Competitive Intelligence: Always know what your competitors are up to

Pivot. Transform. Agile. Digital. You’d almost be forgiven for not recognizing the business environment post-pandemic. Across many industries and sectors, some companies have had to scale back, some have changed their trajectory, while others have closed entirely. What we knew two years ago we have almost had to “unlearn” in 2022.

Coupled with this changing playing field, the media landscape has become more crowded and complex as companies work hard to carve out a space so they can reach their customers.

In this evolving business environment, large, medium, or small companies need strategies and tools to help them differentiate themselves in the space. Enter competitive intelligence.

Competitive intelligence should be considered a critical driver for business growth as it helps you build your business strategy and to determine your unique value proposition. With economies opening back and businesses eager to get back to “full tilt”, the need for competitive intelligence has become more critical than ever.

It is part of your strategic planning –

What does the market look like today? Has it changed? How are your competitors responding to the new environment? How are customers responding? How have perspectives about your industry, business sector, product, or service changed given the global impact of the pandemic? What are some of the new ideas and trends that would influence the marketing of your product or service?

These are just some of the questions that you need to ask as you build a new understanding of the environment. 

You can use competitive intelligence to understand what your competitors are doing to leverage opportunities in the market space and differentiate yourself in the customer’s mind.

It is not about copying the competition, but about understanding what they do, what their unique value proposition is, and what the market is saying so that you can determine where you currently rank in the market and what you need to do to move the needle.

Pro tip: If you think that competitive intelligence is simply a suite of tactics you implement in the hunt for information, you’re missing a key step. Competitive intelligence is part of your business strategy.

Media InSite’s media and advertising monitoring services will contribute to your overall competitive intelligence report by providing you with relevant, useful information about your competitors and market performance.

By examining your competitor’s media presence in digital, social, and traditional spaces, you can evaluate your position – where you rank in the market and what you need to do to improve your position.

Your advertising dollar is more precious than ever. Understanding where your competitors are putting their spending and looking at the outcome gives you a better appreciation of where you need to be to promote your brand, products, and services. Share of Voice, Share of Spend, Share of Activity, and other related insights are all derived from your Competitive Intelligence report.

Do you know what they say about you when you’re not in the room? Using Media InSite’s tools, your Competitive Intelligence report will provide a detailed analysis of customer sentiment and attitudes toward your competitors, enabling you to evaluate where your brand is best positioned.