Scouting Out the Competition
Competitor intelligence research is integral when developing a marketing strategy.
For those unfamiliar with competitor intelligence research, it is the process of investigating your competitors’ materials (i.e. advertising, pr coverage, direct mail, websites) in an effort to determine what competitors are doing well and areas of improvement.
When providing competitor intelligence research for my clients, the outcome is two-fold:
- I learn more about my clients and their industries, which positions me to create marketing solutions and strategic plans that match the needs of my clients and their customers.
- I learn how my clients can respond to customer demand and differentiate themselves in the market.
With good competitor intelligence research, you will be able to provide clients the expertise needed to develop a marketing strategic plan that is effective and relevant.
When doing competitor intelligence research for a client, I typically find a mix of consistent practices, areas for improvement and new areas of focus. With well-executed competitor intelligence research and analysis, you should be able to provide a final assessment on what customers are talking about and where there’s an opportunity to improve your client’s competitive advantage.
If you haven’t done so recently, I would strongly recommend you take a few hours each week to investigate your competitors. See what they’re doing. Take notes. And, if you want to take on a more formal analysis and need help…I’m always happy to help.