Charlie Grinnell, chief executive officer of RightMetric, recently wrote about the fundamentals of competitive marketing intelligence, citing their importance in helping organizations expand market reach, plan more impactful activations and outmaneuver competitors.
In an article for Forbes, Grinnell advised marketers to communicate how competitive marketing intelligence can benefit their brand. It is essential that marketers relay the benefits to justify stakeholder investment into competitive intelligence and to help businesses understand its advantages, Grinnell wrote in an article for Forbes.
Marketers should also establish a list of direct competitors and industry leaders that would be central to their data analysis to make the most of their insights, Grinnell added. Doing so would enable marketers to benchmark their efforts and understand how they fare against competitors. Choosing a mix or direct competitors and industry leaders would also enable marketers to learn best practices across the industry, Grinnell noted.
Another key aspect in starting with competitive marketing intelligence is understanding platforms and metrics that are critical to one’s brand. According to Grinnell, brands have certain overarching business objectives that would require them to focus on brand-focused metrics, including audience sentiment and demographics, or performance-focused metrics, such as digital ad budgets, keyword rankings and web traffic.
It is also critical for marketers to look into the strategies and tactics used by competitors and leaders. Grinnell argued that if a certain company is making investments in social media marketing, it would be essential for marketers to know what platforms and tactics they might be using.
Grinnell also cautioned against focusing on just one or two areas of digital marketing, as it limits marketers’ ability to take in the whole picture of the market. Instead, marketers should use multiple data sources to promote more informed and accurate decision-making.
Similarly, Grinnell warned marketers not to rely frequently on one-time analysis despite its applications in use cases such as new market or product launch. Marketers should instead invest into competitive marketing intelligence in such a way that would enable long-term trend analysis.