With the ever-changing consumer demands, companies need to find ways to stay ahead of their competition. Luckily, several tools can help manage the competitive landscape, thanks to technological innovations. Such innovations include Competitive intelligence tools, which help companies gather data, analyze, and take action based on market competition. They can also provide great insights into product additions, product removals, and consumer feedback. These tools can be used by various teams within an organization, including senior leadership, marketing, and sales.
What is Competitive Intelligence?
Competitive intelligence refers to the business’s effort to collect and analyze data about its business environment, industry, competitive products, and competitors. Companies can research and gather information regarding their competitors’ market moves and marketing strategies like content strategy, social media strategy, pricing, and digital advertising. The information collected is then used to pinpoint the competitive gaps or develop appropriate strategies.
Besides analyzing the current competitors’ tactics, competitive, intelligent tools can also enable companies to drive investments and anticipate their competitors’ future actions. For a product to be included in the analysis, it must facilitate the collection and analysis of essential insights about website changes, marketing strategies, products, customers, and strategic investments.
Similarly, it should also offer a centralized place for businesses to collect, collaborate, and analyze information. However, companies should choose the best tools and platforms that best suit their needs. Here are some of the best competitive intelligence tools that can be of great help.
Owletter
Owletter is one of the best analytic tools mostly used by retailers and agencies to monitor competitors’ email marketing. It helps study how your competitors are leveraging email marketing tactics. Through Owletter, you can learn how many times your competitors send emails and whether they have a fixed or seasonal schedule. The tool can also help identify and monitor trends so you can leverage opportunities less known by competitors. Most importantly, Owletter comes with plenty of features that store your emails for easy access by your team members.
Intricately
Intricately intelligent is an intelligent tool commonly used by sales and marketing teams in cloud hosting, security CDN, and other cloud features. Surpassing the traditional graphic strategy, Intricately allows you to learn how your competitors use video, security technology, and CDN. It also includes query builder and alerts that enable you to personalize queries. The crucial part is that Intricately allows you to add essential accounts to your watch list and notify you when a new technology is added to a competitor’s website.
MoatÂ
Moat is another powerful, intelligent tool used across businesses of all sizes. It helps in viewing and monitoring your competitors’ digital creative story. Ideally, standing out from your competitors involves a mixture of strategies. Besides data intelligence, you need to invest in digital creativity along with viewing competitors’ marketing story. Moat gives you what you need to learn your competitors’ current and past advertising strategies.
BuzzSumo
BuzzSumo is an amazing competitive intelligence tool perfect for middle-sized companies. It helps understand your competitors’ content strategies so that you can learn about their main focus as well as the trending topics. The tool lets you track how your competitors intend to reach their customers and provide useful insights regarding their content strategies. Most importantly, BuzzSumo helps you analyze and filter your searches based on timelines and topics; it also allows you to create alerts that notify you once your competitors publish new content.
About NetBase QuidÂ
The merger of NetBase, a premier social media analytics company, and Quid, which is a top tier AI-driven text analytics firm, forms the next-generation market intelligence and consumer platform (NetBase Quid). NetBase Quid is set to provide companies an unprecedented solution to learn about market data and consumer behavior. It helps deliver contextual information that analyzes trends from both structured and unstructured data to help companies stay ahead of their competitors.