Some start-up firms and both small and medium enterprises in various parts of the world are still trying to get their way around competitive intelligence, what it entails and some of the tools that are useful in this unique process.
Well, competitive/social media analysis, which is also professionally known as corporate intelligence is a process that allows businesses to collect information from web traffic, web analytics, ad engagements and other sources of information on competitors in a market. Social media analysis provides opportunities and highly credible insights into some of the business practices that a business needs to adopt or offload in order to secure a competitive edge in a market.
However, the law strictly dictates that the process of collection, analysis scrutiny of any information whatsoever collected on competitors in a market should be conducted in a legal, transparent and ethical manner. Firms that breach this provision may face prosecution and serious fines.
Understanding how Competitive Intelligence works
Competitive Intelligence, as defined by NetbaseQuid, is a process that has various steps that make it a reality. These steps are essentially important and should be followed by all firms that yearn for quality insights on their competitor’s marketing strategies.
The first step in the corporate intelligence and social media analysis process is to research and pinpoint selected firms and institutions that pose the highest competition in a given market. This step helps firms identify who their competitors are and understand how their marketing, sales and consumer strategies work. Companies also take advantage of this step to compare their strategies with their competitors and evaluate them.
Consequently, the second step in corporate intelligence and social media analysis is identifying specific aspects and areas that other competitor firms are having a greater competitive advantage over them. This second step is also considered crucial and NetbaseQuid explains that this step helps firms identify their areas of weakness and work on improving them.
The last step is to carefully perform a competitive analysis report that helps establish various findings from the information collected from competitors in the market. Findings are established into results, which are later converted into insights that will help make crucial executive business decisions.
A glimpse at some of the Competitive Intelligence Tools
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Ad Intel by SOOMA
Ad Intel developed by SOOMA is one of the most unique corporate intelligence and social media analysis tools available according to NetbaseQuid. This tool is one of the few apps that work to achieve creative intelligence and credible ad revenue data.
Consequently, Ad Intel also helps firms identify and incorporate various types of creatives that attract a huge and impressive number of clicks and installs from consumers in the market. Apart from that, companies are able to trace and identify the top competitive firms in the market and get numerous insights into their marketing strategies.
Ad Intel by SOOMLA is widely used as it carefully and regularly monitors over 10 billion ad impressions which feature over 20,000 global advertisers.
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Intelligence2day
Intelligence today is an exclusive corporate intelligence tool that works to ensure that professional competitors in a market convert the bulk information they have to quality and eye-opening insights on possible opportunities in market.
Many firms and enterprises prefer intelligence2day as a corporate intelligence tool that not only extracts information but also refines it into digestible data with possible business niches in a market.
Intelligence2day is also clearly focused on gathering and compiling both internal and external sources of data into one holistic platform. Consequently, intelligence2day also plays a major role in ensuring that artificial intelligence is incorporated to add meaning to bulk and unstructured information that may have been obtained from a competitor’s online marketing strategy.
