What You Need To Know About Competitive Intelligence
Competitive intelligence is a powerful tool that can help you make better decisions for your business. It includes the tools that leading companies use to learn about their competitors, where they need to improve, and what strategies work best for them. In this blog post, we will explore how competitive intelligence can gain an advantage over the competition. There are various competitive intelligence tools that businesses can use to get an edge over the competition.
Google Alerts
This free tool from Google allows companies to track the latest news and websites about their business, industry, or competitors. This can help you learn what people say about your company online – good or bad! It also delivers new information on topics of interest, so you stay up-to-date.
For example, a technology company can set Google Alerts to monitor what people say about the latest devices and software they have released. This will help them learn from their competitors and gain insight on how to improve products.
Google Alerts tracks various types of information, including news articles, blogs, videos, and web pages that match your query.
Social Media Monitoring Tools
These tools allow businesses to track and analyze conversations on social media platforms such as Twitter, Facebook, and LinkedIn. They can provide insights into what people are saying about a company, its products or services, and the competition. This information can help businesses understand customer sentiment, identify potential threats and opportunities, and develop marketing strategies.
How to Choose a Competitive Intelligence Tool to Suit a Business’s Unique Needs
Identify What You Need
First, find out exactly what your business needs to know about the competition and industry before choosing a tool. For example, do you want insights into customer sentiment? Or are you looking for more information on competitors’ products or services? It may also be helpful to think about how frequently you need information and what type of data will be most useful.
Conduct an Industry Analysis
You should also consider what is happening in your industry, as this will impact the type of competitive intelligence tool you need. For example, if there is a lot of consolidation happening in your industry, you may want to use a tool that monitors mergers and acquisitions (M&As).
Consider Your Budget
Tools can range from free ones like Google Alerts to more expensive options such as social media monitoring tools. It’s essential to find one that fits your budget without compromising features.
Decide How You Will Use the Tool
Once you have chosen the right tool, it’s essential to set up some guidelines for using it. This will ensure that everyone in your organization knows what to do with the data and how it can benefit the business.
How to Use These Tools to Get an Advantage over the Competition
Use Insights to Drive Business Decisions
Once you have access to the data, everyone in your organization must be aware of the benefits and uses of this information. You can use it as a source of customer insight or marketing research, which will help inform future decision-making. It could also be used by sales and marketing teams to improve their strategies.
Use The Information To Gain A Competitive Advantage
Some businesses like Unilever use social media monitoring tools for information to inform decisions such as entering new markets or what prices they should be charging for specific products. For example, The Home Depot used Sysomos MAP to track customers’ sentiment on Twitter towards themselves and their competitors. They were then able to use this information to adjust prices, product lines, and marketing strategies.
Conclusion
Competitive intelligence is a vital part of any business, and choosing the right tool for your needs is essential. Using these tools, you can gain an advantage over the competition and make better-informed decisions that will benefit your business.