What is Competitive Intelligence?
Competitive Intelligence is the ongoing collection and analysis of information about a brand’s industry, customers, and competitors to develop robust marketing strategies and fill any competitive gaps. Competitive Intelligence helps companies understand their business environment in order to be more agile in their decision-making process.
Compass by The Harris Poll is equipped with competitive intelligence tools that are designed to gather and visualize competitive insights so businesses can better understand and strategize their business practices. Learn more about how Compass can empower your brand by requesting a demo today!
The Importance of Competitive Intelligence Analysis
Competitive analysis allows companies to develop more intelligent and data-driven strategies, enhance their current and future marketing initiatives and product messaging, and discover new markets to tap into. It also helps teams become better prepared to handle any market opportunities and disruptions. Having this information can help you better serve your customer base while keeping you ahead of your competition.
How to Conduct a Competitive Analysis
Here are five steps to conduct a competitive analysis:
1) First, identify your competitors
Look for companies that are performing exceptionally well in areas that your business could improve.
2) Then, identify the areas you want to focus on
Narrowing your focus to specific goals can make the analysis less complicated and more efficient.
3) Do a brand comparison to gather insights
Performing a brand comparison between your brand and its competitors can provide your company with a more comprehensive look at how your marketing and business initiatives are stacking up against your competition.
4) Look for areas of improvement
Turn your competitive analysis data into results with insights on how your brand could be improved.
5) Organize the findings to help make stronger business decisions
Utilize the information to rise above your competitors and capture more of the business market.
Many companies rely on expensive third-party companies to conduct their competitive intelligence. With Compass, however, you can conduct competitive intelligence analysis in one, easy-to-use tool.
How Can Competitive Intelligence Tools Help?
Compass by The Harris Poll is equipped with competitive intelligence tools that collect information on competitors, entrants, prospects, partners, and more. These brand tracking tools help your business by gathering actionable data in fields like brand equity, brand perception, and conversion rates, to help empower your business decisions and make your marketing initiatives much more effective. Learn more about Compass by signing up for a free demo!
Available for a fraction of the cost of custom research
Subscriptions to Compass offer you continuous, real-time tracking on five brands. With your membership, we will collect over 10,000 interviews per brand, giving you a robust ability to conduct pre-/post-testing and dive deep into various customer groups.
Create an account to see a demonstration, or shoot us an email ([email protected]) to learn more.