What is Competitive Intelligence?
Competitive Intelligence (CI) is the sister of market research, sharing many of the same characteristics and techniques for information collection. CI, however, specifically targets competitive brands, market data and consumer response to said data. The result of effective analysis of competitive intelligence data is the anticipation of emerging trends, new technologies or potential market (macro-) or industry (micro-) movement in the near or distant future.
Why is CI Important?
In this rapidly moving, data-centric marketplace, making the first move or anticipating and responding promptly to the competition’s first move is imperative to brand success. “Newness” is the new consumer preference with the length of infatuation seemingly decreasing with time.
In the Crayon 2020 State of Intelligence Report, 48% of businesses surveyed claim their industry has become more competitive in the past three years with an increase in competitors from 25 to 29 YoY. As a result, 94% of businesses surveyed for the report (ranging in size from small to large) are investing in CI.
A reliable CI collection strategy allows businesses to make smarter decisions grounded in data analysis and predictions, which minimizes risk and maximizes return in both profit and market share. A competitive intelligence framework may be the difference between your brand maintaining relevance or falling behind.
The Benefits of Competitive Intelligence
Stay Ahead of Market Trends
Effective CI data collection can accurately identify undercurrents in the marketplace and predict changes in the competitive landscape. Brand expansions, acquisitions, the introduction of new products, pending patents, job listings and more can serve as the puzzle pieces for a detailed market scenery. Tactics like consumer interviews and detailed surveys can also serve as predictors of future consumer preference or demand trends in your particular industry.
Anticipating Competitive Trajectory
A firm understanding of competitor’s current movement through CI allows your brand to anticipate potential initiatives including product launches, line expansions, re-branding and more; this data can provide assurance to key decision makers that your current direction will either catapult your business into success, keep your brand competitive or reduce your market share over time.
In the same vein, developing hefty competitive profiles can provide support to marketing and sales teams to ensure USP’s are strong enough to perk consumer interest and increase market share.
Anticipate Consumer Needs
CI can monitor trending data in brand engagement, social following, customer service success or failure, and more. Monitoring consumer sentiment through CI can be used to increase customer retention and the lifetime value of your customer by thoroughly understanding their likes, dislikes and any issues they might have with the user experience (UX). Premise offers sentiment analysis surveys, which can rate interactions with a particular brand on a positive or negative scale; this feature can aid your business in identifying gaps in the market, anticipating the current and future needs of your target market segmentation and taking advantage of any issues potential customers may have with your competitor’s user experience.
The Premise Solution
Premise’s crowdsourcing technology uses a robust, innovative mobile application to collect real-time data from an extensive network of Contributors around the globe. These Local Contributors provide an unbiased, unique perspective that allows them to collect extremely granular data and glean valuable consumer and competitive insight on a local level.
Are you interested in learning more about how Premise can help you collect data to improve your brand’s competitive intelligence? Visit https://www.premise.com/ or email email@example.com. We can’t wait to help you become more data-driven.