Conduct a competitive intelligence analysis to determine how your business is performing against leading brands in your industry.
Why Use Competitive Intelligence Data?
Competitive intelligence provides you with valuable insights into the current state of the market. Many companies use competitive marketing analytics to learn more about their competitors. This type of data provides companies with insight into how they are performing against their competition (known as benchmarking) and where their competitor’s customers go in the real world. They can also see where their competitors’ customers go before and after visiting the store.
By analyzing competitive intelligence, companies are able to deliver services and develop products that meet customer expectations. A competitive marketing analysis also highlights where the market is saturated, and where there is room for growth.
Increase customer retention
Competitive intelligence can offer additional benefits to your business, regardless of product type, lifecycle stage, or target audience. This concept provides the ability to seamlessly make changes to products if needed, as consumer opinion and pain points can be identified. The results of thorough competitive intelligence analysis can inform decision-making and increase the likelihood of customer retention.
Win over your competition’s customers
By tracking visits to competitor locations, companies can compare store visits with those of their competitors. With our competitive marketing intelligence, businesses can also explore where their competitors’ customers go before and after visiting the store. Marketing teams can then launch conquesting campaigns to win over competitors’ customers.
For example, a retailer could utilize competitive intelligence analytics to learn that more than 70% of your competitors’ customers prefer to visit their store early in the morning. The retail company could then take that newfound intelligence and optimize their ads to display in the morning. This increases the likelihood of consumers visiting their retail stores or deciding to make a purchase.
Using Location Intelligence for Digital Marketing
Location intelligence is a must-have tool for marketers. If you want to get the most value out of your marketing campaigns, then we recommend checking out our eBook.