A competitive intelligence tool is a program that gathers and analyzes data about a company’s competitors. They can be used for research, market analysis, and marketing purposes. With the rise of information and technology, there are now many different tools available to use as you search for the best ones suited for your needs and budget. Some of the best competitive intelligence tools include Crunchbase, Ahrefs, Moat, Hootsuite, SimilarWeb, and others.
Ways of Choosing The Best Competitive Intelligence Tools
1. Read Reviews About It
The reviews from other people who have tried out the product or service are usually very helpful in giving a good idea of what they expect from the item. You will also find out if it really works before making any purchase. This way is also a great option when trying to get insights on different options.
2. Try Out Different Options
You should try out several options before making your decision. Make sure you pick one that will suit your purpose. For instance, do some online searches to see which products are popular. Then, take time to read through all the customer reviews and feedback available online by looking at websites like Goodreads, Amazon etc. If possible, visit those sites to understand how customers feel about the product. All these things will give you an insight into what others think about the product. And with this knowledge, you will then be able to choose whether or not to buy the said product.
3. Consider Your Needs First
You must first know your needs and expectations. This is important when choosing a product because once you do, you can figure out what you need and what you don’t. Thus, you can avoid wasting money.
4. Know How Much Money You Have To Spend
After all this research, it is advisable to invest only what you can afford. Remember, most gadgets such as smartphones tend to lose value over time, so you may end up regretting spending too much. So, consider where you are going to spend your money wisely.
5. Use References
Having references is another important part. Always ask someone close to you about their experience with the product. Also, you can check with friends and family who may already own the product. That’s a perfect way to narrow down your list of choices. Once you’re done, go ahead and do the proper research to ensure that the product is suitable for your purpose.
Application of Competitive Intelligence Tools
1. Market Research
Market research is the process of identifying potential clients. An example would be researching the companies that sell the same items as yours, finding out their strengths and weaknesses and what makes them successful. Another example would be doing keyword analysis with your current website to identify keywords that bring traffic.
2. Competitor Analysis
This is similar to market research, but it focuses more on competitors. There are two types of competitor analyses: primary and secondary. Primary refers to the competition closest to your product, whereas secondary refers to competitions that aren’t direct rivals. In both cases, the goal is to determine the strengths and weaknesses of each industry leader.
3. Competitive Positioning
Competitive positioning is when you use competitive intelligence tools to decide on your price range then decide on a strategy to beat the competition. It helps you gain the upper hand against competitors while making you stand out from the crowd. Some examples of this include: reducing costs, increasing sales, offering additional services and becoming the best provider of a given solution.
With the right digital marketing firm familiar with the best competitive intelligence tools and their use, like NetbaseQuid, you will quickly gain market share and increase your profits. These firms usually have a team of specialists in every department, including SEO experts who focus on search engine optimization and search engine marketing. They also have social media managers who work on brand awareness and engagement via Facebook, Twitter, Youtube and other channels.