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When it comes to competitive intelligence a distinction must be made between collecting data and performing competitive analysis. One may be provide some benefit, but often, the other doesn’t.

Online competitive intelligence is a rather tricky subject. Collecting information on your competition’s marketing tactics online is fairly easy, though it is getting more difficult now that Yahoo! Site Explorer is no longer live. You can still do back link analysis, but you’ll have to pay for it. The question is, is it worth it?

In many cases, I’d say it is worth it to study your competition and see what they are up to. But bear in mind that just because your competition is engaged in a particular marketing strategy doesn’t mean that it is working for them. And that means you could spend hours and hours analyzing your competition and coming up with nothing but wasted time. That is true particularly if you intend to mirror their actions.

If your competition is still engaged in five-year-old link building tactics that don’t work, then you could be killing yourself trying to follow them. My recommendation is, don’t.

It’s good to keep tabs on the competition, don’t get me wrong. But if your only intent in doing so is so that you can figure out what they are doing online and following that, you should rethink your competitive intelligence strategy. Monitoring the competition is not the same as analyzing them. And analyzing your competition’s moves is only useful if your analysis leads you to actionable steps that benefit your marketing strategy.

Competitive intelligence is one of those areas where it pays to be cautious. Collect, measure, and monitor, but don’t take action until you’ve engaged in effective analysis.

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