Competitive intelligence
According to the English Wikipedia, competitive intelligence is “ the action of defining, gathering, analyzing and distributing intelligence about products, customers, competitors and any aspect of the environment needed to support executives and managers in strategic decision making ”. That is a very broad definition. It is difficult to understand the essence of it. It is then even more difficult for organizations to see the direct benefits of it.
That is why in this article I will expand the understanding of the status, possibilities, advantages and problems of using competitive intelligence in online marketing . The focus is on the piece of competitor intelligence : insight into what the competition is doing.
Porter 's Five Forces Framework is a well-known textbook example of competitive intelligence in business. This framework analyses the competition in a market using five variables. These variables include ' threat of new entrants ' and ' bargaining power of buyers '. Another textbook example is the SWOT analysis . This looks at internal and external factors that can give direction to business operations. The factors also map out the potential for success.
But to use competitive intelligence in your organization, it is not at all necessary to apply a framework, often complicated and time-consuming. A simpler and less theoretical example is south korea whatsapp number comparing your prices with those of the competition. Or occasionally spying on their social media account to see what they are doing.
Competitive intelligence in online marketing
I have been working as an online marketing consultant for large companies in the Netherlands for several years. It strikes me that most companies have not (yet) integrated competitive intelligence in online marketing into their strategy. The same companies do know how to use this type of information to their advantage in other parts of their company. And to base strategic choices on this. Think of the price, for example. That makes it interesting to look at the underlying causes of the lack of competitive intelligence in online marketing.
Causes of status quo
One of the main reasons is the digital maturity of companies. Or the lack thereof. Digital strategies are often devised, executed, monitored and evaluated by agencies. This can cause a lack of in-depth knowledge in the field of online within companies. Moreover, companies are often still busy getting the basics in order. For example, creating a pleasant mobile experience for visitors. In this way, they want to keep up with the competition. Logically, they give priority to these kinds of things.