Compiling competitive intelligence is one of the most important aspects of running a business. You can use it to make sound decisions on competing with other businesses and staying ahead of your market intelligence competition.
In this blog post, they are going to take you through how you can get started with collecting competitive intelligence by explaining what it is and why it’s important. Then you’ll go over what some of the best practices are when putting together this type of material so that you can be sure that it will be effective when used for making decisions about your business.
Analyze your competitor’s website and customer feedback
Next, you need to look at your competitor’s website. It is crucial to understand what the company is doing and how they are communicating with its customers.
It would help if you also looked at social media and online marketing strategy because these are other ways a company might communicate with its audience. Categorize the information that you collect by looking at social media posts or comments on the company’s website so that you can organize it later on when writing up your report.
Analyze your competitor’s social media presence and customer service
You can get valuable information about a competitor by checking their social media accounts and customer service responses. For example, your competitor might be posting about new product features or sales, which could give you an idea of what to focus on in your own marketing efforts. You can also see how their customer service replies influence their followers’ perception of the company as well as how helpful they are at answering questions from potential customers.
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Analyze customers’ feedback on Google
Google Alerts, Google Analytics, and Google Search Console are great tools for monitoring your competitors’ websites. For example, you can set up alerts to notify you of any major changes to their site so that you will know when they have launched a new product or service before it is announced on their homepage.
Google Webmaster Tools allows you to see what pages rank in the search results for targeted keywords and how much traffic they receive from each page ranking. This data can help guide decisions about what aspects of your website need improvement to improve its visibility online.
Engage with your competitor’s communities
Engage with your competitor’s communities. This is a great way to get to know their customers and identify the pain points of their customers. Your competitors’ users aren’t just going to tell you what they love or hate about your competitor—they’ll also inform you of problems they have with your product, as well as opportunities for improvement.
Engage in person at events and conferences where both you and your competitors are present. This gives you a chance to meet people from both companies, ask questions, and learn more about what makes each brand tick outside of social media platforms like Twitter and Facebook.
Monitor their online marketing strategy
Monitoring your competitors’ online marketing strategies, such as social media posts and content, can help you understand their goals and objectives. This will also give you an idea of what content they are publishing, which can be helpful if you’re looking to create similar content for your channel.
In summary, there are many ways that you can use your competitor’s data to improve your company. By analyzing their marketing strategy, you’ll be able to implement changes that will help you dominate your market.
