Marketers already know the challenge of standing out from the crowd in their industry. With the advent of industry 4.0 and the surge in the availability of options available, it is crucial for marketers to cut through the noise to have a higher conversion rate. However, many marketers find it difficult to gain the competitive intelligence they require to make a positive impact on the total addressable market.
Organizations that want to get a competitive advantage in their industry need to recognize all the other businesses that they want to stand apart from. Here are a few ways that CMOs can consider gaining competitive intelligence in their marketing operations to improve their outcomes:
Determine the legal complications
Businesses that want to integrate competitive intelligence in their marketing decisions need to understand its legal complications firsthand to avoid any litigations. Because it is crucial to determine the legal restrictions while tapping into the same addressable market as the competitors, enterprises that access competitive intelligence through illegal activities like hacking or tapping customers’ phones can put the entire business in jeopardy. CMOs need to work cohesively with the legal teams to understand the repercussions of their customer intelligence strategies. Organizations that lack legal teams to consult the marketing teams can partner with a third-party consultant to get insights and define a customer intelligence strategy without compromising on adherence.
Also Read: How Competitive Intelligence Can Enhance B2B Strategy
Have an ethical roadmap to achieve customer intelligence
Simply having a legal CI strategy does not mean that every organization should embrace it. A few organizations look out for hiring irate competitor employees to get insights into the competitors marketing strategies. Though this approach may be legally correct, it may not be ethically right from both employees’ and organizational perspectives.
Share insights regularly
Competitive intelligence is a continuous process that cannot be a task that marketers need to accomplish at one time and then be done with it. As long as the business scales, organizations will require CI to enable them to stand out from the competition.
A recent report published by Crayon titled “2022 STATE OF COMPETITIVE INTELLIGENCE” suggests that organizations that share CI at least once a week had twice as many opportunities to improve their revenue compared to competitors who do not share insights. CMOS should consider sharing the CI insights regularly with the marketing operations team to implement real-time to make strategic changes.
Also Read: Strategies to Achieve Data Compliance beyond Cookie Consent
Contextualize reports.
As CI becomes an essential aspect for every organization, organizations need to invest more financial resources and workforce into the program to strengthen their competitive intelligence that helps organizations to improve the organizations’ revenue. CMOs need to share competitive intelligence on a regular basis through visual reports, meetings, or newsletters with context. It is crucial to monitor the competitors to utilize the insights to make strategic improvements to the brand positioning. The marketing teams currently have multiple revenue-related metrics implemented to monitor their performance. Many CMOs find it challenging to set competitive intelligence KPIs to evaluate the organization’s brand positioning in the industry. Marketing teams can analyze their competition and ensure where they want to reach and define KPIs accordingly to monitor competitive intelligence efforts. The same report by Crayon suggests that as compared to 2018, nearly 88% of the CI teams say they are analyzing the impact with well-defined sets of KPIs to measure their CI success.
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