Introduction: competitive intelligence as part of a digital marketing strategy
We are all watching and analysing the outside world; it is a matter of life and death for individuals, businesses, and organisations. We have to always be aware of what’s happening in our environment to react accordingly. Very much like in our personal life, for a business to survive, it needs to be aware of its environment and act accordingly. Competitive intelligence is a fundamental part of a digital marketing strategy.
The difference between Intelligence and corporate espionage
The term “intelligence” has a lot of baggage attached to it and is not to be confused with corporate espionage, which is an unethical, and, in most of countries, illegal practice.
Every day, private-sector intelligence specialists direct organisations away from problems and towards opportunity and decisiveness in a legal and ethical manner.
What is competitive intelligence?
Competitive intelligence is the process of collecting and assessing information about a competitor’s strengths and weaknesses, products, and customers that a company needs to make strategic decisions. In other words, it is a legal and ethical practise that enables an organisation to remain competitive.
The goals of competitive intelligence as part of a digital marketing strategy:
Competitive intelligence assists an organisation in their decision-making process, warning about potential threats and weakness and pointing out opportunities. Competitive intelligence aids to ensure that strategic planning decisions are based on accurate and current competitive intelligence. Therefore, the organisation can adapt and respond to changing business conditions.
Anticipating and seeing around blind spots
Intelligence analysts assist leaders in comprehending what is occurring and what is likely to occur next. Competitive intelligence is considered of crucial value to outperforms the top of business development, market research and strategic planning. Conducting a periodic and systematic audit of an organisation competitiveness results in an accurate assessment of an organisation current position in relation to the environment it operates in.
Competitive intelligence enables an organisation to estimate the efforts it will take to outbid their competitors for a specific marketing channel, campaign, or product. Then , it will proceed to a cost/profit analysis to these efforts and advise on taking action. Intelligence can also provide competitive advantages by allowing organisations to go where others are afraid to go. When entering new markets, competitive intelligence, as part of a digital marketing strategy, assists in understanding he environment an organisation operates in and identify possible threats and vulnerabilities and suggest solutions to it.
Identifying new opportunities
By analysing the competitive environment, digital marketing strategists will identify weakness in an organisation’s competitor’s digital marketing strategy. The weaknesses of competitors can be leveraged to build a strong competitive advantage to gain a new, or grow, an existing market share.
Conclusion; competitive intelligence as part of a digital marketing strategy a crucial step to success
Competitive intelligence isn’t an ethical or illegal practice, but a founding step of a digital marketing strategy. It enables organisation to understand their competitive environment and make smarter decision to avoid fatal mistakes or to grow.
Want to learn more about the use of data to build more accurate digital marketing strategies? Read “The urgency of adopting new data based marketing strategies”