In today’s market, businesses need to be on the constant know-how of trending, consumer preferences, and what their competitors are doing. This way, they can effectively restructure their operations and marketing campaigns to yield better results. Competitive intelligence is fast becoming popular among businesses, and you don’t want to be left behind. Your competitors are constantly looking for ways to beat your competitive intelligence; this means you need to be constantly informed on industry trends within any given context.
What is Competitive intelligence?
This term can also be used to mean corporate intelligence. It is the ability to collect, analyze and utilize data collected on customers, competitors, and other factors influencing the industry to give your business n advantage over your competition. There are several tools in the form of software programs ad apps that you can use to gather and analyze specific information on your competitors and consumers. Here are a few tools you may want to consider,
Competitive Intelligence tools
Visualizing- this is one of the best options when looking for a tool that can keep tabs on your competitor’s price changes, product offers, website, job vacancies, social media activity, and marketing campaign strategies. The best part of this tool is that it can be integrated to function alongside other tools such as SimilarWeb and Moat that gather data on your competitor while Visualping Keeps tabs on the data.
Crayon– Crayon has a reputation for providing the best services for analyzing your competitor’s behaviors based on their performance and marketing campaigns. With this tool, you can effectively keep track of over a hundred data streams associated with your competitor. In addition, the tool utilizes both machine learning and human insights to help you come up with working formulas.
Semrush Traffic Analysis– This is arguably the best option for comparing specific competitor’s bases on a target audience and new market research. With this tool, you can compare your rivals and stack them up against each other. This way, you can closely monitor their landing pages, gauge their metrics and get a grip on what they may be up to.
Moat– creativity, and innovation are also a way of beating your competition; this Competitive intelligence tool gives you an insight into the creative digital history of your rivals. This covers aspects such as advertisements, articles, and press releases.
SimilarWeb is the best tool for comparing website traffic; check on your rival’s funnels. With this tool, you can effectively identify new players in the industry and the strategies they may be employing.
NetBase Quid- this tool provides you with a comprehensive media cover and trend analysis to help you make better, well-informed decisions. This tool works by collecting millions of data from multiple platforms o to an integrated platform.
With NetBase Quid, you have access to your rival’s brand coverage and niche.
Having looked at a few options you can consider, you need to know what you are looking for before purchasing. Ask yourself these questions before making a choice
What is the purpose of the tool?
Instead of looking at the appealing features, focus more on what this tool is set to address within your business, what you intend to use it for, the questions about your competitors you wish to answer.
Who will be using the tool?
You have to thinks about the person you are going to employ to use the tool of your choice. If you do have highly trained personnel, it’s best to go for user-friendly options.
Does the data need to transform?
You need a tool that can clean your data and make it easy to analyze.
Select a tool that can be integrated with other data sources. You need one that you can safely store data, either in-house or in the cloud.