The process of competitive intelligence involves gathering information, converting it into intelligence and then utilizing it in business decision making. All companies need to utilize some competitive intelligence research to improve marketing.
Competitive intelligence can measure your company against several competitors. This will give you a snapshot of how your company is positioned compared to your competitors. This intelligence will quickly show who is strong and weak in various areas. For example, if your competitor issues 10 press releases a year and you only issue two, who has better media reach?
Your company may have some media presence but how do you compare with your competitors?
Is your website complete and functional? Is your company emphasizing the right messages? Is your boiler plate statement clear and current? Is your social media presence comparable to your competitors? Do you issue press releases? Does your company have a distinguishing tag line? How do you adapt to the changing media landscape?
Here are some to-do areas within competitive media marketing intelligence
- Website audit to measure website features
- Social media audit to measure social media presence and activity
- Media presence audit to measure press releases, articles in key publications, messages, spokespeople
- Check tag lines, messages, and boilerplate statement
- Identify best practices
- Analyze competitors’ online marketing strategies and trends
This brief article is designed to illustrate that there are media marketing needs that should not be ignored. Everything that your company says on the Internet becomes instant public knowledge. And if your company says nothing, it is noted by the public.
Here is one simple example of an essential media marketing item that is used to intelligently promote companies – the boilerplate statement. A boilerplate, in public relations/marketing language, is a brief and clearly written paragraph about your company designed for someone who may have no prior knowledge of you. It is often found at the end of a press release.
I recommend that everyone take time to read their boilerplate statement and check it for accuracy, content and clarity. If for some reason you do not have one, then write one now. Often the information can be gleaned from the “About Us” section on your website.
Let me know if I can help.