Paste your Google Webmaster Tools verification code here

Digital Competitive Intelligence Strategy

Social Listening

Competitive Intelligence is something that business has done for decades in one form or another. From mystery shopping to market research using various methodologies, everyone seems to be spying on everyone else. However, many businesses have been slow to consider using social media and online research, for competitive intelligence, as a way to increase market share and to gain an overall competitive edge.

For the purpose of this blog post, we will zero in on the aspects of using online resources as a way to gain digital competitive intelligence. As artificial intelligence and algorithms continue to perfect, so does the need for good software. Social listening and analytic software options are plentiful and the financial commitment for using them can be huge.

The Forrester Wave™: Social Listening Platforms, Q4 2020

According to Forrester, vendors that can provide advanced analytics, brand measurement in visualizations, and broad tech integrations, position themselves to successfully deliver enterprise-wide consumer and social intelligence to their customers (Digimond reports from the study and is named as one of the top software providers).

Digimind is a Strong Performer

In 2020, a Forrester’s customer survey found that 59% of respondents incorporate social data into market research data sets, 57% into voice of the customer (VoC) data, and 48% into audience segmentation.

It is important to mention that while social data plays a significant role, data collection from non-social media data can be equally important.

Social Media data for competitive intelligence was something we covered in a previous blog.

According to Hootesuite, social media competitive analysis, includes the following:

  • Identify who your competitors are on social media
  • Know which social platforms they’re on
  • Know how they’re using those platforms
  • Understand how well their social strategy is working
  • Benchmark your social results against the competition
  • Identify social threats to your business
  • Find gaps in your own social media strategy

Online Research Strategy Steps

The Importance of Media Monitoring for Businesses on a regular basis with ongoing detailed reporting. Select your brand with at least two top competitors and gather intelligence on a regular basis.

A Competitor Website is home to a great deal of information that can be used for competitive intelligence. From product and pricing information to new product launches to press releases.

Review and support sites should be monitored as well. Customers are very vocal online, providing a good deal of detail of product reviews.

Share

Gathering of Competitive Intelligence For Your Business

Competitive Intelligence

We began conducting competitive intelligence for our clients over fifteen years ago. Back then, we primarily used Mystery Shopping as a way to gain valuable information for our clients on their top competitors. We have worked with start ups, established businesses as well as companies who need information for the acquisition process.

Types of Competitive Intelligence Gained:

  1. Website Impressions: Your website is your business. While it may look great to you, unless you research how it resonates with your customers, you may never know the truth. Same is true for a competitive mystery shop. Ease of use is very important as well as using very understandable language surrounding service offerings.
Competitive Intelligence
Website Impression

2. Contact us: Be sure to test this area through every channel possible and then gauge the amount of time it takes for a representative to get back to you. In an April blog post, we shared a case study where it took a representative 6 days to get in touch with our evaluator posing as a potential business customer.

3. Pricing: Asking for a quote after going through the sales process is usually the top determining factor for conducting the research in the first place. Additionally, we upload all marketing collateral right within the evaluation form.

4. Follow up: How well does the representative follow up? Depending on the scope of work, we usually allow 5 business days to measure this. Many times, there isn’t any follow up at all.

Social Media Competitor Analysis

According to Hootesuite, social media competitive analysis, includes the following:

  • Identify who your competitors are on social media
  • Know which social platforms they’re on
  • Know how they’re using those platforms
  • Understand how well their social strategy is working
  • Benchmark your social results against the competition
  • Identify social threats to your business
  • Find gaps in your own social media strategy

When was the last time you took a closer look at your competition?

Share