Competitor Intelligence
Competitor intelligence is the practice of evaluating the other players in your market and gathering performance data with the goal to enrich your marketing and product strategy.
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Competitor Intelligence
In order to understand your own performance, you need to discover who the competitors in your market are, and benchmark your success against them.
Analysing your own performance only tells half the story. You’ve got to carry out a thorough competitor intelligence to fully understand your market.
Competitor intelligence is the practice of evaluating the other players in your market and gathering performance data with the goal to enrich your marketing and product strategy.
You need to understand who your actual competitors are – often this differs from your perceived competitors.
Discovering who is a threat to your business may surprise you. Perhaps a newcomer in the market, or someone you’ve never even heard of.
For example, we can see how successful a brand like Argos is across a range of searches for electrical products, which provides insight into how effective their overall search strategy is, and allows them to track trends over time.
This metric, also referred to as share of voice, can provide some unexpected insights which other search measurements may miss. For example, it may help you to identify some unexpected competition.
For example, in some electricals categories, Argos may not simply be competing with other retailers, but with publishers, and even YouTubers. For some products, users are looking for reviews and useful information to help them decide, not just for the retailer selling the product.
This knowledge can help the retailer to tailor their search and content strategy. For example, they may need to display reviews more prominently and product educational product content, even videos. Or it may be useful to partner with the publishers that are prominent in their target product area.
Using share of search, brands can gain greater insight into the performance of their own website, and how best to approach the market they are targeting.