How do your competitors talk about their products? Where are they succeeding and failing? Find the gaps and hit them hard. Competitive intelligence is the practice of systematically gathering and analyzing information about competitors' marketing strategies, tactics, and activities to gain a competitive advantage.
It begins with research - monitoring competitors' product offerings, pricing, promotions, advertising campaigns, distribution channels, messaging, and overall positioning in the market. An understanding of competitors' strengths, weaknesses, and future plans, allows you to make informed decisions about your own marketing strategy, identify potential threats and opportunities, and develop effective countermeasures to stay ahead of the competition
Effective competitive intelligence continuously tracks various data sources such as competitors' websites, social media, press releases, job postings, customer reviews, and industry reports to uncover the valuable insights that shape marketing strategy, messaging, and execution.