How to Make Use of Competitive Intelligence to Build Your Company?

How to Make Use of Competitive Intelligence to Build Your Company?

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In the world of marketing and business, the power of knowledge is a powerful thing. This is why many major companies of the top in their field dedicate large funds and whole departments for data collecting and analysis. The more you are aware of your industry more you will be able to navigate through the terrain of competition and plan to achieve success.

Although some companies make large investments in analysis and intelligence gathering small and medium companies can also reap the benefits. There is no need for a massive budget or an entire team to begin this task. All you have to do is search in the right places, and then start looking at the data you find.

Competitive intelligence can be the most important method to gain the information that will allow you to stay ahead of the game. We’ll discuss how to define the concept of competitive intelligence (CI) and look into the top kinds of CI.

What Is “Competitive Intelligence” Mean?

How to Make Use of Competitive Intelligence to Build Your Company?

 

Competitive intelligence refers to the method of analyzing and gathering information regarding an industry with the intention of improving your business’s strategy. The data gathered may be linked to any aspect of the business system and includes:

  • Competitors
  • Customers
  • Suppliers
  • Services and products
  • Technologies
  • Trends in the industry
  • Political or economic conditions

The terms “business intelligence” and “market intelligence” are commonly employed in place in place of “competitive intelligence.” While they’re both related, it’s crucial to recognize the differences:

  • Corporate intelligence or business intelligence examples focus on the data and information gathered internally.
  • market intelligence examples cover analysis of market conditions, trends in the market as well as emerging markets.
  • Competitive intelligence examples concentrate on the competition in established markets.

In this article, we’ll keep to the concept of Competitive Intelligence however, we will explore different aspects of these specific types of intelligence.

What is the Significance of Competitive Intelligence?

A business that is not aware of the competitive landscape can leave the company open to danger and could result in missed opportunities. These blind spots can be damaging to any business and competitive intelligence is an answer.

Perhaps your competition is launching a product that rivals your main product. Perhaps an event in the past has changed opinions about your business negatively. Without an understanding of competitive dynamics, you’ll be unaware of changes in the market as well as make mistakes and face backlash.

As we’ve said, CI is about gathering the information you require for making informed decisions in the long term. Through collecting information about your industry it will allow you to:

  • Find out the latest market trends and set yourself up to take advantage of the next
  • Know your competition’s next moves and be prepared to take on your opponents
  • Find emerging threats in your field
  • Explore opportunities for the growth of your business
  • Keep your sales reps up-to-date and create winning sales pitches
  • Benchmark with the competition to understand how you can make improvements
  • Make decisions that are strategic with confidence

Each of these points, as well as other points that are not listed, could aid in your strategic planning and provide you with a competitive edge. In order to gain useful competitive information, you’ll first gather and analyze the information.

How to Gather Competitive Intelligence?

While gathering information about your competitors can be time-consuming but it doesn’t have to be difficult. Information sources about your competitors are numerous and many are simple to find.

Here are 3 locations to start gathering intelligence on competitive issues:

  • Industries-related resources–Industry-based resources like trade exhibitions, offline and online conferences, connections with customers or suppliers, or financial reports that are public.

For data specific to industry for specific industries, sources such as Statistics, Pew as well as Gartner are an abundance of data. For information on the financials of companies Try Google Finance or EDR that provides an unpaid database of company data.

  • Platforms for companies–Do the competitors of yours have a presence on the internet through newsletters, websites, or even social media? If you’re looking for information about your competitors, these platforms such as these can offer a wealth of valuable data.

Software such as Owletter or Wappalyzer allows you to keep track of the communications of your competitors and make deep explorations of their websites. When you look through individual websites or social profiles, search for patterns across the entire business.

  • Software for competitive intelligence–There are many excellent software products that help you keep the eye on trends in the market as well as customer behavior and other business operations.

To monitor the general conversations about a certain subject in the media and to monitor the general conversation about a topic, the Google alert will track the mentions of that word in the news. To get a closer review of activities for companies in your field tools like Intricately, as well as Intricately, will provide a wealth of valuable information.

