Tracking your market competitors and their strategy is an important point to be followed through the different media. Using the right tools and methods will help you get the right data, to start building your strategies. competitive intelligence examples in the market are very smart and will help you learn how to have a strong strategy.
Key Features of Competitive Intelligence
Being able to use competitive intelligence strategies and techniques will provide you with very smart results in your business.
- Data-Driven Insights: It analyzes the insights and provides detailed data about different business aspects.
- Focus on Competition: Helping in understanding all types of competitors, and being able to know their strengths and weaknesses.
- Market Understanding: Being able to understand the different market aspects beyond the competitors.
- Strategic Application: The data from it helps to build the right strategies for your business, based on market studies.
Why is Competitive Intelligence Important?
Having the ability to be competitively intelligent enough and use smart strategies in tracking the competitors, will change your whole business. That is why there are many reasons to be competitively intelligent.
- Staying Ahead
It helps business to understand their competitors and be aware of their next movements. To stay ahead of the competition and demonstrate the market.
- Identifying Opportunities
To be aware of any new business opportunities that could help you grow up faster. Knowing the right opportunities helps in building the strategy and achieving more goals.
- Risk Management
Through identifying the potential crisis based on the analysis of competitors’ strategies. Building a crisis management plan to help take the right steps to solve any problem.
- Improved Decision-Making
Observing the competitors inspires the business to make better decisions. Through understanding the consequences of it based on another competitor’s experience.
Competitive Intelligence Tools
| Type | Tool | Feature |
| Market Analysis Tools | AIM Research | Providing comprehensive market research reports in short durations. With the ability to reach global markets. |
| Web and SEO Analysis Tools | SEMrush | Online management platform, with keyword research features and targeted marketing. |
| Social Media Monitoring Tools | AIM Insights | A social listing tool that offers the business the ability to monitor its social media performance in real time. And track the changes in the audience’s behaviors. |
| Ad Monitoring Tools | Adbeat | Providing advertising tracking solutions for different businesses. The ability to track the competitors adds behaviors and its effect. |
| Product and Innovation Tracking Tools | ProductBoard | A product management platform that collects customer feedback and analyzes it. To get real insights for enhancing the performance. |
Steps of Applying Competitive Intelligence
To have the ability to get the full experience of applying a competitive intelligence strategy, you need to follow some steps.
- Define goals: Choose the goals that you want your business to achieve in a short and long time.
- Identify key competitors: Be aware of your important competitors, that are competing on the same product and target audience.
- Determine needed data: Decide the specific data that you should have about the competitors, market, and target audience.
- Choose the sources: Choose the different platforms that will be your source of data. These are the ones that you and your competitors are using.
- Analyze the results: Analyze all the collected data, and figure out the needed insights to start working from it.
The Insights From Competitive Intelligence
Using competitive intelligence tools and strategies will end up with insights into different aspects. These insights could be categorized based on each business plan.
- Topics of conversation
The words and drivers that the customer mentions the most. This could help the business to know what is the hot topic at this time on the competitor’s platforms. And try to push more on it to grab the target audience’s attention.
- Sentiment score
Net sentiment score indicates the satisfaction of the audience towards the business or the content. This helps to spot the weakness point at the competitors and work on strengths in your business. To win customer satisfaction for your brand.
- Engagement measurement
Engagement measurement helps to understand the effect of the content on the audience, and how they received it. Analyzing the engagement and figuring out how positive it is, indicates that the content matched the audience interest.
Conclusion
The market is full of competitors, so you need to follow competitive intelligence strategies and techniques to stay in it. Starting with knowing your competitors, and how they build their brands and strategies. And knowing what the audience is expecting to get from your industries. Also staying updated with any new trend is essential, to use it for the business benefits. Following up on your techniques and figuring out if there is any crisis, can save your brand name. Also building trust and gaining loyal customers, are very important aspects. The loyal customer will not be following any competitor’s marketing campaign. To be able to control all these aspects you have to choose the right tool for managing the market. You can start now by asking for a demo from AIM Technologies.
FAQs
How can competitive intelligence help a business stay ahead of its competitors?
With the updates about the competitors all the time. This will help build the right strategies to defeat
competitors.
How does competitive intelligence assist in identifying new business opportunities?
Through the live tracking of the market, and any optional opportunity to offer unique services. This helps to figure out new market needs and work on satisfying them.
In what ways can competitive intelligence support risk management for businesses?
With the ability the predict crisis in the market, with the monitoring and analyzing of the market and competitors. This could help to avoid any risk in the business.
How can businesses determine the right data sources for gathering competitive insights?
Based on the available resources scan the market and different sources. And being able to know the goals and channels that the business wants to reach the audience through.
How can insights from competitive intelligence improve decision-making processes?
Seeing the expected results, and comparing the competitor’s decision on the same topics.
