Competitive Marketing Intelligence
Compare competitors, customers, and products to understand how your business fits within the marketplace and challenges the status quo.
Unlock the Power of Competitive Marketing Intelligence
Competitive marketing intelligence is the process of surveying the current state of the market — looking at competitors, comparable products, and public data to understand how your products fit within the marketplace and to help challenge the status quo. The ultimate goal with this approach is to fulfill gaps within the overall business landscape.
By utilizing competitive marketing intelligence, companies have the power to deliver services that are not only helpful and needed by consumers, but are also difficult to find elsewhere. It highlights where the market is saturated, and where there is room for growth.
Competitive marketing intelligence strengthens your business strategy by:
- Helping you understand the needs of your audience in detail
- Growing customer retention capabilities
- Improving processes and optimizing products based on audience feedback
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What is Competitive Marketing Intelligence?
Competitive marketing intelligence provides you with valuable insights into the current state of the market. Many companies use location intelligence to learn about their competitors. By tracking visits to competitor locations, companies can compare their store visits with competitors. They can also see where their competitors’ customers go before and after visiting the store. With this information, companies can launch conquesting campaigns to win over their competitor’s customers.
Benefits of Competitive Marketing Intelligence
Become an agile market force.
Competitive marketing 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. This market intel can inform decision-making, reducing the need to rely on intuition and luck, and increasing the possibility of customer retention.
Leverage data to compete in your industry.
Gravy Analytics’ location intelligence provides information about your company’s competitors through a holistic data-driven approach. By tracking visits to competitor locations, companies can compare store visits with those of their competitors. With mobile location data, businesses can also explore where their competitors’ customers go before and after visiting the store. With this information, marketing teams can launch campaigns to win over competitors’ customers.
For example, you could utilize location analytics to learn that more than 70% of your competitors’ customers prefer to visit their store early in the morning. You could then take that newfound marketing intelligence and optimize your ads to display in the morning. As a result, you have a better chance of reaching those customers when they are in need of your services. This increases the likelihood of consumers visiting your store or deciding to make a purchase.
Competitive Marketing Intelligence in Action
The Technology Industry.
Tech startups use competitive marketing intelligence to disrupt markets. Whereas traditional companies have higher budgets, startups are often able to outperform them in specific areas. By rapidly adapting and reacting to change, they have the ability to better understand client pain points and deliver superior solutions.
The ability to process and interpret data in professional and college sports have positively impacted organizations worldwide. Teams are able to outperform their budgets and find success on the field because they excel in collecting and analyzing data, ultimately distributing this information amongst management.
Gravy Analytics and Competitive Marketing Intelligence
Utilize deterministic, clean data to guide your strategy.
Gravy’s competitive marketing intelligence tools are unique because they are based around real-world data. Gravy provides detailed behavioral analytics across brands and locations, as well as foot traffic data for competitive locations — delivering insight into consumer choice and the events they attend.