The most exciting and important part of understanding consumer behavior is that everyone arrives at a decision in their unique way. Still, it can be predicted and studied.
Understanding the thought process that goes into a consumer’s mind is the same as understanding their behavior. To do so, you can use competitive marketing intelligence (CI) to uncover these insights. In this blog, we will explore how CI provides the necessary insights to understand customer behavior and leverage them to improve your customer experience.
What is Competitive Intelligence?
The competitive intelligence market research process systematically collects and analyzes information about market trends, competitors, and other external factors that influence or change the company’s operations. CI is mainly used by businesses to understand their competitive environment, anticipate market changes, and give companies a thorough understanding of customer needs, preferences, behaviors, and motivations through the analysis of data and feedback.
Deriving Customer Insights Using Competitive Intelligence
CI is used to derive customer insights for the company as they are deeply interconnected. Competitive marketing intelligence focuses on external market conditions and competitor activities; it inevitably comprises insights into consumer behavior. Integrating CI with customer insights can help companies get a holistic view of the market. This combination identifies what competitors are doing and understands why consumers respond to it in a certain way. This comprehensive outlook enables companies to build effective strategic plans and make robust decisions.
Role of CI in Understanding Consumer Behavior
Leveraging CI helps businesses better understand their target audience and product strategies. CI contributes to the understanding of consumer behavior in the following areas:
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Identifying trends
CI identifies emerging trends and shifts in consumer preferences by understanding the changing market demands. Knowing this enables the companies to adapt their offerings accordingly.
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Benchmarking
Companies can benchmark their performance through CI by analyzing their competitors’ strengths and weaknesses. This process helps companies set realistic targets, understand how consumers respond to their competition’s efforts, and compare them to their campaigns. Doing this helps the companies set achievable goals.
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Anticipating Moves
Keeping a close watch on the competition and their movements, such as product launches, campaigns, and market expansions, enables companies to predict potential changes in the market. This foresight allows companies to adapt their strategies and remain in the field proactively.
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Customer Feedback
One way to gain indirect insight into consumer behavior is to analyze competitors’ customer feedback. This can help businesses identify areas for improvement and unmet customer needs, which can help them craft services or products that fulfill their requirements.
How do market research companies gather competitive intelligence?
Numerous research techniques and tools are available to gather competitive marketing intelligence. Some of the most effective methods are:
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Surveys: Companies can conduct surveys to directly gather consumer data about their preferences, behaviors, and satisfaction levels.
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Focus Groups: This method enables companies to have in-depth conversations with selected groups of people to get qualitative information about their attitudes and preferences.
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Social Media Monitoring: Social media platforms are analyzed to understand the general consumer sentiment and identify significant trend changes.
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Competitive Analysis: Companies can conduct in-depth analyses by studying their competition’s marketing materials, customer reviews, and product launches to gain insights into their strategy and business plans.
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Sales Data Analysis: Internal and competitor sales data can be reviewed to identify sales trends and patterns that define consumers' purchasing habits.
The ideal way to get thorough competitive marketing intelligence is to seek the help of a third-party market research company. Companies like Borderless Access will tailor the research methodology based on what suits your company best and which insights you need the most. We will also prioritize attention to detail based on your requirements.
Market research companies like Borderless Access are equipped to conduct high-quality research that gathers rich intelligence. They leverage advanced data collection techniques powered by cutting-edge technology to offer custom reports and strategic consulting. This provides CI that drives growth and helps your company maintain its competitive advantage.
Why Should You Choose Us?
Borderless Access delivers unparalleled expertise through our AI-driven competitive intelligence platform. This platform provides a comprehensive suite of tools to maximize investment return and optimize costs through real-time intelligence. It uses innovative techniques to conduct analysis, ensuring the highest level of accuracy in insights. With our footprint etched across the globe, we give businesses insights from diverse markets and consumer segments.
Connecting with Your Consumers the Right Way!
Using competitive marketing intelligence to connect with your customers is like achieving two goals simultaneously. With CI, you get clarity on how your competition is taking on the market and how your peers are resonating with their audience. This data does two crucial things for you: a). It helps you understand your customers better, and b). You get a chance to learn from their mistakes, too!
Competitive intelligence tells the story of the people who trust your brand and those who consider you as a competition. These insights will help your business grow and give your customers a better brand experience.