These examples are just one of the tools that can help you collect CI. For more options take a look at our post on the top 18 competitive intelligence tools to perform the most advanced research in the market.

4 Essential Types of Competitive Intelligence

After we’ve looked at a few CI sources Let’s take a deeper look at the 4 essential types of information that every company should be looking at.

Semrush’s tools will be used to demonstrate some of these intelligence gathering techniques through cryptography’s world. To aid in our research, we’ll pretend to be working for a cryptocurrency exchange service similar to Coinbase, Kraken, or Binance.

Marketplace Intelligence

Market intelligence is information regarding the market in question. It covers market trends, competitors in the marketplace, market share, and market trends depending on the geography.

Semrush’s Market Explorer is a fantastic way to start gathering market intelligence at a high level. We’ve compiled a list of the most popular Crypto exchange platforms in order to provide our market analysis using Coinbase as our first domain.

Market Explorer overview: The Market Explorer overview provides some important statistics on the market share of Coinbase (24.26 percent) as well as the total volume of its market (272.2M) and the cost per chosen domains to get top rankings for market-leading keywords throughout October (108.4M).

Following in the Overview The Growth Quadrant provides a visual illustration of the market landscape. We’ve created the chart to display growth year-over-decade for 10 domains that best represent our cryptocurrency exchange platform.

In the process of gathering data, We also search for interesting patterns. Looking at the movements of players in the industry from one quadrant to the next or taking a look at major jumps in traffic growth could provide valuable information.

For instance, Kraken and Gemini moved from the “Niche Players”‘ quadrant into the “Game Changers quadrant. It is possible to keep in mind their progress as they move forward.

We could also think about our next option, which is the Top Market Keywords tool bringing the highest amount of visitors to our domains in a specific month. We’ll be looking more into keyword research when we move into our Marketing Intelligence section below. At present we can utilize this tool to get an idea of the current trends in the marketplace.

As you would expect, the top keyword on our marketplace can be described as “bitcoin price.” It has an amount that is 27.4 million and has brought 2.6 million organic site traffic to our website, Coinbase.com.

The most interesting ones are smaller phrases in the cloud, such as “aave price” or “polygon magic”. These words could indicate new trends or ideas to consider as part of our business plan.

Let’s take a glance at this Market Geo Distribution tool, that provides information about our market from a geographical area. In this case, we’ll take a look at which areas are seeing the greatest growth, by clicking”top” in the “top changes” tab above the tool.

If we examine the major changes, we find that the market share of crypto trading platforms is 2.52 percent across Turkey (the U.S. claims 33.95 percent). The staggering 72.78 percent growth rate in Turkey, however, is a testament to a growing interest in cryptocurrency trading in the region, which requires focus.

Customer Intelligence

 

With a thorough knowledge of our market, we can begin to analyze our client base by demographics as well as web activity wants and needs. Customer intelligence can assist with many business goals such as sales, marketing customer service, developing new products.

To start gaining insight into our market’s clients, we’ll examine the Market Explorer’s demographics report. The graphs below show the demographics of the people who visit our domains of choice as well as their choices on social media, and their interests that go beyond crypto.

Starting with gender, age, and preferences for social media We can find out a lot about our target audience. This Age, as well as Sex graph, reveals that nearly four-two percent of our target audience is aged between 25 and 34 years old with 73% of that group being male.

It’s also beneficial to understand which sites these users spend the most of their time online. Notice that the most popular sections of the Social Media Preferences graph are devoted to Facebook, Twitter, and Youtube.

We also have the option of changing the period of time for these data which could reveal some fascinating shifts in our followers. Let’s examine the social media trends for September 2019 as a way to compare.

Be aware of the changes in social media choices. In September, 48.68% of our users favored Facebook while only 7.46 percent preferred Youtube.

Comparatively to 2021, the number of people who prefer Facebook fell by 8%, and the amount of people who use Youtube has increased by a whopping 15.53 percent. These kinds of patterns when comparing the current and historical information can reveal the shifts in audience preferences across time.

