There exists stiff competition in the digital world as more and more businesses engage in digital marketing. Therefore, these businesses are fighting daily to gain a competitive edge in the digital market over their competitors. When using competitive intelligence, it’s easy to identify your competitors’ position in the market and develop strategies while identifying existing market gaps. Generally, CI refers to the results of a company’s effort with the motive of gathering and analyzing information about its competitors, competitive products and services, business environment, and the industry in general.
Importance of CI for Businesses
There are several reasons why you should use competitive intelligence in your businesses.
1. Provides Better Decision-making Techniques
Insight is of paramount importance for every businessperson. CI gives you real-time and fact-based data, which offers a better insight into product innovations, competitor campaigns, and industrial trends. This data empowers you to make better decisions for your business, allowing you to meet your business goals.
2. Identify New Opportunities
CI helps you understand how your competitors are performing in the digital market. With this information, you will clearly understand the market performance and market gaps that you might fill.
3. Understand your Competitors’ Strategies
With well-designed CI, you can easily anticipate your competitors’ moves. This means that you can stay ahead of your competition because you have a better chance of figuring out their next strategies.
4. Identify New Market Dynamics
Competitive intelligence businesses can quickly grasp new ideas, and it allows for fresh thinking among business partners. You can also identify how your competitors perform in the market, which gives you an idea of existing market gaps.
CI tools are essential because they give you an idea of how well your competitors perform in the digital market. They also help you identify how these competitors execute content marketing, SEO, and a glimpse of their social media strategies. CI tools will pinpoint the areas in which your competitors are succeeding and those they are failing, thus opening you up for new ideas. Some standard CI tools are available below:
- Crunchbase: This CI tool is available free on the internet. You can use it when you need to understand your competitors better and when you need financial information such as acquisitions, investments, and stock trends. With Crunchbase, you can bring together an array of company data information based on investments, leadership, and M&A.
- SimilarWeb: This CI tool allows you to compare your website against your top business competitor. You can also track traffic on your competitor’s website and other details such as web conversions and sales. You can identify the source of your competitors’ traffic and whether visitors are staying on your competitors’ websites more than your website.
- Rival IQ: This tool allows you to compete better on social media platforms. You can easily compare your social media posts with your competitors and identify some of their eye-catching posts. You can also look at how quickly they acquire a following on social media and how they engage with their followers.
- TrackMaven; This tool helps track PR Campaigns, Social Metris, Ads, and Webpage analytics. This CI tool will also give you a glimpse of how you are performing against your competitors.
Other CI Tools include Brandwatch Analytics, BuzzSumo, and Moat.
This is a next-generation market and consumer intelligence platform. The platform gives business insights on connecting with their consumers; it reveals business trends and other contextual insights. The competitive intelligence platform offers additional benefits such as protecting the health of brands, improve crisis management through tracking emerging issues on a real-time basis, and boost campaign performance. NetBase Quid works alongside popular brands such as Coca Cola, Ogilvy, iHeart Media, and Walmart.