6 Ways Competitive Intelligence Can Inform Your Product & Marketing Strategy
A mind-blowing amount of data is created each day. Trying to sort through it all to find insight and decide what to take action on can be truly overwhelming. The right tools enable you to monitor your competitors’ activities and gather competitive intelligence. However, analyzing all of this information and pushing relevant (and actionable) insights to the right stakeholder can be a daunting task.
To help you cut through the noise and get started, we’ve listed 6 insights you should be watching for and incorporating into your strategies to see real results fast.
1. Find ways to differentiate your messaging
Everyone knows that having a solid content marketing strategy is imperative. However in a world where more and more content is generated every day it is hard to keep your finger on the pulse of what is really relevant in your market.
The first step is to truly understand what content is most consumed by your target audience, what drives the most engagement and what would this audience benefit from next.
By monitoring what your closest competitors are publishing and how they position themselves in the market you can more easily differentiate your positioning, and uncover trending and converting topics. Then, prioritize your content generation efforts on creating relevant, unique, and compelling content that converts.
Find opportunities to differentiate and provide unique value.
2. Improve conversion rates
An often overlooked CI insight you can take immediate action on is the Insights gathered from your competitors’ calls to action (CTAs) and A/B tests. By monitoring changes to their CTAs overtime you can see which variations are being tested, and ultimately which version converted best for that competitor. Be inspired by your competitors’ A/B tests to save the time and money of running the exact same test. Find what is working for them and make your tests even better.
Identify what call-to-actions worked for competitors.
3. Respond to pricing & packaging changes
Notice a change in a competitor’s packaging or promotion? Or even worse, miss a change? Staying on top of how your competitors package and price their products can be critical to your win rate. By sharing this information in real-time with leadership or your product team they can formulate optimal price points and packages to keep you competitive. While you’re at it, arm your sales team with this information so they can be prepared for competitive sales situations and incorporate key differentiators into selling points and dynamic competitor battle cards. (Tip: our Insights tool makes it easy to collaborate on relevant insights with your team!)
Kompyte Time Machine insights keep you informed when a pricing change is made.
4. Prioritize your product roadmap
Product-led companies create high-quality product experiences that customers love and share. Users who get unique value from your product right away often share their find with their network, thus attracting other new users. With CI you enable your teams to be more agile by uncovering emerging competitors and feature releases from existing competitors.
By sharing digestible insights on competitor feature changes, customer feedback, and product trends, you can accelerate innovation and the product roadmap to make sure you maintain parity at a minimum and provide the best customer experience in the market.
5. Optimize your search presence
Search marketers are always looking for ways to expand and optimize their campaigns; not only to drive a higher volume of leads but also drive higher quality inquiries. One insight that shouldn’t be missed is how your competitor’s ad copy and landing pages evolve over time. Knowing which ads and what copy converts best for competitors can save you time and money which you can put towards other expansion opportunities.
Another key insight you can act on right away is keyword expansion opportunities. New highly relevant keywords with high search volume and low competition are every search marketer’s dream. Just imagine if you had a single tool that surfaced those to you as they emerged.
Insight showing which ad copy worked best for Intercom.
6. Promotions & Campaigns
Is your competitor running a compelling promotion or campaign? Share these insights with your marketing team to keep them up to date on the timing, demographics, and specific products and services being promoted. With these insights, they will be empowered to act quickly and create a successful promotional strategy. The end result? An increase in awareness, new customers and, ultimately, revenue.
Uncover and counter competitors promotions faster.
With the number of data sources growing each day and an arsenal of tracking tools at your disposal, it’s easy to gather insights on your competitors. However, all the data in the world means nothing if action isn’t taken. A key element in improving your product and marketing strategy is identifying and communicating relevant insights to the right stakeholder in real time.
Product Marketing Director
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