A report published by crayon titled “2022 STATE OF COMPETITIVE INTELLIGENCE” suggests that nearly 98% of the stakeholders consider CI a crucial element to their success. The study also suggests that approximately 42% of the survey respondents are exploring opportunities to integrate competitive intelligence into their B2B marketing strategy.
In today’s competitive digital-first world, it has become a difficult challenge for B2B marketing teams to stand apart from the competition.
Modern enterprises need to have effective marketing strategies and workflows to stand out from all the competitor’s marketing clutter. It is crucial for the B2B marketing teams to identify all the brand competitors and develop an impactful marketing strategy to gain a competitive intelligence.
Below are a few strategies that businesses can implement to gain a competitive edge:
Setting an efficient workflow
Organizations that aim to improve their CI need to have an effective outline for their research strategy. It is crucial for enterprises to design workflows that do not waste time gathering irrelevant information that does not offer any insights into competitive intelligence. CMOs should consider identifying the total addressable market for CI and all competitors that are already in that market. Understanding the business goals and objectives will help the organization to gather relevant information that aligns with the business’s success goals. B2B marketing teams need to identify all the channels through which they can gather the competitor’s information and efficient design workflows to acquire the required information.
Map competitor brands
Mapping all the competitor brands will enable businesses to evaluate the relationship between brands and their association with different products and service attributes. B2B marketing teams can outline defining the brand positions to understand which businesses have undifferentiated brand positioning, identify all the unused attributes in the market, and discover brands with similar brand positioning. It is an effective way to visualize the different values linked to the wide range of competing brands in the total addressable market.
Enhance the research approach
Only identifying the competitors in the total addressable market will not deliver competitive intelligence to the organization. It is crucial for businesses to gather the right data to accurately create a comparison against competitors. B2B marketing teams need to find the channels that offer insights into competition customer engagement and marketing approaches to gain competitive intelligence. Marketing teams can segment data into two which categorizes the data into primary and secondary data depending on its relevance to business. Once the presales teams have all the required data through their research, they need to compare it with their competitor’s goals and objectives. Business marketing leaders can improve their approach by centralizing the primary and secondary data to make data-driven decisions and get valuable insights.
Also Read: How Competitive Intelligence Can Enhance B2B Strategy
data analytics
Data analysis plays a crucial role in gaining competitive intelligence. Because it is a perfect way to get valuable insights that help target and interact with better prospects, which results in a higher conversion rate, enterprises can optimize the process of defining, collecting, evaluating, interpreting, and reporting competitor data to gain a competitive advantage. B2B marketing teams need to make the data simpler to comprehend and work on and establish simpler ways to navigate through data to get actionable insights.
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