Competitive Intelligence: Purpose & Process
In my opinion competitive intelligence is one of those marketing steps we all say we did, but few of us rarely do. It’s true. Most of us are big fat liars when it comes to “doing competitive intelligence.”
For example, competitive intelligence IS NOT:
* Sitting in a room and ranting about your competitor’s latest marketing move
* Grabbing lunch with your Product Manager and creating a roadmap based on what your competitors have that you don’t.
* Putting together a grid of you and your competitor’s website’s traffic stats, never to be looked at again.
* Googling your competitor’s brand name to see what latest things are noted in the SERP’s
Sorry friends that is not competitive intelligence.
However, competitive intelligence IS:
* Understanding what direction your competitor’s are headed & how that might intersect or parallel your own
* Knowing what products you are pushing out and how they match up or differ from your competitor’s
* Mapping out a list of key differentials and attributes for your biggest competitors and yourself
* Researching & monitoring a variety of platforms to better understand your competitors