Competition is becoming one of the key aspects that businesses are always worried about. Due to globalization and increase in business and economic activities, many firms and enterprises have joined the market. This means that other firms have to compete for their seat at the table.
Competitive intelligence is the best approach towards keeping regular tabs on any significant and market impacting change that may be made by any of their competitors. The information collected on competitors can be published or non-published. Although competitive intelligence is legal, the law also has provisions that dictate that the collection and analysis of any information on competitors in the market must be transparent and conducted in an ethical and legal manner.
Competitive intelligence also known as corporate intelligence or social media monitoring helps firms to stay a step ahead of their competitors. Firms extract important information from their competitor’s search engines that can develop important insights in achieving a competitive advantage.
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The Competitive Intelligence Process
The corporate intelligence process is quite a unique one. It contains various steps that firms are strongly advised to follow to the latter in order to achieve the best results. This process involves the adoption of various modern technology competitive intelligence and social media monitoring tools that basically do all the work for a firm.
The first step in the competitive intelligence process is to carefully research and identify a firm in the market that pose a serious competitive challenge. This especially assist firms in focusing and planning on how to extract information from competitors.
The second step, which is considered as the focal point of the whole competitive intelligence process is identifying the specific aspects and areas that competitors are outdoing them. The reason why it is the most important step in the process is that a firm gets to identify its weak areas, work on them while still focusing on their strengths in the market.
The third and possibly the last step that is also important is conducting a thorough and exhaustive competitive analysis report using social media monitoring tools from the information carefully collected on competitor’s in the market. This will help establish findings that will be crucial in making present and future business decisions.
Competitive Intelligence Tools Explained
Brand Total
Brand Total is a unique real time intelligence tool that provides constant information including insights, media, web analytics and ad engagements of any selected competitors in the market. With all these, Brand Total provides firms with a clear visibility and understanding of their competitor’s moves in a market.
As far as web analytics is concerned, Brand Total helps a firm identify and monitor the strength of their brand voice across multiple social media and online platforms using social media monitoring tools.
Consequently, firms are also able to optimize and adjust messaging services depending on consumer feedback and insights from other competitors in the market. Firms using Brand Total are able to identify new trends in the market and get new ideas of more audience acquisition.
CompetiSmart AI
The world of competition in the global market has also called for the use of AI systems in collection and analysis of competitive otherwise called corporate intelligence. CompetiSmart AI plays a huge role in positioning and promoting a company’s brand on various social media platforms as a way of social media monitoring and advertising.
CompetiSmart incorporates both artificial intelligence and machine learning in introducing a brand, popularizing and growing it in a given market space and beyond. Some of the industries that CompetiSmart AI can thrive and assist firms include the healthcare, retail, insurance, financial services and insurance industries.
CompetiSmart also offers services such as trend analysis, competitive analysis, social media monitoring and regular alerts and notifications on market events.
