Competitive Intelligence: The Secret Weapon in Business Strategy

Big Fish Results Founder, Tony Guarnaccia intrigued a full-capacity crowd on Tuesday April 7 at the Newport Interactive Marketers networking event. Drawing upon 15+ years of experience, Guarnaccia gave an animated and detailed lecture to help Rhode Island’s local businesses, bigger brands, and agencies improve their strategic planning.

Guarnaccia has always had an entrepreneurial spirit, even sharing a personal anecdote through candid conversation about how he sold violins as a kid in order to earn money for his spring break. Guarnaccia still utilizes the same business drive in his techniques to prosper his company as well as his clients’.

Throughout Guarnaccia’s presentation “Secrets of Your Competition,” the main question that connected his marketing insights is WHY?

It’s important to understand the marketing attributes of your competitors, but the information is useless if you don’t know what to do with it. If a competitor is thriving or failing at something … ask yourself “WHY?” and then take action.

Big Questions

When conducting a competitive analysis, Big Fish Results uses a top-down process to answer five questions:

  • How much traffic do you generate versus your competitors?
  • Where is this traffic coming from?
  • How much does your competitor spend on advertising?
  • What are the specific search terms they use to create SEO?
  • And then WHY this data occurs.

Tools to Use

To answer these questions, there are several online tools your company can use to acquire data on your competitors. But remember, as Guarnaccia says, “The tools aren’t the secret, it’s what you do with them that makes a difference.” Here are just a few examples:

  • SEMrush
  • Google Trends
  • Google Keyword Planner
  • Similar Web
  • Simply Measured

Competitive Intelligence

Once you’ve acquired information on your competitors, this is how Big Fish Results would move utilize it:

  • Segment your data
  • Look at trends
  • Benchmark
  • Filter
  • Exclude Brand Keywords
  • CREATE ACTION!

Use these techniques and you could be a “Big Fish” in your market. Now get to work luring in your own competitors’ intelligence.

NIM Networking event, “Secrets of Your Competition” shaped up to be a great night! Here’s what some of the Newport Interactive Marketers were saying on Twitter:

Mia Lupo: For traffic trends, compare long-term performance; identify surprising peaks and dips then WHY this happens #NIMRI #trends

David Englund: Getting “schooled” from Big Fish Results is like drinking from the fire hydrant at #nimri

Ryan Belmore: So much great information was shared last night at #NIMRI! Nice to see everyone and thank you Midtown Oyster Bar and @sue_DesigEditor!

Newport Restoration: Archive.org- a good way to see how far a company’s come & what they can do to improve. #NIMRI

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s