In today’s world, a business needs to remain afloat by all means necessary. Withstanding competition is the greatest of them all. Competition in business is essential in opening doors for innovation, creativity, and understanding the business’s market position. Making data-driven decisions can be achieved by the application of business strategies such as competitive-intelligence.
What is Competitive -Intelligence?
When you want to drive internal strategies and tactics, you can use competitive -intelligence. It involves capturing and analyzing information about your business environment, competitors, competitive products, and services.
While most businesses have a clear understanding and control of internal happenings, external happenings are vital when making sound strategic decisions. Furthermore, the information gathered during the analysis process can be used when identifying new competitive gaps in the market.
What Are Some of the Best Competitive -Intelligence Tools?
- Quick Search: It is a powerful social media search engine that provides you with an instant overview of your brand online. You can use the tool to do extensive coverage on new landing sites, blogs, social networks, and forums. Working with such a tool guarantees you the discovery of audience demographics, mentions, gender concentration, and mapping of competitors.
- Wappalyzer: It is a cross-platform utility that reveals technologies applied on various websites. Using this tool helps you determine the specific software your competitor uses.
- BuiltWith: It functions as a lead tool in providing website profiles, eCommerce data, lead generation, business, and competitive intelligence. Using the tool enables you to determine key market segments that you may miss, track your competitors’ undertakings, and build a list of prospects.
- WooRank: The tool enables you to conduct an SEO check. It works by scanning your website and giving you a detailed audit of its SEO. With WooRank, you can compare your competitors on segments such as technical SEO, keyword usage, backlink quality, site performance, and usability.
How Can Companies Use Competitor Intelligence Tools to their Advantage?
Using competitive intelligence tools should not be for the sole purpose of gaining a competitive advantage. The main agenda for using these tools should be to meet the customer’s needs and wants. Additionally, these tools should help you identify the clients’ pain points and the plausible ways of solving their problems.
It would help if you determined how to position your company in the market. This will help you settle in your niche and develop new offers to meet your customers’ needs. Proper application of competitive intelligence tools enables you to leverage what you know about the competition. By this, you can devise ways to attack open market spaces while differentiating yourself in your customer’s mind.
What are the Factors to Consider when Choosing a Platform that Best Suits your Needs?
- Customization: Every company has its own unique needs and follows a particular path to attain its business goals. It would be best if you went for a platform that can accommodate your business structure. It should allow you to create custom applications that support your specific business goals.
- Integration: You need to determine if your platform exists as a stand-alone or integrated solution. To effectively figure out your best option, you should audit your current systems. The audit report will enable you to settle for the ideal platform.
- Pricing: As a business, you need to maximize your profits and minimize your costs. You need to consider any applicable future fees, unpredicted automated updates’ costs, and any hidden charges. It would help if you also thought about scaling lines since growth is inevitable in business.
NetBase Quid is a company setting a high bar when it comes to providing competitive intelligence solutions. They boast a wide selection of in-house packages that you can use to monitor competition. Visit their website today and request a demo.
To succeed in achieving sustainability, all systems’ complexities need to be reduced to simple, practical, visual, and actionable takeaways. Following the strategies mentioned above and tips, you stand a better chance at gaining a competitive advantage.