Around the turn of each year, there is usually a lot of interest in digital marketing trends and marketing innovation. The year 2022 will be no different, in fact, it will be much more so, because the epidemic has put downward pressure on marketing budgets, forcing marketers to seek new cost-effective ways.
Marketing expenditures have plummeted to their lowest recorded level, according to the Gartner State of Marketing Budget study for 2021, falling to 6.4 percent of business sales in 2021 from 11 percent in 2020.
Whatever business you work in, no matter how long you’ve been there, your industry will change in the coming years. You can never be sure that the skills and information you have now for Competitor Analysis will be sufficient in a year.
Even the Competitive Intelligence sector, of course, is in constant upheaval. The procedures and needs for figuring out who your rivals are and what they’re up to are also evolving. If you work in a position where having up-to-date, comprehensive competition information is critical, these are the trends to watch in 2022.
As New Choices Become Available, Your Channel Emphasis Will Shift:
This one comes as no surprise; we’ve all been seeing it play out since computers first appeared on the scene. We witnessed it in 2016 when mobile usage surpassed desktop usage. Every year, we see new social media sites rise to prominence while older ones decline in popularity.
What you can depend on is that you’ll have to adjust your marketing approach in the next months and years based on what new channels emerge and how your target audience’s behavior evolves.
And it’s unlikely that you’ll just replace existing channels with new ones; rather, you’ll be adding to an already extensive number of locations where you’ll need to have a presence and watch your audience online.
The Quantity of Data Will Take a Second Seat to The Structure of Data:
All of these developments result in more data to keep track of, which adds an extra obstacle to the task of gathering it all: organizing it. An excess of data creates a new challenge since it makes it more difficult to extract the details and insights that information needs in order to be valuable.
In 2020 and beyond, one of the most significant problems for Competitor Benchmarking in business will be figuring out how to arrange the massive amount of CI data accessible in a manner that is useable.
Make it relevant to all of the individuals who can benefit from it in an organization. When it comes to competitive intelligence, sales and marketing will have distinct demands, thus the insights they need from CI data will be different.
Some CI Chores Will Be Taken Over By AI:
Many of these factors appear to make sustaining Competitive Intelligence difficult in the next years. However, as the business and competitive landscape get more complicated, so will technology. And many of the jobs that are particularly tough for humans may be offloaded onto artificial intelligence.
Even as their numbers rise, AI can help you track all of your competitors more efficiently. Technology may save staff hours of time by automating the process of monitoring their general actions, marketing strategies, and any modifications in their approach. And, as AI technologies learn and improve, they’ll be able to assist you in swiftly extracting the most essential insights.
The Tracking of Competitive Intelligence Will Become Increasingly Difficult:
This one is influenced by our first two trends. Your work becomes more difficult when you have more rivals to track and more channels to watch. Add in the trend of customization, which means different parts of your audience receive different messaging from your competitors, and staying on top of what your competitors are doing becomes even more difficult.
It’s difficult enough to keep track of several competing websites through Competitor Analysis. Trying to keep track of what they’re doing across dozens of marketing and advertising channels for various target audiences will be a significant problem for businesses.
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