Competitive Marketing Intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace that gives the initiator an upper hand over their competitors. It is majorly implemented in the e-commerce sphere and that involves non-harmful tracking tools that can observe the moves made by the target and make automated marketing decisions based on the accumulated data.
The goal of competitive marketing intelligence is to improve strategic decision-making by understanding the consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats. It can help businesses choose the most effective promotional campaign adhering to the customer demand.
Major Aspects of Competitive Marketing Intelligence
There are four major aspects inside competitive marketing intelligence and they are as follows -
- Competitor Intelligence
- Product Intelligence
- Market Understanding
- Customer Understanding
When businesses think of marketing intelligence these days, they automatically mean some level of artificial intelligence.
For example, with the permission of the consumers or without, the search engine - Google’s algorithm can show relevant search results that make the job of the consumers far easier and that would be one of the more positive implementations of marketing intelligence. It becomes competitive in the sense that with the integration of this revolutionary artificial intelligence, Google is constantly meaning to outdo its competitors.
Use of the Term in Sentences
- Most of the competitive marketing intelligence available in the market, nowadays, is majorly technology-based.