Competitive Intelligence is the process of gathering and understanding key information used by companies to anticipate competitor’s actions, analyze market trends, and develop business strategies. The goal is to gain a 360-degree view of the competitive landscape and market environment, in order to minimize risk and confidently make decisions. Competitive intelligence should be done quickly and timely so that all data is actionable and relevant. With real-time competitive intelligence, companies can both plan and react to changes in the competitive landscape.
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.
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.
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.
Looking to get deep intel on your competitors’ moves? Check out Crayon’s competitive intelligence software.