Marketing Strategy > Competitive Analysis
Competitive Analysis: Market Analysis and Competitive Intelligence
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Competitive analysis is the deliberate, dedicated effort towards monitoring the current and future steps of your competitors. Any company which directly rivals your business, and with whom you compete for market share, is considered competition, even if it competes indirectly. Competitive marketing research of rival companies - known as competitive intelligence – is useful in anticipating their actions, and will contribute highly towards setting your own business positioning strategy.
Benefiting from competitive intelligence requires an efficient integration of analyzed information into your existing marketing infrastructure. Business decisions should be made on the basis of how your company fits within the market you are targeting.
What are the benefits of performing competitive market research and analysis?
- Competitive intelligence informs you of your advantages in the market.
- Competitive analysis casts light on where you could improve your company’s offering.
- Competitors analysis allows you to learn from the success of your competitor.
- Competitive research gives you insight into market trends.
Competitive Analysis: When is the right timing for your company?
Competitive market analysis should be performed on a regular basis to remain fully aware of what is happening in your industry. Some companies believe that competitive analysis should be done only when the business positioning strategy is revised. However, things change quickly in today’s market, and it is important to stay on top of things and exert a proactive effort. For instance, when you decide on your positioning strategy, it is important that your marketing message stands out from the competition. When you update your branding identity, it is crucial that you set yourself apart from the look and feel of your competitors. Even for inbound marketing campaigns, such as SEO and blog writing, competitive research and intelligence should be applied by investigating the keywords your competition is using.
Some kinds of competitive market analysis can be achieved using Marketing Automation, and others require sporadic and focused effort. Contact us if you need assistance with competitive research and making proactive competitive market analysis.