What’s Economic Intelligence?
Competitive intelligence is not only “nice to have”; it is also essential to the business. What exactly? It’s about creating an informed, consumer-centric, market-driven understanding of your brand’s position in the larger category, combined with a deep understanding of the audience so you can be informed about conversations from influencers and influencers. Opponents before they explode online. It helps brands develop a complete picture of emerging trends in their market and deliver innovative solutions before or after competitors try to fail. They can single-handedly define a category for a brand that is ready to pan after transparent and precise analysis. And taken together, this information is a tipping point as it categorizes those who dominate from those who consistently lag and struggle to catch up. There has never remained a better use case for this combination of social media analytics and market intelligence.
Right now, competitors track your website traffic and keywords, changes to your website, and sources of traffic, and also, they identify or dominate white space opportunities without any challenge. Your crystal ball is data intelligence, and you can take it. It would help to tackle the trends that slip out of your fingers first. And it’s time to change that.
It would help if you had robust competitor auditing and world-class market intelligence to identify these new opportunities. And that’s where competitive intelligence tools come in. Say hello to your new best friend. Our best practice guides cover the importance of competitive intelligence beyond what you’ll find here. Make sure to check it out!
Business Intelligence Is Key – Here’s Why And How To Use It
Competitive intelligence helps you understand your audience and their needs. And also, it also enables you to keep up with your competition and ultimately make your own strategic business decisions. Active and effective control over your competition gives you an edge in your industry and also, keeps you one step ahead.
When you have a strategy for using competitive market research tools like Quid, you will be successful:
- Promote new business arguments
- Measure brand awareness
- Customer evaluation card
- Perform a competitive analysis
- Discover cultural models
- Gather creative inspiration
Which competitive intelligence tool could be suitable for your business? Read on as we show you some of the best tools available. We promise that there is a tool that will meet your business and marketing needs.
Competitive Intelligence Tools To Take Into Account
NetBase Quid – Comprehensive Analysis of Media Coverage and Sentiment Trends NetBase Quid empowers organizations to make smarter, data-driven decisions quickly and also, efficiently by integrating billions of data into a fully integrated competitive intelligence platform. Collect billions of social media posts and millions of data sources to answer critical business questions, including:
- The ability to identify the most critical trends for your consumers and your market
- Understand your consumers, the competition, and the industry on a deeper level
- Understand what drives consumer sentiment and behavior
- Identify critical business issues versus minor issues
- Identify new opportunities for original and innovative products, services, and also, business investments.
All though, Compare your product’s research with general market trends. Google Trends remains a free tool that displays the number of times a search term has entered the Google search engine. This market intelligence tool provides keyword-related data such as volume index and demographic information about search engine users. In a Google Trends search, an unbiased data sample is taken to help users measure interest in a particular topic from searches around the world.
Also Read: What Is Social Media? – Uses, Advantages, Types, And More
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