What Competitive Intelligence Is and Its Benefits
Some people call competitive intelligence “corporate intelligence.” However, you don’t have to be a large entity to experience its benefits.
What does competitive intelligence do?
It assists businesses of all sizes who want to learn about their competition. A dashboard provides analysis tools that collect data about opposing businesses. Ethics surround the statistical gathering, whereas you cannot just take any information you want. You must respect privacy, but you can still monitor public social media pages.
The Benefits of Competitive Intelligence
It involves knowing what promotional methods work for your competitors. This includes real-time observations of likes, clicks, comments and engagements within social media audiences. However, it also could include public company announcements that reveal new business strategies.
For Advertising Campaigns
You can find out what keywords your competitors are using. Likewise, you can discover new trending hashtags and keep an eye on hot topics. Use all this to form your new contextual ads. In the process, you also can learn what your potential customers would click on, which assists you in building an enticing call to action. Spying on your competitors can also prepare you for making landing pages for all social media ad campaigns.
To Plan Next Corporate Move
You may not have access to sensitive information, Of course, you also do not want to involve yourself in unethical practices to find out more about how your competitors plan their corporate strategies. However, you can still see the direction a corporation takes even in public social media posts.
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Accessing this information as soon as you see it in your competitive social intelligence dashboard gives you the edge you need in the corporate world. For instance, you will want to stay on top of any new product release or observe how your competition deals with controversial issues.
For Learning New Bidding Tactics
Perhaps you want to find out how much other businesses are charging for specific products and services. If you learn how much their rates are, it can help you improve your bidding tactics. In the process, you also might think of new ways to package your own products and services. For instance, you perhaps want to add free features that your competitor doesn’t.
To Make Swift Negotiations
Once you become accustomed to corporate strategies, you can make swift negotiation moves. For instance, you perhaps aspire to own a piece of another company. Maybe that division could enhance your production, and competitive intelligence can help you negotiation during an attempted acquisition phase.
Prepared Decision Making
Any aspect of your business will run smoother if you know how to use competitive social media intelligence. Even budget setting or operations protocol becomes easier. Furthermore, you’ll have more of an idea of the kind of workforce you need when keeping up with how competing companies run both the public and private aspects of business.
Netbase Quid Competitive Intelligence
You can combine any combination of competitive intelligence tools into your social media analytics dashboard. Maybe you want to keep track of trending topics in real time or find out what CTAs receive the most clicks and likes. Natural language process, image or video analysis – all this and more is a part of the experience.
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