Competitive Intelligence: Strategies for success
- Post author:Gladys Prameswari
- Post published:23. May 2024
- Post comments:0 Comments
- Post category:Media listening / Media Monitoring
- Post last modified:23. May 2024
In today’s business world, companies face enormous and constantly growing competition. A carefully thought-out competitive intelligence strategy is therefore crucial to the success of any company. This strategy involves the targeted collection and analysis of information about competitors, potential target customers and the market. Data is drawn from a variety of sources to identify the strengths and weaknesses of competitors in the market. The aim is to create or improve a competitive advantage.
According to a Bitkom survey, around two thirds of companies in Germany are facing increased competition as a result of advancing digitalisation. By comprehensively analysing the immediate market environment, companies can quickly exploit potential opportunities and effectively differentiate themselves from their competitors.
Why is competitive intelligence important?
The importance of competitive intelligence is becoming increasingly clear these days. It plays a crucial role in supporting efficient decision-making and enables companies to clearly differentiate themselves from their competitors. It also helps to recognise potential opportunities and risks at an early stage.
Competitive intelligence allows companies to be proactive rather than reactive, which strengthens their decision-making processes. It also helps to recognise industry-specific trends at an early stage, enabling companies to make well-informed decisions about future investments and strategies. Overall, competitive intelligence helps organisations become more agile, responsive and competitive by providing them with in-depth insights into their industry, competitors and market.
Competitive Intelligence Cycle
The process of implementing competitive intelligence follows a closed cycle of six steps:
- Definition: The circle begins with the identification of needs, metrics and sources for gathering information.
- Research: In the second phase, information is gathered using various competitive analysis tools such as Talkwalker, Crunchbase, MOAT, SimilarWeb, SpyFu, Visualping and Owler.
- Analysis: The collected data is carefully analysed to generate meaningful insights and information.
- Recommendations: Competitive Intelligence not only presents information, but also offers recommendations to optimise business processes.
- Action: The success of a competitive intelligence programme is measured by the impact it has on building brand loyalty, customer retention, repeat purchases and customer loyalty – depending on the action taken.
- Optimisation: Optimisation plays an important role in this often overlooked but crucial phase. Here, feedback must be actively sought and subsequently evaluated. This helps to continuously improve the quality of recommendations throughout the competitive intelligence cycle.
Strategies for gathering competitive intelligence
Social Media Monitoring / Social Listening
Social listening, also known as social media monitoring, searches social media for information relevant to a company and is therefore indispensable for companies. By using a social media monitoring tool, companies have the opportunity to turn social mentions and discussions into valuable competitive marketing insights. In the area of social listening, for example, CURE monitors various social media platforms such as Facebook, LinkedIn, YouTube, Instagram, Twitter, Weibo, as well as blogs, forums and review portals. Over 180 languages are taken into account and online content is monitored worldwide. The data obtained can be used to analyse trends and social insights, which form an important basis for the customer experience.
Market research tools and other marketing intelligence data sources
Market research tools play a crucial role by combining qualitative and quantitative methods on a single platform, helping companies to utilise their market potential more effectively. This involves analysing which topics are currently trending among competitors. In addition, benchmarking and KPI services provide insights into how companies are performing compared to the competition. By identifying market trends and customer needs and developments among competitors, companies can recognise key differences that can influence their future development. Service providers such as CURE offer customised interactive dashboards, predictive models and expertise to keep companies competitive.
Conclusion
Competitive analyses are essential in today’s business world. It enables organisations to identify both new opportunities and potential threats at an early stage, providing a solid foundation for informed and strategic decision-making.
At CURE, we offer a variety of competitive intelligence services that can help you gain a competitive advantage!
Get in touch with us now and let us explore your options together!
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