In a transitional world, brands are defined by the content they create and understanding what content is resonating with your competition is critical to the success of your business. Moreover, having a solid understanding of your competitors and how you differentiate yourself and your business paves the way to success. Being cognizant of your similarities is very important, especially when it comes to your marketing strategy and your consumers. This is where competitive marketing intelligence helps. It acts as a key to sound market research and helps identify your niche.
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Competitive marketing intelligence enables you to fine tune your content on what works for your market based on the successes and failures of your competitor’s content. Furthermore, it provides insights and intelligence on what is needed to thrive in the ever-changing world in which we work and live. In this article, we have talked about some of the effective ways competitive marketing intelligence can drive your marketing strategy and boost your ROI.
How can competitive marketing intelligence enhance your marketing strategies?
1. Helps in analyzing the content
If there are too many players in your marketplace, there is a lot of information that you can tap into to create a solid marketing strategy. Competitive intelligence helps you to identify what works for your target market. It helps in researching your content and makes your experiment more focused and the learning curve less steep. It also aids in unveiling the content that drives the most engagement. This way you can design your marketing campaign better.
2. Aids in price benchmarking
Competitive marketing intelligence helps you understand the pricing regime in your industry which allows you to deliberately pitch yourself as a credible alternative. By knowing what the top players in your industry charge vs their services vs customer loyalty, you can gain actionable insights into what the market values are and their existing business models.
3. Assists in formulating robust sales strategies
Sales strategy is perhaps the most crucial aspect to the success of any business. Competitor intelligence helps you to understand what your competitors are offering. This further paves the smooth way of engagement with the existing customers in your industry. This is also sometimes called a competitor displacement strategy. Acquiring new customers will also be easier if you spend time studying the successes and failures of your competitors.