Competitive intelligence is the process of gathering and analyzing information about opposition brands. This actionable intel is what helps industry leaders make educated business decisions.
For digital advertisers, competitive intelligence is data. Data on what brands are doing online, who they’re targeting, and how they’re advertising.
It’s this competitor insight that makes it possible for brands to anticipate challenges, identify opportunities, and improve campaigns. Whether it’s data needed to analyze a competitors audience or insight into an opposing campaign, competitive intelligence can give top advertisers a massive edge. Here’s how.
1. Identify Missed Market Opportunities
Access to market insights is a vital resource for identifying new opportunities and capitalizing on current trends.
Let’s say you’re in the food and drink industry and you’re looking for mobile display advertising opportunities that won’t deplete your budget. With competitive ad intelligence, you’d see Answers.com only accounts for 0.67% of total ad spend for all sites, but generates the third highest number of impressions. Could be an untapped opportunity to get impressions on the cheap. Or, maybe the site isn’t driving a lot of quality impressions, which accounts for the relatively low spend. Either way, data can help you identify opportunities and ask the right questions about your online marketing and advertising efforts.
Your competition is using this data to do this, so why shouldn’t you?
2. Perform Competitor Analysis
Think of it this way: Competitive intelligence is like having the other team’s playbook. You know which plays they’re going to run, where the ball is going, and how you can keep them from scoring.
What’s more valuable than insight into your competitor’s strategy?
With this insight you can monitor your competition’s spending, analyze results from their campaigns, learn valuable characteristics about their audience, and be the first to capitalize on what you learn.
Take Apple for instance. In 2017, the multinational technology company spent over $11 million to advertise on Facebook, targeted iOS users, and spent the most to advertise in California. And that’s just social media advertising.
With ad intelligence at your fingertips, you have the ability to track all spending, analyze current campaigns and learn key characteristics about your competitors consumers.
3. Improve Your Strategy and Capture Your Audience
An abundance of data is useless if you don’t act on it.
Competitive ad intelligence is meant to help you improve your brand strategy in a cost-effective, efficient way that fits your business objectives.
Take your creative messaging for example. Ad intelligence gives you insight into what messages resonate with your audience, and your competitor’s intended audiences. It allows you to examine previous creatives and analyze results. Use your recon to create ad campaigns inspired by powerful ads, or even to directly address competitor messaging.
Ad intelligence platforms give you real insights that will produce real results. These insights will guide your brand to produce successful outcomes that will give you massive edge over your competition.