What is Competitive Intelligence & Why is it Important?
Competitive intelligence is the ongoing collection and analysis of information about a brand’s industry, customers, and competitors.
Competitive intelligence helps companies understand their business environment and to be more agile in their decision-making process.
QuestBrand is equipped with competitive intelligence software that visualizes competitive insights so companies can hone their business practices. With this information, brands can develop more robust marketing strategies and fill competitive gaps.
Competitive analysis allows companies to develop more intelligent and data-driven strategies, enhance marketing initiatives, improve product messaging, and discover new markets.
How to Conduct a Competitive Analysis
Here are five steps to successfully conduct a competitive analysis
Identify your competitors.
Look for companies that are performing exceptionally well in areas that your business could improve.
Identify your areas of focus.
Narrow your focus to specific goals to make the analysis simpler and more efficient.
Conduct a brand comparison to gather insights.
Use QuestBrand to perform a brand comparison between your brand and the competition. This provides a comprehensive look at how your marketing and business initiatives stack up against competitors.
Find areas of improvement.
Turn your competitive analysis data into results with insights on how your brand could improve.
Organize the findings to make stronger business decisions.
Use the information to rise above your competitors and capture more of the market.
Many brands rely on expensive third-party tools and other companies to conduct their competitive intelligence. With QuestBrand, you can effortlessly conduct competitive intelligence analysis in one, easy-to-use, and cost-effective interface.
How can Competitive Intelligence Software Help?
QuestBrand’s software is equipped with competitive intelligence tools that collect information on competitors, entrants, prospects, partners, and more.
These brand tracking tools gather actionable data in fields like brand equity, brand perception, and conversion rates, to empower your business decisions and to make your marketing initiatives more effective. Learn more about QuestBrand – Sign up for a free demo!
