The role of competitive intelligence is to assist the organization in understanding the market and make informed decisions.
Unfortunately, some businesses lack this knowledge when implementing their strategic choices. This write-up will give you more insights to assist you in remaining on the right track.
NetBase Quid Company is a beneficiary of this process.
Firstly, the company specializes in social media and text analytics.
It provides a platform for revealing business trends and providing consumer and market intelligence.
Here are the steps you can take to design an effective intelligence process to benefit your organization.
Know Your Competitors
You can only identify your competitors’ landscape by observing their activities and perform a more in-depth market analysis.
Segment your competitors by knowing both direct and indirect competitors.
As for the indirect competitors, they will not offer you to compete for customers. You should understand the capacity of your direct competitors and use proper strategies to outsmart them.
Locate areas of Interest
Here, it would help if you began to focus on areas of data collection.
You should analyze the data that is accessible online by your competitors and your teams.
Know the type of data that they care most as well as the ones that support the current initiatives.
Gathering Your Intelligence
The most time-consuming process lies at this step.
You will have to take time and explore your competitor’s online presence.
Furthermore, gather facts about their content, websites, products, social media engagements, and teams.
You can dig in further and analyze data to get valuable insights.
Develop a Competitive Analysis
At this stage, you will break down the data and pull out essential information and critical trends. You can organize your findings and communicate with the organization.
You can stay on top of your competitors by creating their profiles as well as tracking them. Keep a pulse by setting on alerts from news mentions. Also, get hold of their product changes and customer reviews.
Convert Data into Results
You should now make the final data actionable. In other words, you should use the finding in improving the overall business strategy.
Competitive Intelligence Tools to Use
SEMrush Traffic Analytics
SEMrush will offer an extensive suite of marketing tools to offer invaluable competitive analysis. It is a reliable tool when performing competitor research and benchmarking.
Furthermore, it will give you additional insights when you want to discover another company’s website traffic statistics.
Again, you can compare the metrics like the bounce rates, the number of visitors, traffic sources, and visitor’s duration. Also, one can see the top landing pages from your site and the competitors.
You can use this tool when comparing website traffic. The tool offers a stronger analytics program to help you identify your competitors in your industry.
It also helps the user in keeping an eye on the performance. SimilarWeb is a platform that will offer you a strong audience platform.
It also gives you the niches that your general audience is looking for that sell well. As such, it will provide you with insights on how well you can connect with your audience.
Sprout Social is a platform that offers in-depth competitor analysis. It will give you intelligence on social data. It helps you get feedback and assists you in keeping an eye on what your audience wants.
A strong competitive intelligence knowledge plays a significant role in marketing work. You should engage the right tools to improve your position online. With the right social media tools, it becomes quite easy to monitor your competitive intelligence and performance. However, you should take the proper steps to ensure that you gather the required information before implementing your findings.