What is it? Competitive intelligence, also referred to as a competitor research, is the process of gathering and analyzing actionable information about your competitions, and using the insights to inform your marketing strategy, in order to gain a competitive advantage.
Most organizations fall short when it comes to researching their competitors. However, gaining competitive intelligence is a critical early step of the marketing research process that marketers should spend several days conducting.
As a marketer, the first thing you want to do when you have a new client or when you’re starting a new job, is to conduct a SWOT analysis of the competitors against your brand.
Often times, larger companies will hire an outside consultant to conduct competitor research and acquire intelligence, but it can also be done in-house. If done in-house, your analysis should be as objective and unbiased as possible.
What is a SWOT analysis?
Wikipedia defines a SWOT analysis as… “a strategic planning and strategic management technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning. It is sometimes called situational assessment or situational analysis.
Here are some SWOT & competitor intel tools:
➜ Spyfu SpyFu is a Google Ads and SEO keyword research competitive intelligence tool that allows you to acquire insights into your competitors’ paid and SEO strategies.
➜ Owler is a competitive insights by providing news alerts, company profiles, and polls and allows members to follow, track, and research companies in real time.