In stand up comedy, it’s not enough to just be funny. Stand up comedians put in a lot of work to get the laugh. They perform loads of research to understand how to work a room, how to be funnier than any other comedian, and how to do both consistently.
The curveball? The audience changes nightly, and the competitors often do too.
So how do they find consistency in a rapidly changing environment?
Through competitive intelligence and competitive marketing intelligence.
At the end of the day, a comedian is a brand, and having a deep understanding of both the audience and your competitors allows his or her brand to soar above the less-informed pack.
Marketing and sales teams can see major success when employing both competitive marketing intelligence and competitive intelligence.
Competitive marketing intelligence vs. competitive intelligence
There are two essential types of business intelligence: competitive marketing intelligence and competitive intelligence. Both types of intelligence provide key insights that can help brands secure brand loyalty and outperform their competitors.
It’s common for sales and marketing teams to blend the two research methods, especially when conducting preliminary research. Doing so muddies the effectiveness of the research -- like throwing your whites in with your colors. Understanding the difference between the two will help you acquire more intelligence from both.
Competitive marketing intelligence gives your company the competitive edge by knowing gaining a clearer picture of the larger market. The purpose of competitive marketing intelligence is to understand customers and their consumer behavior better than your competitor.
Competitive marketing intelligence is client-focused while competitive intelligence is business-focused.
Sales teams and marketers can make informed decisions based on technographic data as well as consumer behavior, socioeconomic data, geographic data, interests, and pain points.
Competitive intelligence primarily looks at competitor strategies by way of behavior, spending, expansion, partnerships, software, and priorities. This type of intelligence allows you to peek behind the curtain and view your competitors’ strategies from the inside. The primary goal in competitive intelligence is to identify the opportunities your competitors are missing.
These two intelligence mining strategies naturally overlap when researching your competitors’ marketing efforts and customer relationships.
We’ve previously covered the advantages of using competitive intelligence to get a leg up on your competition, but there are key methods for implementing competitive marketing intelligence to get a competitive edge, too.
Competitive marketing intelligence in action
When researching the market, companies often focus on firmographics (vertical, company size, company location) and behavioral data. To get a real competitive edge in your marketing intelligence, focus on technographic data...and go even further with spend intelligence data.
Technographic data allows you to view the consumers’ technology purchases and the tools they depend on.
Sales teams and marketers must analyze the role technology plays in the consumer’s daily life and apply that information to the marketing strategy.
How to gather competitive marketing intelligence
The most effective way to capture technographic data and other deep insights is to use effective competitive marketing intelligence tools.
Intricately - Intricately tracks data from over 5 million companies worldwide, analyzing how they’re using and spending on cloud technologies.
Talk to Competitors About Competitors
It’s near impossible to persuade a competitor to talk about their strengths and weaknesses, but asking them about their competitors … that’s a gold mine. Employees of your competitors often bounce between companies, making them ideal sources of valuable information.
Create opportunities to discuss Competitor A with staff from Competitor B, and you can get a glimpse of the market and the strategies your competitors are using to take charge of it.
This information will also help you understand the strategies your target audience is exposed to, so you can perform further research on whether or not it’s working.
Use Chatbot Intelligence - GrowthBot is a chatbot that can help marketers with competitive intelligence. GrowthBot collects data from sources like HubSpot and Google Analytics to provide you with data. GrowthBot works similarly to other bots: ask it targeted questions and it will pull up available information. While it isn’t perfect by any means, you can easily connect it to Slack, and it compliments other competitive marketing intelligence tools well.
Will you gain an advantage with competitive marketing intelligence?
Short answer: yes. Technographic data intelligence layered with our spend intelligence data is gives companies that hop on this train now the competitive advantage over companies who have not yet updated their market analysis processes.
Using competitive marketing intelligence tools like Intricately in addition to traditional marketing intelligence research secures your position in a pool of sales and marketing teams looking deeper to target only the consumers with the highest possibility of conversion. That’s progress.