EXECUTIVES: With the help of competitive intelligence, your executives can gain insight into your competitors' next moves, and make appropriate shifts in your overall business strategy.
Integrating competitive intelligence into your business strategy is critical for overall success. There are six key steps for building a successful competitive intelligence process.
1. Identify Your Competitors
2. Identify Areas of Interest to Track
3. Gather Your Intel
4. Create a Competitive Analysis
5. Communicate Your Intelligence
6. Turn Data into Results
While there are many types of competitive intelligence you can leverage in your strategy, here are the most effective competitive intelligence types to monitor.
