What You Need To Know About Competitive Intelligence

December 5, 2022

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Competitive intelligence is gathering and analyzing information about competitors to establish a competitive advantage. Companies use it to gain market share or protect market share from rivals, evaluate competitors' products or services, and find new business opportunities through their rivals' weaknesses. It can be used internally and externally to improve a company's decision-making processes.

Competitive Intelligence Tools

  1. Social Media

 Companies can see what their competitors are doing on various social media platforms using sites like Facebook, MySpace, Twitter, and LinkedIn.

  1. Articles

It can be gathered using articles written about or by the company. It can be easier for a company to understand positive or negative comments about its brand if it monitors online news sources that mention its products or services.

  1. Blogs & Discussion Boards

A company can learn much about its competitors by visiting its corporate blogs and monitoring websites that host discussion boards related to the industry.

  1. Internet & Trademark Searches

Performing Internet and trademark searches will enable a company to see where a competitor is using their brand, what products are being offered, and what the competitor has been doing with their brand.

  1. Review Sites

It can be gathered by visiting review sites posted on the web written by customers, industry experts, or professionals in the field.

  1. Photographs & Video

By linking up with YouTube or Flickr accounts, companies can find videos and images of presentations, trade shows, and other events around them.

How to Choose a Competitive Intelligence Tool to Suit a Business

  1. Budget

A competitive intelligence tool will not be cost-efficient if it constantly upgrades due to the high amount of information available online. The device should be able to organize, manipulate, and affordably sort data.

  1. Support & Training

A company will want to choose a supported tool with a robust training program. An excellent training program will allow the user to effectively understand how to use the software for his specific needs. The amount of time spent on training by an employee should be as close to zero as possible.

  1. User Interface

The user interface with the tool should be simple and easy to use, with few options that confuse the user. The design of the interface will make it easy for the user to find what they are looking for quickly, using a search function.

  1. Database

The database used with a tool should be scalable and flexible, enabling the user to customize it to his specific needs easily. The database should be scalable as the user grows and provides a basic functionality even when there are thousands of entries.

Benefits of Competitive Intelligence Tools

  1. Improved Customer Service

Companies that monitor their competitors can respond to customer concerns quickly and can anticipate what their customers want by hearing what their competitor's customers wish.

  1. Increased Sales

Monitoring competitors will allow businesses to track trends in the market and act accordingly. This will enable a company to stay ahead of its competition. For example, a company can see that a competitor is lowering prices and offering a similar product at the same price point or even lowering it further to remain competitive.

  1. Improved Marketing Strategies & Campaigns

You can make better marketing decisions if your company understands what leads are coming into your competitor's sales department. For example, your company may know that 100 leaders are coming from a competitor's website, so you can include them in your next marketing campaign.

  1. Improved Communication

You will be able to have open communication with customers. You can communicate more effectively with customers by monitoring trends through competitors' websites and social media channels.

  1. Avoid Legal Issues & Unforeseen Events

By identifying and being aware of your competitor's strengths and weaknesses, you can avoid legal issues or unforeseen events before they occur. For example, by monitoring social media sites, you will be able to identify potential problems before they happen, such as a customer problem that someone in your organization can quickly resolve.

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