How do Marketing managers use Competitive Intelligence?
In this article, we offer our initial thoughts on how do marketing managers use Competitive Intelligence. Marketing is increasingly using Competitive Intelligence to stay ahead of the game, keep fresh in their industry and develop innovations.
Marketers have a fundamental challenge in communicating their organisation's value propositions and promote their business in a consistent, professional and exciting way, in order to set them apart from the competition and attract more customers.
Customers and competitors
Marketers usually understand their current and potential customer very well, but when launching a new service or product, it is essential to know everything about competitors too. Answering questions like these:
- Is your approach to the market unique?
- If not, who is doing what?
- And what are they saying to prospective customers?
- Is your offering still beneficial and accessible to consumers?
Marketing managers use Competitive Intelligence processes to understand how the competitors in their market position their particular products so to offer a different message to the market for the same idea.
The marketing department is where you usually find the Competitive Intelligence and Market Analysis function. This responsibility of competitor research falls into their already stretched tasks. The marketing manager understands that the best Competitive Intelligence has to have every area of the business on board.
Make the most of Competitive Intelligence
Marketing Managers understand that Competitive Intelligence can determine and assess the different marketing channels competitors are using to market their product. Marketing departments need to make the most of competitor analysis and understand there has to be:
Make the most of CI
- Firstly an easy way to share competitor analysis and collection efforts throughout the company
- Sharing information has to be encouraged to reduce knowledge gaps
- Ensure no siloing of the Competitor Analysis in their department. So, the analysis needs to be there for all departments
- Then, consistent channel analysis to isolate which channels are ripe for optimisation
- A desire to use any information found to fuel creativity and enhance competitive advantage
- Training to motivate and inform the sales teams so helping them generate more sales
- A simple process to enable the sales teams to be the marketing managers eyes and ears and spot new developments and changes in the market
- The ability to purchase competitor products read published reports and talk to their employees, distributors, dealers and suppliers
- An opportunity to set up a customer advisory forum to allow the customer to give feedback. And to offer new ideas and reveal what competitors are offering
In this article, we offered our initial thoughts on how do marketing managers use Competitive Intelligence. Competitive Intelligence is used by Marketing teams to stay ahead of the game. And keep fresh in their industry and develop innovations. Any questions, please do not hesitate to get in touch.