Everyone Hates Marketers | No-BS Marketing & Brand Strategy Podcast Know Your "Enemies" — A Practical Guide to Competitive Intelligence
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Apr 23, 2024 Competitive intelligence expert Andy McCotter-Bicknell and host Louis dive into the importance of understanding competitors to differentiate in the market. They discuss strategies for competitor monitoring, analyzing competition through Google reviews, and building a competitive intelligence program in a tech, B2B, SaaS environment. The conversation emphasizes the value of community for competitive intelligence practitioners.
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Identifying Competitors Without Sales
- If you lack a sales team, put yourself in your customer's shoes.
- Google your category and analyze the results to identify competitors and their strategies.
Assessing Competitive Threats
- Direct competitors are businesses offering similar services in close proximity.
- Assessing threat levels requires examining customer reviews and online presence.
Competitive Monitoring
- Establish a "radar" system for monitoring competitors.
- This can involve actively engaging in online communities or using tools like Google Alerts.