The Audience Interests chart tells us the most important desires of our customers, apart from crypto.

This data helps us know more about our customers and consider ways in which we can get in touch with them, interact with them, and offer them what they need.

It’s The Traffic Analytics tool can also provide insight into the online activities of customers. The tool permits us to select up to five domains to study three Coinbases, Binance and Kraken, to demonstrate the types of insights we can find.

Its Traffic Journey report is one opportunity to gather more customer information. When we look on the Traffic Journey chart, we are able to see the customer journeys of customers in the downstream and upstream directions through Coinbase, Binance, and Kraken.

The way users travel between and within websites can give insight into their motivations and desires as well as issues.

  • Upstream The site’s users use to get to competing websites. This is a good source of insight when thinking about the best way to present yourself through advertising, content, or partnership.
  • downstream — these are the web pages that users visit after they have visited the sites of competitors. This leads to fascinating questions and insight. If, for instance, you’re constantly redirected back to Google and aren’t able to locate what they wanted. If they’re headed to Facebook perhaps they’re searching for social evidence.

Additionally, we can use our Top Pages report to view the pages of competitor websites that receive the most visitors. This report provides a feeling of the level of interest from customers with regard to our industry.

Filtering the results using the search bar could provide valuable information on consumers. In this instance, we’ve typed “Price” in the search bar. The narrowed search allows us to determine which cryptocurrency prices Coinbase customers look at the most often.

When it comes to the number of unique pages views bitcoin, Cardano and ethereum lead the way. This data can aid us in deciding which cryptocurrencies to incorporate on our platform or aid us create our website so that the most sought-after information is readily available.

Product and Services Intelligence

Product intelligence is about what companies in your market can are able to offer their clients. For some companies, products are physical items like cars, electronics, and appliances, as well as toys. In other cases, the products are software or services.

The tracking of the most popular items in your market and their development over time could help you in:

  • R&D Examining the specifications and features of products on the market will guide you in your development and research and will help you identify any gaps in the product offerings currently available.
  • Positioning Research into pricing determines your pricing strategy to stay relevant and to position your product on the market.

When browsing through websites of competitors and reviewing their offerings is a great beginning point, Semrush tools provide an advantage. They are particularly useful when it comes to knowing the significance of the product for users.

For a start, we can go back to competitors’ Top Pages report. Instead of filtering by keywords, we can instead take a look at the top pages in general.

For instance, the data for Kraken.com indicates that 4.2 million unique users used the “instant deposit “instant deposit” feature and 361,000 unique visitors visited the site which allows users to “stake” their crypto to get higher interest rates. Conducting this type of analysis on all competitors can give an excellent insight into the most popular services.

The Subfolders report provides insight into the features of products. For example, by studying sections of Kraken’s website Kraken web site, one is able to analyze the differences in features between products available by Kraken in the U.S. and products offered in other countries.

The comparison of Kraken’s U.S. offerings to those in France highlights some differences. Margin trading and financing options are offered within Kraken’s U.S., but not for users in France. This could be a great opportunity. On the other hand, it could indicate possible challenges to launch products like these in France. French market.

Its Show Advertising analysis tool can help you discover the products that other companies are currently advertising. Promotions can provide insight into the latest market trends and can reveal which products our competition is focusing on selling.

For instance, our search of both text and HTML ads from Kraken gives a fascinating insight into their current campaigns. While the majority of competitors’ websites focus on Bitcoin, Kraken is promoting Gnosis the open-source prediction system that is built using an Ethereum Blockchain.

After we’ve collected the basic details about the products of our competitors We can then dig into the specifics and consider more strategically our own products.

Marketing Intelligence

The significance of competitive analysis and intelligence in marketing lies in the link between businesses and their clients. The gathering of marketing information helps:

  • Let the best practices shine through.
  • Reveal competitors’ pricing
  • Find ways to beat your competitors
  • Uncover marketing opportunities

Also, competitors’ websites or social media platforms can offer valuable marketing information. You can subscribe to newsletters from competitors to monitor the marketing via email. Consider how they speak, the style of the messaging, and the general reading level your competitors are using.

