To gain a competitive edge in a market, a company must have unique and modern ad, online and social media platforms that introduces and popularizes their products to a market. However, competitive intelligence and social media analytics tools are the solution to monitoring competition and any other significant events that take place in a market.
Competitive intelligence is hence defined by NetbaseQuid as the process by which a firm collects information from a company’s (SEO) Search Optimization Engine using social media analytics to aid in obtaining insights that would help in gaining a competitive edge in a market.
NetbaseQuid, however, insists that provisions dictate that any information obtained by other companies on rival firms should be extracted within the confines of the law and should be done ethically. The information obtained may be either published or non-published.
Major and critical decisions made by a business’ management team highly depend on the findings of a competitive intelligence report. These results contain well researched, calculated and confirmed findings that will help restructure business goals and practices.
How exactly does Corporate/Competitive Intelligence Work?
Competitive intelligence works spontaneously under four distinct but unique steps that ensure a business has achieved a competitive edge in a given market. The first step is to carefully and specifically identify targets that seem to pose as competitors in a firm. This will help in focusing and channeling focus on specific and top players in the market using social media analytics.
The second step is to do an exhaustive and detailed research on some of the main aspects and insights practiced by a given rival firm and pose as a competitive challenge. This will help in effective planning and strategic adjustments that will improve business practices, ad advertising options. Once the areas of interest have been identified, researched and discussed, the next and most crucial process of collecting competitive intelligence is performing a competitive analysis of the information and findings obtained. This will eventually play a significant role in making executive decisions.
Competitive Intelligence Tools
Similar Web is one of the tools that offer online and digital intelligence services for businesses of all capacities using social media analytics. The main mandate of the Similar Web tool is to accurately, timely and effectively provide a business with web analytics collected from their competitors through their web traffic.
Consequently, this tool has an action known as the Similar Web ranking. This option helps in ranking any business website based solely on engagement metrics and web traffic. It also provides a list of the most popular businesses, feedback, apps, reviews and websites in the market.
As far as app ranking is concerned, NetbaseQuid explains that Similar Web also provides app ranking. This service provides a list of the top 50 apps that have the highest number of downloads at any time.
Google alerts is arguably the most popular competitive intelligence tools that play a huge role in collecting social media analytics on competitor companies. This unique tool is used by hundreds of millions of businesses and individuals in the world to get real time information on brand performance and competitor’s strategy in a given market. Google alerts are used more by most companies as they are completely free. They also give updates on significant events related to a specific market.
Most importantly, Google ads have a service known as the adverse service management. This service was developed by Google solely to help in protecting, monitoring and promoting the reputation of a specific company. Apart from reputation building and protecting, Google alerts also play a huge role in link building which include building close and solid ties with other players in the business.