What? You are not gathing competitive intelligence till now?
Why We Need to Gather Competitive Intelligence
Above all, I’ ll show you definition of competitive intelligence in wiki:
Competitive intelligence is a comprehensive monitoring process of the overall competitive environment and competitors. Competitive intelligence is the use of legal and ethical means to systematically track, collect, analyze and process various information that may have an impact on the development, decision-making and operation of the company for a long time, and finally extract the competitor’s and its main rival companies in the market competition.
The key intelligence of strengths, weaknesses and opportunities can help managers of corporate strategic planning, mergers and acquisitions, research and development, marketing and other functional departments to make decisions with sufficient information.
Competition is the essence of modern market economy. Under the conditions of market economy, enterprise competition is becoming increasingly fierce. Enterprise competition is the mainstream of economic competition, and competitive intelligence is the mainstream of enterprise informatization. Modern enterprises cannot do without informatization, and competitive intelligence promotes the development of enterprise informatization.
Only by gathering competitive intelligence can an enterprise continuously update its outlook, improve its economic benefits, and enhance its competitiveness, so that it can better meet the needs of society and meet the requirements of social economic development and fierce competition.
How can we gather competitive intelligence of ads
To advertising industry, gathering competitive intelligence is easier than any other industry.
1.Browse related websites regularly
The most direct way to find product information is to find it on the websites of relevant companies, shops, and trade associations. Today’s leading foreign products may be the tomorrow of our products. Understanding the situation and development trends of new foreign products is extremely helpful to help us develop new products ourselves. The most direct way to find product information is to find it on the websites of relevant companies, shops, and trade associations. Especially on the manufacturer’s site, there will often be a detailed description of the product’s technical performance information. If we don’t understand something, we can also send an e-mail inquiry. We might as well choose several leading foreign companies in the industry and visit their websites regularly to track their new product development information. The best way is to pretend to be a competitor’s customer.
2.Monitor competitors’ ads
To advertising industry, it is easier in this way. You can spy on the social media platform which you have advertised. There must be various of competitors’ ads. Watching the ads placed by competitors from social media platforms can give a preliminary understanding of their marketing ideas. Check whether the channel competitors that we advertise are also advertised, and whether their advertising creativity and delivery volume are more effective than ours.
Through the statistics of competitors’ advertising in various media and the intensity of news promotion, it is possible to measure the scale of advertisements at each stage, and to compare relevant data such as the number of online users to obtain relevant operating conditions such as the effect of media promotion. Combine the social media promotion strategy of competitors. Through the statistics of advertising, aggregate various data of competitors in social media. Social media data monitoring selects advertising analysis tools based on needs.
3.Use some tools
This is the most convenient way to gather competitive intelligence. Moreover, the use of tools to collect competitive intelligence can obtain more specific data, which is more accurate than manual collection, and the data is more intuitive.I would recommend a website called SocialPeta, which is more versatile than other tools.
Through SocialPeta, advertisers can better monitor the advertising effects of themselves and their competitors.
Its audience analysis function can better analyze your own and competitors’ advertisements, and it also has the function of searching keywords for audience analysis, so that we can better collect competitive intelligence.
Its advertising platform intelligence analysis is also very sophisticated. Not only has a wide range of platforms, it also has platform comparative analysis functions that other tools do not have.
In the advertising analysis, SocialPeta can watch various advertising pages of competitors and even demo ads and ad copy. This is a feature that many similar tools do not have. Cost analysis can also be performed. Specific CPC, CPM and CPA data and trend graphs, they are all more complete analyses than similar tools. In addition to these, there are also analyses of social media platforms and distribution channels, which cover more platforms than similar tools. The greater advantage of SocialPeta is that it also has exclusive advertising, App, e-commerce, audience, inventory, brand, and Internet celebrity intelligence. It is a unique all-round tool among all competitive intelligence tools on the market.