Competitor benchmarking is a crucial strategic element of effective marketing. In fact, marketing experts often recommend that you track and evaluate your competitors in much the same way your organization likely tracks and evaluates your own company.
Effective competitor analysis benefits your organization in several ways, such as the following:
Provides an avenue for you to identify opportunities to improve your own brand in the minds of consumers;
Uncovers specific areas where you can shore up any brand erosion that might allow competitors to make inroads; and
Reveals hidden opportunities to target competitors where they are weakest.
To help direct this competitor analysis, marketers are increasingly turning to professional communicators to map, monitor and evaluate their company’s primary competitors. This is because communicators are typically viewed as the professionals within the organization who best understand media coverage, media monitoring and media analysis.
So, how do you rise to the occasion and deliver the insights that your colleagues are seeking with respect to competitor analysis? Effective competitor benchmarking and analysis requires the use of a variety of information tools. One asset that is often overlooked for deployment in this effort is the use of media intelligence.
Media intelligence enables organizations to drive communication and business strategy through deep media insights. It provides teams with a framework for avoiding information overload and drilling down into what is relevant to your competitive landscape.
In response to this opportunity for professional communicators to add value to their organizations, LexisNexis Media Intelligence has published a new eBook, Leveraging Media Intelligence for Effective Competitor Analysis. This free information resource offers practical insights to professional communicators for how they can put media intelligence to work in their organizations. The eBook explains the importance of competitor benchmarking, details the key components of media intelligence, and then previews five specific use cases for how you can put media intelligence to work in your competitor analysis efforts.
Media intelligence is powerful information, but the truth is that it’s useless if it is confined to internal reports, memoranda and presentations. The ultimate objective of media intelligence as an asset for conducting competitor analysis is to ensure that your organization understands perceptions of your brand and your competitors’ brands from an objective, data-driven viewpoint — and not what you believe it to be based on your best hunch. Our new eBook cuts through theory and gets down to the practical realities of in-the-trenches marketing warfare.
To download your free copy of Leveraging Media Intelligence for Effective Competitor Analysis,please click here