Competitive intelligence is the research and analysis of an organization’s market competitors and strategies.
Businesses can use it to assess and monitor the threats posed by new or existing competition and to understand what new opportunities exist for them in the market. As a result, competitive intelligence helps a company better position itself concerning its competitors.
5 Competitive Intelligence Tools Used By Leading Companies
1. BuzzSumo
It is a tool that helps people discover the content being shared on the web. To use it, type in the keywords or website/blog name you need and then click on the tab. In addition, you can also see what kind of content has been shared on your competitors’ blogs or websites. You can also find other helpful information, such as the number of shares and social media shares the content has received. It will help you to understand what content resonates with your target audience.
2. Google Alerts
It is a tool that notifies you of new information posted on the web. It allows you to specify keywords you want to monitor and how often you wish to receive the notification. In addition, it also allows you to set related terms such as misspellings of your keyword or synonyms.
3. LinkedIn Pulse
With this tool, you can monitor your competitors’ discussions on LinkedIn to determine their industry trends. It also allows you to monitor the progress of your competitors’ employees and the company’s sector.
4. Unbounce
It is a tool that notifies you on tweets and blog posts about your competitor’s landing pages or marketing and advertising campaigns on Twitter. You also receive alerts when they mention a competitor and post a link to your competitor’s website from Twitter.
5. PPC Hero
It is a tool that notifies you of PPC advertisements placed on Google in your competitor’s industry. It also enables you to enter the search terms about your competitor and can help you gauge the effectiveness of their PPC campaign. Other helpful information, such as several impressions and cost per impression, will provide insights on optimizing your campaigns.
How To Choose A Competitive Intelligence Tool To Suit A Business’s Unique Needs
1. Focus on what is useful for you and your audience
With so many tools available for competitive intelligence, getting lost in the myriad of details can be easy. However, before choosing a competitive tool, business owners must decide what information they want to monitor. In addition, they also need to try and understand what information is relevant for their field or industry.
2. Know your needs and the needs of your customers
It is critical to do proper market research before choosing a competitive intelligence tool, especially if you operate in a niche market. Market research will help you understand the industry trends better and understand what kind of information is relevant for your target audience.
3. Ensure Scalability
A business should choose a tool that allows them to monitor millions of web pages as well as provides them with alerts when new information is posted on their competitor’s website or blog. Some tools will also allow you to monitor other sources, such as Twitter and LinkedIn.
How To Use These Tools to Advantage Over The Competition.
1. Monitor your competitors’ websites
Before the Internet, small businesses could not monitor their competitors’ websites since the Internet was only accessible to big companies. It may be fine now, but it could be in the future when you compete against a more significant and newer competitor.
2. Monitor social media
Social media is a powerful tool for letting your target audience know what your business offers. It is the place where your competitors may be able to showcase the uniqueness of their products or services or get more customers. You can monitor their presence on social media with these tools. Information such as how they respond to customer feedback, what kind of content they share, new projects and products, and new clients will help you better understand how your competitors operate in the market and react accordingly.