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).
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.