Often known as corporate intelligence, competitive intelligence is one of the emerging trends defined as the process of carefully collecting, analyzing and obtaining relevant information necessary in securing a competitive edge in a market.
Each and every day, numerous businesses are coming up with new emerging trends thus making competition a key factor to consider in the global market. In this response, businesses have resulted into adopting and incorporating different competitive intelligence tools.
What Does Competitive Intelligence Entail?
NetbaseQuid highly insists that competitive intelligence remains a key strategic tool that is crucial in coping and countering competitive aspects in a given market. However, the business ethics laws dictate that any efforts channeled towards collecting information (published or non-published) should be conducted in a legal and ethical manner subject to the provisions of the law.
There are three key steps that firms should follow while deploying any emerging trends or competitive intelligence tool. The first step is identifying firms within the same industry or market interests. This greatly helps in focusing on specific targets and collecting as much information as possible.
Consequently, the next step involves identifying key aspects or areas of interest that affect the competitive position of a given firm in the market. After analysis, the next step is performing competitive analysis to change the findings into results that will secure a competitive edge over rival firs.
Competitive Analysis Tools- How they work
Firms and corporations in any market need competitive analysis tools and emerging trends to stay woke and updated on any events that occur in a market. Corporate intelligence tools, as described by NetbaseQuid, play a huge role in collecting information from another company’s Search Engine Optimization and use it to improve their products and services.
Consequently, competitive intelligence tools also help companies identify their rival’s social media and advertising strategies and programs. This goes a long way in improving advertising and social media marketing skills that will surpass other opponents in the market.
NetbaseQuid continues to explain that modern and technological tools of collecting competitive intelligence help to collect more accurate and timely information that can assist in complex managerial decision making.
Tools of Competitive Intelligence
SpyFu is one of the most common competitive intelligence tools that incorporate keyword research engines in collecting information on rival companies in a market. This unique tool is mostly preferred by start- up businesses that are willing to work on a budget so as to improve their social media and online presence.
On the other hand, many companies also trust working with SpyFu as it has a record experience of 13 years of Google data. SpyFu also keeps a company in tabs on the top competitors in the market and some of the trends and various factors in the market that will increase competition in a given industry.
NetbaseQuid insists that SpyFu has three plans that include the basic, professional and team plans that are accommodative of any business regardless of size.
MOAT has several meanings but in this context, NetbaseQuid defines MOAT quoting Warren Buffet who said “a MOAT is any activity that accrues a company a competitive edge over other competitors in a market.
Well, MOAT is a similar tool developed by global tech giant, Oracle. This tool plays a huge role in real time marketing and ad intelligence services. The tool helps companies take a look into some of the direct and strategic ad buys by rival companies. By use of well researched and constant insights on market factors and trends, MOAT Pro can help a company develop and incorporate business insights that will help them improve their advertising and online dominance as well as the quality of their goods and products