Competitive intelligence is a business’s approach to collecting and analyzing data on other businesses within their competitive peer group.
Sometimes the best way to approach your own strategy is to fully understand your competitors’ strategies. Competitive intelligence is a data-gathering tactic that enables ecommerce brands to evaluate how their competitors are performing within a specific market.
More specifically, businesses can use competitive intelligence data analysis to understand their competitors’ product pricing; marketing initiatives and outcomes; consumer engagement techniques; and website design.
Learning which keywords competitors are ranking on within search, for example, enables a business to create a more strategic search engine optimization (SEO) strategy of their own to draw in and retain consumers.
Ecommerce brands can use a variety of sources for gathering competitive intelligence data, including:
Brands should also analyze their competitors’ various sales channels — including social media, websites, and email campaigns — to get a well-rounded picture of their competitors’ overall performance.