Elementary Description Of Competitive Marketing Intelligence – SocialPeta
In 1998, someone proposed that the development of human society has entered the information age from the industrial age. In today’s information age, companies emphasize thinking, learning, knowledge acquisition, information, and intelligence management. In the 21st century, we are moving towards the age of intelligence. Competitive marketing intelligence is the core competitiveness that needs to be mastered most in the intelligence age.
In this rapidly changing social environment, how can companies ensure that their development is smoother? If an enterprise wants to achieve more long-term development, it must understand two things:
In any case, we must have a deep understanding of marketing intelligence. Only by profoundly grasping the user’s psychology and grasping the changes in market conditions can the users not be abandoned and forgotten. Mastering marketing intelligence, keeping up with user psychological changes, upgrading products, and proactively embracing the market are the first things companies must do.
The second is competitive intelligence. After mastering market intelligence, we must also understand competitive intelligence. Because only by understanding our competitors, we can better improve product performance and services, will not be replaced by new products, and always maintain a competitive advantage.
Therefore, competitive marketing intelligence is the core data that companies must grasp, and it also points the way for the development of the company.
Competitive marketing intelligence consists of two parts, one is competitive intelligence and the other is marketing intelligence.
Competitive intelligence refers to information and research about the competitive environment, competitors, and competitive strategies. It is a process and a product. The process includes the collection and analysis of competitive information; the product includes the resulting intelligence and strategies.
In order to obtain valuable competitive intelligence, companies have to collect intelligence and analyze the results with five main questions. The 5 main issues are:
- What are the characteristics of our industry?
- Who are our competitors?
- What is the current position of competitors?
- What promotion actions are most likely to be taken by competitors?
- What actions should we take to gain a competitive advantage?
Marketing intelligence is based on the psychological changes of users. According to the general environment, scientifically analyze market data, and obtain user reviews of products and new demand changes. Marketing intelligence is always changing. It requires a wide range of data sources, because marketing intelligence will be affected by many factors such as time, geographic location, international situation, folk customs, political economy, and so on. Only by comprehensively considering multiple factors can we get more accurate analysis results.
Time is money, the benefit is life, marketing intelligence must be fast. According to the analysis of multiple marketing cases by SocialPeta, the current advertising marketing cycle is getting shorter and shorter. Quickly grasping the market can enable users to take advantage of social achievements earlier. The value of knowledge decreases with the passage of time, and marketing intelligence loses its meaning with the passage of time. Only by quickly grasping market intelligence can we fight a quick decisive battle in the competition.
The difference and correlation between competitive intelligence and marketing intelligence:
The subjects of data research are different:
Competitive intelligence is based on the business of competitors; while marketing intelligence is based on the psychology and performance of users and consumers.
Marketing intelligence research is usually to obtain and develop a larger market, or to better understand the psychological changes of users and consumers in the existing market. Competitive intelligence is more to grasp the information of competitors, such as grasping what methods the competitors have adopted in advertising marketing and promotion channels.
Marketing intelligence is an adjustment made to the entire market, and its impact on the entire enterprise is huge, even the entire industry. Competitive intelligence is different, because each competitor may have different strengths, weaknesses, strategies and tactics, and market penetration. This requires companies to ideally formulate a plan based on competitive intelligence to eliminate every competitor. The plan is small and will only affect a small part of the market.
There are many differences between competitive intelligence and marketing intelligence, but they are dependent on each other and have an indispensable relationship. Even if you can treat marketing and competitive intelligence as completely separate, the two kinds of intelligence are indeed linked to some extent. For example, for specific reasons, consumers choose competitors. By understanding these reasons, you can learn some information about consumer behavior and needs-market intelligence. However, you can use this understanding to analyze how competition connects consumer behavior to specific marketing plans and gain loyal followers-competitive intelligence. A good marketing strategy will also analyze competitive marketing intelligence.
How to collect competitive marketing intelligence:
Internet information is developed, and we can obtain information on competitors and market industries from multiple channels on the Internet. There are many information dissemination channels on the Internet. How to collect information efficiently? The most obvious sources of data collection include business magazines and newspaper articles, company websites, news lines, chat forums, and Web search engines. We cannot clarify the authenticity of the information obtained through an extensive online collection of information fragments. This requires careful identification and filtering and analysis of this information to obtain the final results we need.
Obtain information from cooperating customers and users
Information on the Internet is scattered, and in most cases we can only obtain a small part of competitive marketing intelligence from the Internet. However, we can get the most intuitive evaluation from competitors’ customers or direct users. We can find upstream and downstream companies of our competitors, or we can find companies that cooperate with related businesses, and we can obtain some more accurate information about competitors.
And real consumer reviews are the most effective source of competitive intelligence, because consumers not only provide us with competitor’s product and service reviews, but also express consumers’ psychological changes, which are also very helpful in obtaining market intelligence.
Intelligence Tool – SocialPeta
There are already many third parties on the market that help companies better grasp competitive market intelligence. SocialPeta is a competitor analysis and advertising marketing intelligence tool.
Competitive marketing intelligence is the act of monitoring your niche market or industry competition and making business decisions based on collected data. SocialPeta is a smart application that can track more than 150,000 online advertising agencies to track online advertising and its effects. The secret of using the competitive marketing intelligence provided by SocialPeta is that there is no need to conduct advertising campaigns on your own ads. Your competitors can try again and again, but you can earn money by using data intelligently.
SocialPeta analyzes the advertising data of 69 channels around the world from multiple dimensions. With SocialPeta, you only need to enter the username of the competitor to see the advertising channels, advertising creativity, advertising traffic, advertising audience, and advertising bids of the competitors.
SocialPeta analyzes the types of materials that competitors put in major channels, and monitors the time, country, and the number of exposures. In general, if you want to know the marketing plan and advertising strategy of your competitors, then SocialPeta can give you the most detailed report.
SocialPeta can not only analyze competitors, but it can also be used as a market intelligence tool, because SocialPeta is also an excellent market monitoring tool. SocialPeta is a world-renowned third-party market research tool. It analyzes the market advertising classification and advertising bids of each platform, and companies can obtain clearer audience insight reports on SocialPeta.
By collecting competitive marketing intelligence, companies can not only analyze competitors’ strategies and clear market perceptions. You can also get greater market competitiveness and more brand loyalty.