Imagine this:
You’re on Amazon, and you're crushing it in the marketplace. You're aware of who your competitors are (by brand and category) and you're certain you're outpacing them all. Then, something shifts. Your competitors catch up, and some of them even start to pass you by. What do you do?
Competitive intelligence can help you avoid this situation. With insight into who your competitors are, you can ensure your continued success and stay ahead of the curve.
How do you gain competitive intelligence on your Amazon performance? Read on to find out.
Why you need competitive intelligence
Success on Amazon requires more than understanding every detail regarding your own performance. You need to combine that knowledge with a deep understanding of who your competitors are, so you know where to prioritize your actions.
Competitive intelligence involves the process of gathering and compiling information about your competitors and using that data to improve your own performance. Here's what else competitive intelligence can help you understand:
- A complete view of your sales and competitors on Amazon in your categories
- Any weaknesses in your competition's offering
- How to make more informed decisions about your own products and marketing strategy
This invaluable insight into who your competitors are and how they're performing can help you stay one step ahead. Now let's take a look at how you can get it.
How to obtain competitive intelligence
Finding out where you stand in relation to your competitors is not always easy to uncover. Here are a few ways you can obtain this knowledge.
- Do it yourself. This involves regularly monitoring your competitors' websites, social media accounts, and other digital channels for changes or new developments. You can also sign up for their email newsletters and follow them on social media. Unfortunately, this can be a time consuming option.
- Access public sources. Check trade publications, analyst reports, industry news sites, and government data sources. These sources can provide valuable insights into your competitors' activities, but can also be time consuming.
- Purchase intelligence from a provider like Edge by Ascential. We often have access to information that would be difficult (and nearly impossible) for you to get on your own.
The important thing to keep in mind when gaining competitive intelligence is the accuracy of the data you collect. Make sure you obtain insights from a reliable, credible source.
Market Share predictions are 95% accurate on Amazon.com**, so you can trust it to measure your performance and benchmark against your competitors.
Accelerate your Amazon sales and share performance with Market Share
Built from ASIN level up, our calculations are tailored to you and your business, giving you the insight you need to beat the competition and win on Amazon. Market Share enables you to succeed, remain competitive and drive your brand forward with some of the most accurate analytics–from sales and share to traffic and conversion metrics. Book a demo today.
