Starting A Competitive Intelligence Function – Innovative brands use competitive advantage to monitor and measure themselves against their competitors to determine where they are developing or profitable in a given market.
A competitive gut isn’t just “nice to have,” it’s very important. Leading companies cover their bases by keeping up to date with their competitors and markets. This tactical intelligence informs strategic decision-making and helps brands rise to the top. You can too! Here we will find out what your competitors already know and what you and your marketing team are missing!
Starting A Competitive Intelligence Function
Competitive intelligence refers to business strategy by collecting, analyzing, and using information gathered about competitors, consumers, and other market segments.
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Currently, competitors use traffic analytics to capture your website traffic and keywords, website conversions and traffic sources. They identify or dominate white space opportunities and do so without barriers. As every business is global, it is important to understand global developments as each of them affects your competitor’s profile.
Brands aware of these issues and more have a crystal ball called data, and it’s on your mind. First you need to move in a direction that allows it to slip through your fingers. It’s time to change that.
Identifying these new opportunities requires strong competitive audit skills and cutting-edge market knowledge. This is where competitive media tools come into play. So say hello to your new best friend. Our Competitiveness Best Practices Guide covers the importance of competitive intelligence beyond what we’ve shared here. So be sure to check it out!
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Competitive intelligence provides tactical advice to help you understand your audience and their needs. It helps you stay informed about your competitors and the wider competitive environment, and informs your strategic business decisions. Proactively and effectively keeping an eye on your competitors will give you the edge in your industry and always stay one step ahead. If you have a strategy for using competitive market intelligence tools like Quid, you’re setting yourself up for success:
So where do you start? We’ll continue to learn where to gather your resources, how to benchmark your competitors, and what to look for in a competitive intelligence tool.
Of course, you need to know where to focus your competitiveness. And almost everything is online. To get you started, here are some ideas of where to look:
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Ideally, a brand should be able to seamlessly and automatically load this data into a single business intelligence tool for analysis.
Your business acumen will be enhanced as competitive intelligence facilitates a better understanding of your competitors’ strengths and weaknesses. Once you’ve gathered and uploaded your resources, you should be able to identify your competition. In most cases, your most threatening competitors will be the same in terms of market share, voice and audience. For example, they may offer the same product or service. Or your target audience might like them. So you play spy and try to decipher their actions.
Maybe they’ll conquer Instagram, a platform you never thought possible. Do they know something about the audience that you don’t? Below, Rival IQ explains how this competitive comparison compares the two brands on Instagram:
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Tracking their platform games will help you track their respective campaigns and find out which consumers are most relevant. Are their paid, natural or earned efforts paying off? Knowing this will help you refine your campaign strategy.
Hashtags are an effective way to reach consumers if you know where they are going. Finding these categories will help you monitor important categories and inspire your brand campaigns.
Hashtag analytics tells you what your competitors are saying about hashtags and what consumers are saying in those conversations. Is it a challenge to get people to share product descriptions or a way to rethink your giveaway?
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Sometimes a hashtag grows organically, not because of a brand, but because of an invested consumer – even potential influencers!
Keyword tracking also provides great strategic information about what your competitors’ audiences are saying about your brand. This data helps you be part of the conversation by creating messages that speak to specific customer concerns.
It also helps you understand the language they use so your brand can be recognized as a relevant and engaged thought leader in the space.
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Consumers are more likely to buy from a brand that blindly pushes products and ignores their needs than from a brand that understands and communicates with them. Monitoring the conversations happening around your competitors will give you a more complete picture.
Finally, review the survey results with your brand and strategy in mind. How do you measure? Is your brand being talked about more than others? less? In what context?
Also, what does an emotional story look like? Is the conversation positive, negative or indifferent? How excited are consumers to discuss your offerings? It is important.
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Today, there are many competitive tools to choose from. Some offer only competitive information, while other tools offer a complete approach. Whichever tool you choose, you need to make sure it fits your immediate needs and future endeavors. Below is a list of competitive tools.
The above list details what the ideal competitive intelligence program should offer you. However, not everyone needs everything (although we think they should!) Some offer a complete competitive environment, while others may offer limited options and are better suited for a quick look at competitive markets.
Below, we’ll take a look at five competitive analysis tools that are worth your time and money. Let’s get started…
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A key part of gathering competitive intelligence is getting the full picture. NetBase Quid® tools bring together the most comprehensive brand view into one platform. In addition, it has a combined understanding that organizations struggle to find elsewhere. Our list of sources includes, but is not limited to:
When comparing your position to your competitors in the overall market, you need a complete picture to ensure that you are on a solid footing when making decisions. NetBase Quid® provides executives with the actionable knowledge they need to make fast, strategic business decisions using social intelligence and market research. Our tool lifts the veil:
NetBase Quid® is already the market leader in trusted intelligence, making life easier for brands with content and actionable insights gained through social listening, social monitoring, image analysis, competitive analysis, influencer identification, crisis response and more.
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Speed up your competitive analysis with Competitor IQ. This competition tool is based on social channels. The app includes integration with Facebook, Instagram, Twitter, YouTube, LinkedIn and TikTok for brands looking to monitor their competitors on all major social media platforms.
Use Rival IQ’s competitive analysis to measure your performance against specific competitors and industries. You can always leave the trackers on for continuous monitoring with standard measurements so you always know where you are competing.
You can perform comprehensive social media audits, including content performance, hashtag analysis and trending topics. Additionally, Google Analytics integration allows you to view other aspects of the consumer journey beyond social channels.
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Rival IQ also simplifies reporting with automatically generated reports tailored to your trading style.
Rival IQ has several free tools as well as paid tools. Pricing for paid tools starts at $239 per month. They also have a free trial.
Social Explorer works by collecting data on new and emerging trends and hot spots in your industry. You use it to search social media for industry-related keywords, content, mentions, people, and trends. Additionally, you can narrow your results using multiple filters.
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The app also provides live updates on social media activity while providing tracking metrics such as mentions, users and sentiment.
Basic free options are available for social searchers. After that they have a 14 day free trial for £3.49 per month.
Wappalyzer is a unique way to be competitive. It’s a direct browser plug-in that monitors and reports technologies used by competitor websites, such as:
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It has amazing and comprehensive support technologies. Why is this important? Understanding the technology your competitors are using on their website is important because it can provide a strong competitive advantage. For example, they can use very simple analysis tools. You can eliminate the competition with a more comprehensive tool that covers more exposure metrics than mentions and likes.
Klue is an AI-powered competitive intelligence platform that helps product vendors and CI teams collect, organize and deliver relevant competitive data.
Klue is a great tool when it comes to competitive environments. First, it provides enterprise sales teams with dynamic knowledge of competitors, thereby closing more deals. This software combines the internal knowledge of your on-site staff with external competitive information. Second, it simplifies the sales process by providing access to sales teams
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