What are the best metrics to track for competitive intelligence?

3 Product performance

Product performance is the measure of how well your products or services deliver on their intended value proposition, features, benefits, and quality. Product performance is a vital metric for CI, because it shows how you differentiate your products or services from your competitors, and how you create value for your customers. Tracking product performance can help you optimize your product development, marketing, and pricing strategies, and discover new opportunities or threats in your market. You can measure product performance by using different metrics, such as usage, engagement, retention, conversion, or revenue.

4 Brand awareness

Brand awareness is the extent to which your target audience recognizes and remembers your company or product name, logo, slogan, or attributes. Brand awareness is an essential metric for CI, because it indicates how well you communicate your brand identity, value proposition, and reputation to your potential and existing customers, and how you stand out from your competitors. Tracking brand awareness can help you enhance your brand visibility, credibility, and loyalty, and attract more customers or leads. You can measure brand awareness by using different techniques, such as surveys, social media mentions, web traffic, or search volume.

5 Competitive benchmarking

Competitive benchmarking is the process of comparing your company or product performance, processes, practices, or strategies with your competitors, or with industry standards or best practices. Competitive benchmarking is a powerful metric for CI, because it helps you identify your strengths and weaknesses, gaps and opportunities, and areas for improvement or innovation. Tracking competitive benchmarking can help you improve your competitive advantage, efficiency, quality, and customer satisfaction. You can conduct competitive benchmarking by using different tools, such as SWOT analysis, Porter's five forces, or value chain analysis.

6 Trend analysis

Trend analysis is the process of examining and forecasting the changes, patterns, or movements in your market, industry, or customer behavior over time. Trend analysis is a valuable metric for CI, because it helps you anticipate and adapt to the evolving needs, preferences, and expectations of your customers, and the emerging opportunities or threats in your market. Tracking trend analysis can help you improve your market intelligence, innovation, and agility, and create or maintain your competitive edge. You can perform trend analysis by using different sources, such as market research, customer feedback, or data analytics.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?