Companies that win always need to be one step ahead. That means knowing what your competitors are up to and what to do about it. Today, it is easy to spy on your competition thanks to digital tools that make this possible.
What is Competitive Intelligence (CI)?
CI is a process in which companies collect specific business-related data. The data then gets analyzed and interpreted to make calculated business decisions. For it to work in favor of your company, you need to be using the right CI research tools. An excellent example of such a tool is NetBase Quid. It helps you track trends in business. And it also enables you to know how well you stack up against your competition. Moreover, this tool gives you insight into whether anyone is gaining on you.
Here’s why competitive intelligence is such a big deal.
Track Industry Trends
To set the pace in business, you need to look out for industry trends. It’s much easier to dominate a market when potential future moves are predictable. With CI tools, it’s easy to know what the future holds. Disruptive technology and consumer expectations are some insights you can gather. Having such information ahead of your competitors guarantees you a competitive edge.
Boosts Speed-to-Market
How fast your product or service goes from ideation to sales is the speed-to-market. Some products are quite competitive, and getting to market last can mean less profit. CI research helps companies get to market faster without compromising on quality.
Improve Your Marketing Strategy
You need to know how well your current marketing strategy works for you. Whether you’re trying to enter a new market or launching a new product, having deeper insight helps. Information gleaned during CI data should help you pick the best marketing strategy. With a refined marketing strategy, you can reach the right audience faster. That way, you can spend less on advertising.
Spy on Competition
Competitive intelligence makes it possible for you to predict your competitor’s behavior. Most companies that seem to be one step ahead of others know this secret. Powerful tools will help you gather insight into what your competition is currently doing. This can be from their websites, job portals, announcements, and social media platforms. Such information makes it is easy to know what they’re planning. That way, you can strategize to compete favorably or even beat them at their game.
Learning Customer Sentiments
You need to use data from CI analysis to learn how your competitor’s clients feel. Find out their sentiments on customer service or products. That way, you can use this to your advantage by positioning yourself as the right solution. Such knowledge is powerful where clients have many complaints.
Better Decision-Making ROI
Running a business is expensive. But as long as you get a return on what you invest, then you’re doing the right thing. Without competitive intelligence, you have to depend on guesswork when making some decisions. This can be expensive, especially if it backfires. For example, rolling out a new product into the market without knowing whether there’s a need for it can also be costly. Good competitive intelligence tools help you make choices that won’t break the bank.
Wrapping It Up: Choosing the Right Solution for Competitive Intelligence
If you’re going to get the most out of this process, it is best to work with a powerful, well-known tool like NetBase Quid. That way, you can be sure to trust the results you get.
