Competitive intelligence has become a common term especially, in the global market. More and more companies are coming up and competitors have to be innovative and inventive of unique features that will make them stand out in the market. These features are a finished product of insights that have been established from competitive/corporate intelligence.
Competitive intelligence, as described by NetbaseQuid, is the unique process of extracting, analyzing, scrutinizing, analysis and interpretation of data using social media analytics containing selected information on competitors in a market.
However, NetbaseQuid adds that rules and regulations on business activities dictate that the process of collection, scrutiny, analysis and interpretation of data should be conducted in a legal, transparent and ethical manner. Advanced technology has paved way for modern tools of competitive intelligence. These tools play a huge role in collecting information from competitor’s search engine optimizations to gain insights that may secure a competitive edge in the market.
Competitive Intelligence and social media analytics Explained
Competitive intelligence, as described earlier, is a process that has a few steps. These steps should be followed chronologically to achieve the maximum result. NetbaseQuid insists that companies that incorporate corporate intelligence and social media analytics stand a high chance of accruing more opportunities and making better and informed decisions.
The first step in the deployment a competitive intelligence plan is to identify a specific firm that are the company’s highest competitors in the market. This goes a long way in developing and maintaining focus on the relevant competitors in the market.
The second step is to identify specific aspect or areas that competitor firms are taking advantage of to gain a competitive edge in the market. This step is equally as important as it helps a firm work on the specific areas that they are weak at and effectively improve on them using social media analytics.
The last step is conducting an exhaustive competitive analysis based on the information collected on competitors in the market. This step especially helps in establishing findings into results that are crucial in the decision making process.
Tools of Competitive Intelligence
Intricately is one of the most valued corporate intelligence and social media analytics tools in the market. This special tool works to ensure that firms are equipped with spend intelligence. This type of intelligence plays a major role in facilitating cloud product promotion.
Firms that incorporate intricately as a competitive intelligence tool are able to adopt and focus on their go market strategy. Firms are able to run this strategy based on the highest revenue potential. Consequently, Intricately also helps firms convert their usage data and cloud data to revenue making opportunities. Firms are also able to smoothly cruise through processes such as forecasting, planning and sales execution altogether.
Forecasting helps firms identify and monitor potential prospects that can rake in high revenues. With Intricately, firms are able to work with credible and useful information on market progress.
Competitor’s App is a competitive intelligence tool that has been used worldwide by market and global leading firms to have a concise understanding and view of any activities their competitors engage in to boost their competitive edge in a market. NetbaseQuid explains that the competitor’s app send email notifications to subscribed firms any time their competitors make any moves in the market. This app is also very convenient and time saving. This is because firms only need an average of five minutes a day to monitor updates from emails on their competitor’s marketing strategies.
Consequently, NetbaseQuid explains that the competitor’s app is recommended and best suitable for online start-up firms. Small and medium enterprises have also been recommended to try this app is securing a competitive advantage in the market.