It is critical to be on top of the industry and your competitors. Competitors who would not like to see you up your game will always monitor your company’s competitive intelligence.
Definition of Competitive Intelligence
It creates a brand position that entails an informed, market and consumer-driven understanding in a larger category. In addition to audience understanding, you can get conversation alerts from detractors and influencers before they storm online. It also helps brands track how they are doing and monitor new or gaining competitors in given opportunities.
Competitive intelligence helps brands be aware of emerging market trends and offer solutions before other competitors try and fail or manage. These insights can define the brand’s category if it is prepared to pivot according to its accurate and transparent analytics. It’s also revolutionary, hence separating those at the top from those struggling and lagging.
Competitors can undisputedly monitor your traffic sources, site changes, keywords, and site traffic. They also recognize and control market gap opportunities. Their key is data intelligence, and it is your responsibility to use top-notch market intelligence and powerful competitor audit tools to identify the opportunities.
Why Competitive Intelligence Is Crucial and How It Is Used
You need competitive intelligence to understand your consumers and their needs. It also helps to keep you updated on your competitors and inform your business decisions. Your brand will always be ahead of the competitors effectively and actively. Having a strategy that uses the appropriate competitive tools makes you and your brand successfully;
- Map customer reviews
- Gather creative inspiration
- Drive new business pitches
- Conduct competitive analysis
- Measure brand perception
- Discover cultural patterns
- Top-notch Competitive Intelligence Tools
1. NetBase Quid
NetBase Quid focuses on sentimental trend analysis and comprehensive media coverage. It helps brands make data-driven and smarter decisions efficiently and quickly by piling data pieces into a full platform. It digs in millions of social media posts and data sources to give answers to business questions. It’s also capable of;
- Establishing non-essential vs. crucial business issues
- Deeply understanding your industry, competitors, and consumers
- Identifying trends that matter to your market or consumers
- Understand what drives the behavior and sentiment of your consumers
- Identifying opportunities for new business investments, products, and services
Crayons give analysis and alerts on product campaign launches and changes. It allows you to obtain, analyze and uphold all company activities for complete competitive insights. It enables you to monitor the digital footprints of your competitors, whether they are off or on their websites.
3. SEMrush Market Explorer
SEMrush analyses market benchmarks to help you understand the industry’s market situation. If you want to move your business to a new niche, it will help you understand the share of visits, all market vs. narrow focus, relevant sites, total traffic trends, and market traffic sources.
Spyfu aggregates competitor data and navigates dashboard and platform at a copy and keyword level. You need to search your competitor’s domain and see organic and paid rank, places they have shown up on google, ad variation for the last thirteen years, and keywords purchased on AdWords.
5. Google Trends
Google Trends is a free tool that searches products against market trends. It shows what item is frequently searched and over what period. While searching, sample data that is anonymous, categorized, and aggregated is pulled out to measure interests on certain topics.
VisualPing detects changes on the websites of your competitors and alerts you. Alerts are received via Slack team or email notifications. It also alerts your site visitors of changes you have made.