Advanced Tactics from the Frontlines of Competitive Intelligence

In today's fast-paced business environment, companies are experiencing shorter lifespans than ever. A McKinsey report reveals that while businesses in the Standard & Poor’s 500 index once boasted an average lifespan of 61 years in 1958, today it’s less than 18 years. By 2027, it’s projected that 75% of today’s S&P 500 companies will no longer exist.

To survive and thrive in such a volatile landscape, a well-planned market and competitive intelligence (M&CI) program is essential. It enables companies to stay one step ahead of competitors, predict market changes, and adapt strategies in real time. However, success depends not just on implementing an M&CI program but on using it effectively.

Below, we explore 8 advanced tactics that competitive intelligence professionals leverage to outsmart the competition.

8 Advanced Tactics Used by Competitive Intelligence Professionals

1. Monitor Competitor Positioning and Messaging

Why track it?

Understanding how competitors position themselves is crucial to gaining insight into their strategic thinking. Subtle shifts in their messaging, product descriptions, and press releases can signal broader changes in business direction.

How to track it?

Regularly check competitor websites, social media posts, newsletters, and press releases. Aggregated analysis of these changes over time reveals their evolving strategy.

Who to share it with?

Share this with strategy teams for strategic planning, marketing teams for refining messages, and leadership to assess competitive positioning.

When to share it?

Provide quarterly updates for fast-evolving markets and bi-annual reports for slower industries.

2. Analyze Competitor Product Features

Why track it?

Tracking new product features provides a benchmark for your offerings. It highlights where your product may need upgrades and offers insights into competitors’ future plans.

How to track it?

Focus on websites, press releases, and sales call feedback. Platforms like Contify, G2 and Capterra are also goldmines for tracking product changes.

Who to share it with?

Product development and marketing teams should receive regular updates to adjust product roadmaps and messaging. Share strategic insights with leadership.

When to share it?

Real-time updates are crucial for significant product launches, with quarterly summaries for strategic planning.

3. Keep an Eye on Pricing Changes

Why track it?

Competitor pricing shifts are not just about adjusting your prices—they offer insights into their strategic focus. A price drop might indicate a push for market share, while an increase could signal a move to premium segments.

How to track it?

Monitor competitors’ pricing pages, sales team feedback, and win-loss analysis. Especially in B2B, actual pricing can vary due to negotiation and discounts.

Who to share it with?

Sales teams, marketing, product marketing, and leadership should all stay informed to tailor sales strategies and strategic direction.

When to share it?

Pricing changes should be shared immediately if significant and monthly or quarterly during regular reporting cycles.

4. Track Customer Reviews

Why track it?

Customer reviews reveal the strengths and weaknesses of competitor products, providing valuable insights for product improvements and sales strategies.

How to track it?

Use platforms like G2, Trustpilot, and social media to monitor competitor reviews. Look for common themes in feedback.

Who to share it with?

Sales enablement, product development, marketing, and leadership teams can all use this intelligence for better decision-making.

When to share it?

Significant reviews should be shared immediately, while a more detailed analysis can be included in quarterly reports.

5. Examine Competitor Job Postings

Why track it?

Aggregated job postings provide insights into a competitor’s strategic focus, expansion plans, and gaps in their capabilities. For example, new hires in marketing or product development could signal future business directions.

How to track it?

Regularly capture job postings from competitor websites, LinkedIn Jobs, and other portals. Automate this process with MCI platforms.

Who to share it with?

Executive leadership, product development, and marketing teams can all benefit from understanding industry trends and competitor strategies.

When to share it?

Provide monthly or quarterly summaries, but highlight any significant trends immediately.

6. Follow Patent Filings

Why track it?

Patent filings offer a window into a competitor’s R&D focus and upcoming innovations. Monitoring these can help you predict new product launches and adjust your strategies accordingly.

How to track it?

Use patent databases and legal sources to track filings from competitors. Cross-reference this with their job postings and product updates to form a clearer picture.

Who to share it with?

Share insights with R&D and leadership teams to stay informed about upcoming trends and potential threats.

When to share it?

Provide updates as patents are filed, but also include comprehensive summaries in quarterly innovation meetings.

7. Monitor Social Media Engagement

Why track it?

Social media offers real-time insights into competitors’ customer engagement, marketing strategies, and new product launches. It’s an invaluable source for gauging market sentiment.

How to track it?

Track competitor activities on platforms like LinkedIn, Twitter, and Facebook. Use social listening tools to capture customer feedback and competitor announcements.

Who to share it with?

Marketing, product teams, and sales enablement can use social media insights to refine their strategies and messaging.

When to share it?

Monitor daily for real-time insights and include analysis in monthly reports.

8. Conduct Win-Loss Analysis

Why track it?

Understanding why you win or lose deals against competitors provides deep insights into their strengths and weaknesses. This intelligence is key to refining sales strategies and product positioning.

How to track it?

Analyze feedback from sales teams, post-deal surveys, and customer interviews. Identify patterns in wins and losses over time.

Who to share it with?

Sales, product development, and executive leadership should all be kept in the loop to refine strategies and improve competitive performance.

When to share it?

Provide real-time updates after major deals, with comprehensive reports shared quarterly.

Conclusion:

In conclusion, competitive intelligence is essential for companies aiming to stay ahead in today’s rapidly changing business landscape. By incorporating these eight advanced tactics, you can transform raw data into actionable insights and empower your teams to make informed, strategic decisions.