3 Ways Competitive Intelligence Can Benefit Your Business

Competitive Intelligence is a crucial step in any business development strategy that will allow you to anticipate your competitors’ possible next steps, identify potential threats to your business, spot opportunities for increased business activity, track changes in your industry and gain a competitive advantage. The term refers to gathering and analyzing data on your competitors, customers, products and industry to allow you to make better informed strategic decisions for your brand. At Media InSite, our clients are able to garner accurate, detailed and up to date Competitive Intelligence through the use of our media monitoring services. Here are three reasons why this business solution is ideal for you and your brand.

1. Accurate Industry Overview

The ideal business strategy involves a balanced mix of investing in your products and services and understanding where your brand stands in relation to your competitors. Through media monitoring, you can gain insights not only on their media activities but also the sentiments of their products and trends in the industry. Competitive intelligence ultimately takes the guesswork out of your competitors’ actions and will allow you to set accurate industry benchmarks that you can strive to surpass.

2. Insight on Competitor Spending

With Competitive Intelligence, you can also gather information on the spending habits of your competitors. Get the breakdown of how they spend their advertising dollars across traditional media and digital platforms, their ad creatives and accurate ad schedules, all with a detailed comparison to your brand’s Share of Activity, Share of Voice, Share of Spend and other related insights.

3. Understand the Pain Points of Competitors’ Customers

Your competitors will always have strong claims about their products, but the opinions of those buying the products are more valuable to your business strategy. With media monitoring, the Competitive Intelligence gathered will include a detailed analysis of the sentiments of their customers, their posts on social media and even complaints or compliments called into radio talk shows. This information will prove to be vital for your strategy especially if these customers prefer the competitors to your brand.

Learn how you can create the best business strategies ahead of your competitors in the market when you understand and incorporate Competitive Intelligence by visiting our website!