Competitive analysis is the deliberate, dedicated effort towards monitoring the current and future steps of your competitors. Any company which directly rivals your business, and with whom you compete for market share, is considered competition. Competitive marketing research of rival companies – known as competitive intelligence – is useful in anticipating their actions, and will contribute highly when determining your own business positioning strategy.
Benefiting from competitive intelligence requires efficient integration of analyzed information into your existing marketing infrastructure. Business decisions should be made on the basis of how your company fits within the market you are targeting.
Competitive market analysis should be performed on a regular basis to remain current with industry trends. Some companies believe that competitive analysis should be done only when the strategy is revised. However, things change quickly in today’s market, and it is important to stay on top and exert a proactive effort. For instance, when you decide on your strategic approach, it is important that your marketing message stands out from the competition. When you update your branding identity, it is crucial that you set yourself apart from the look and feel of your competitors. Even for inbound marketing campaigns, such as SEO and blog writing, competitive research and intelligence should be applied by investigating the keywords your competition is using.
Some competitive market analysis can be achieved using marketing automation, while others require sporadic or focused efforts.
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“Resulting in a sizable global market penetration, Gil headed for us a design team of a new system management software product. He launched the product effectively and quickly Worldwide and managed to replace other significant players competing products”Roni Einav, Former Chairman and President of New Dimension Software [acquired by BMC Software]