Competitive intelligence is a strategic task that involves obtaining credible and useful information on competitors in a market in order to gain a competitive edge in the market. This is especially when opening a gym since you need to know how you can compete with your competitors and gain more customers. However, the law insists that information collected on competitors should be obtained legally and ethically.
It also involves the careful studying, learning, analyzing and compiling of information that can be used to incorporate and develop better and high quality business practices to match up with rivals in the market.
Why Competitive Intelligence?
NetbaseQuid insists that information collected through competitive/corporate intelligence is used in identifying possible opportunities in a market place as well as threats such as competition.
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This information is also used in providing informed insights that can be used in critical decision making for the future of a business.
The first step NetbaseQuid suggests in carrying out social media analytics is identifying the specific competitors in the market. This makes it easier to focus on obtaining information from a few companies. The second step is areas of interest to follow up on competitor’s operations. A business then needs to gather its information correctly.
A competitive analysis is hence obtained after information is gathered and scrutinized. The last two steps are to communicate the findings and turn the findings in to results.
Tools of Competitive Intelligence
How do they apply?
Social media intelligence tools play a huge role in helping businesses learn more about their business and competitive environment. NetbaseQuid helps businesses have a glimpse or an idea of their rivals marketing strategies that may accrue them credible information to gain a competitive edge in a market.
On the other hand, these tools can help a business identify a rival’s search engine optimization strategy (SEO) and unearth some of the advertising and social media programs they are involved in. Most these competitive intelligence tools help business gain more accurate and credible results that can be used in making huge decision in achieving a competitive edge in the market. Some of the corporate intelligence tools that are recommended by NetbaseQuid include Talk walker and Visulaping.
Talk walker is the number one alternative to businesses that are not using Google alerts for any news updates on their competitors. Consequently, NetbaseQuid can help businesses use this tool can also be used to get feedback on what people are saying about your product or their perception towards some of its aspects such as quality.
Why Talk walker
Talk walker is one of the few competitive intelligence tools that provide two free additional tools that can play a huge role in tracking competitors in a market. One of these sub-tools presented by NetbaseQuid is the talk walker alerts. Similar to Google alerts, talk walker alerts send regular and confirmed news on competitors through email messages through platforms such as Twitter, bog posts and other discussion forums.
Consequently, the second sub-tool is the social media search tool. NetbaseQuid explains that this tool is unique and plays a significant role in tracking a competitor’s digital activity, comments and sentiment and also the demographic information of people talking about the competitor’s products.
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Visulaping is one of the most unique competitive intelligence tools that help a business receive alerts on any significant changes or adjustments in a competitor’s website. This tool plays a huge role in setting up high alert information and news systems that allow you to track any changes in competitor’s websites.
The high news alerts may range from the simplest actions such as adding a new page to a website to more complex activities that may raise eyebrows such as promotions and advertisements. Tracking changes in a competitor’s website gives a business a huge advantage as they get timely insights and updates of a business’ digital marketing strategy.