Every business is created with the purpose of solving one societal problem or the other and generating profits proportionate with the efforts expended on the creation of unique solutions to the identified problem. No doubt, the solutions emerged after several brainstorming sessions with the research and development personnel. Expert says for a company to remain relevant in its industry with the largest market share, there is a need to spend more time watching its backs and looking at what competitors are doing differently.
It’s helpful to have context and evaluate your competitors’ successes and failures in the marketplace says Gini Dietrich and Geoff Livingston. In a digitalized business environment, developing competitive advantage requires analysis and monitoring of close and distant competitors. According to competitive intelligence experts, a firm needs to compile a list of close and distant competitors, developing cutting-edge strategies for monitoring website and social media presence of the competitors. Here, we have website and social media monitoring with some of the proven competitive intelligence gathering techniques.
Today, businesses are no longer run with traditional communication channels alone, but with new media, especially the Internet. Every business wants its customers to know specific information about the products or services through the Internet. The channel helps majority of businesses in creating, attraction and conversion of potential customers into the real buyers. Specifically, a typical website for the business-oriented firm should have a home page, about us, products and services, unique value propositions and among others. With a clear review of these through existing monitoring and intelligence analysis tools, you will definitely get the top-level news and information about your competitors.
Although Google Alerts is developed as top-level news alerts on a number of issues, the platform it is also useful for scooping competitors’ activities on daily basis, especially as people and media are saying and reporting about them. To exploit this platform, you need to create Google email account and log on www.googlealerts.com. From there, set up an alert on your competitors, creating keywords relevant to your industry and a few topics of interest on partners of the competitors. You can also use your competitors’’ names, services and products, among others as keywords.
This is a free service provided by HubSpot for businesses to evaluate websites and marketing funnel from the top to the middle. The platform basically helps businesses in discovering website’s strengths and weaknesses; take action to create an Inbound Marketing plan for your firm. It is user-friendly, you only need to log on the platform at www.marketinggrader.com and register.
WooRank facilitates digital findability, helping agencies to pitch clients, track their online presence and follow up with clear results.
Alexa provides analytical insights to benchmark, compare and optimize businesses on the web. According to its website, Alexa provides traffic data, global rankings and other information on 30 million websites, and as of 2015, its website is visited by over 6.5 million people monthly.
Social Media Monitoring
Topsy is designed specifically for products searching, analysis and drawing insights from conversations and trends on the public social websites including Twitter and Google+, especially companies. You can find out your competitors strengths in the areas of content used for the marketing of varied products and services through the platform. All you need is to log on the address www.topsy.com. Type the name of the company you want to gain intelligence on and get significant data on it hourly, daily and monthly.
It tracks social network use to measure the strength of user connections brands, friends and followers, as well as to help brands identify and analyze influencer segmentation, brand affinity, and social activity hubs. It simplifies the process for marketers of identifying the best opportunities buried in big data sets. Check it out on www.infinigraph.com.