Know Your "Enemies" — A Practical Guide to Competitive Intelligence
Apr 23, 2024
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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.
Understanding customer search behavior for SEO insights is essential for identifying market gaps and seizing opportunities.
Balancing customer focus with competitive intelligence is vital for strategic business decisions and staying ahead in the market.
Establishing a comprehensive competitive intelligence program enables informed decision-making and proactive strategies for sustainable growth.
Deep dives
Understanding Customer Behavior for SEO Ranking
To identify market gaps, businesses without sales teams can leverage customer behavior for SEO insights. By Googling relevant category terms and 'near me' for local businesses, understanding customer search habits becomes crucial. SEO success hinges on showing up for related terms during customer searches, steering focus towards customer search behavior to spot potential threats or market opportunities.
Balancing Customer Obsession with Competitive Intelligence
The dichotomy between customer obsession and competitive intelligence is explored, debunking the notion that these approaches are mutually exclusive. While prioritizing customers is vital, it's essential to also consider competitive threats in business strategy. By evaluating direct and indirect competitors, businesses can better understand customer choices and market dynamics to stay ahead in the competitive landscape.
Initiating Competitive Intelligence Program Development
Starting a competitive intelligence program involves consolidating internal research efforts and aligning team perspectives on competitor analysis. Emphasizing the significance of gathering insights from various stakeholders to map out the competitive landscape. Establishing a coherent understanding of competitors and their strengths/weaknesses enables informed decision-making and proactive competition strategies for sustainable business growth.
Importance of Share of Voice for Market Share
Having a higher share of voice in marketing can lead to increased market share, indicating that visibility and presence are crucial for success. Companies aiming to boost their market share should focus on increasing share of voice through strategies like search presence and advertising to attract more attention and engagement.
Significance of Customer Insights and Differentiation in Competitive Intelligence
Understanding customer needs and preferences is essential for success, especially in mature and crowded markets like CRM and email marketing. Marketers should conduct win-loss programs to gather customer feedback, prioritize product development, and identify unique points of differentiation to stand out in competitive landscapes. By focusing on customer insights and strategic differentiation, companies can navigate crowded markets effectively and drive long-term success.
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This episode gets real about knowing your competition and using that knowledge to stand the f*ck out. Louis and competitive intelligence expert Andy McCotter-Bicknell rip apart the "customer-obsessed" BS and show you why keeping a close eye on your "rivals" is paramount.
(00:00) - Intro
(03:35) - Customer obsession vs Competitor obsession
(06:41) - Is competitive intel only for B2B SaaS?
(09:40) - Defining competitive intelligence
(16:20) - How do you identify threats?
(17:56) - Practical case with a cinema
(23:12) - How to start a competitive intelligence department?
(28:13) - How to consolidate your research and apply it?
(37:03) - How do you assess the maturity of a category?
(44:16) - The number one tip to find differentiators