A look at the Traffic Generation Strategy graph and Social Media Distribution Strategy graph will provide important data. The bar at the center of the graphs displays the breakdown of the market. In our industry directly-directed traffic has become the most frequent source for websites, with Facebook being the most popular social network.

The breakdown of each domain is below the bar for the market. The general idea is that this information will help us develop the marketing strategies we employ. For instance, it is apparent that Kraken has a different strategy to Coinbase in that they target Reddit and Youtube by using their social strategies. Based on this we could decide to challenge Kraken using these platforms, in contrast to competing against Binance and Coinbase in Facebook.

This Traffic Generation graph reveals direct traffic as the primary source of these sites. This means that customers do not rely on referrals or search engines to discover their websites.

Being a brand new player in the field it is possible to look at SEO and referrals to build brand recognition as we try to distinguish ourselves from other competitors. To start with SEO take a look at our target market’s keywords.

We can review the keywords of our competitors with Organic Research. organic Research instrument.

This report for every one competitor in our list of top ones gives us an overview of the terms they’re targeting, the traffic they drive, and the way they’re positioned on their SERPs.

The Positions Report in the organic research tool lets us go into the depths of. This report on Organic Search Positions report reveals the keywords that our competitors rank for, as well as how these rankings have changed over time, and more details regarding the keywords.

The filters above the site could assist us in narrowing our search. For example, we filter the chart to display results that don’t contain the term “Kraken”, have a range of 10k to 100k, and have a difficulty score between 50 and 69 percent. Filters can help us identify keywords that could be beneficial for us to use in our SEO strategy.

After we’ve obtained a good idea of where our competitors rank for keywords within our niche We can then think about the specific keywords we would like to be targeting.

For the first time, we’ll utilize to begin, we’ll use the Keyword Magic tool. By entering the keyword “bitcoin” into the tool generates a list of prominent bitcoin-related keywords. The list contains statistics about the amount of search traffic, difficulty for keywords, and the cost-per-click average. Filtering the list could reduce our search.

For instance, setting the filters to a volume of searches between 1k-10k, and difficulty of between 50-69% will produce an index of less competitive terms that are related to bitcoin.

If we’re looking to analyze the top companies in our field The Keyword Gap tool depicts an analysis of the keywords profile. In addition, we have included Binance, Kraken, and Coinbase in this section.

To investigate different keywords to explore different keyword opportunities, click the buttons located at above the homepage. In the above chart, we picked keywords that were not present for Binance The chart shows the keywords Kraken and Coinbase are ranked for, but Binance does not.

In addition, the Backlink Gap software lets us gather data on the websites that link directly to competitors. We’ve narrowed the results to only show sites within the U.S. with an authority score that is greater than 70%.

This information reveals other websites that are involved in our field. Additionally, it uncovers the gaps in our profile of backlinks and helps us consider companies to focus on when collecting backlinks or evaluating other types of partnership.

Implementing Competitive Intelligence to Your Business Strategy

If you’re developing a plan for marketing or you’re developing a go-to-market strategy or an overall business plan Competitive intelligence can provide the information you require to make informed decisions.

When you are analyzing the data you’ve gathered consider imagining the information the data can tell you about your industry. To help you analyze your data think about:

  • Large market trends
  • Emerging consumer trends
  • The activity of competitors and growth
  • Customer sentiment
  • New products and the evolution of products
  • Opportunities and threats to the market
  • Economic and political shifts
  • New markets and trends in geography
  • Potential strategic alliances

It is possible to organize your data into categories as the four mentioned above–overall competitors, market, customer marketing or develop an organizational structure that best meets your needs. The goal is to have the ease of accessing data and data when you’re ready to design your strategy.

Once you’ve gathered the competitive analysis and laid out your plan, make sure to keep collecting information and benchmarking your competitors, and reviewing your progress. As time passes, your understanding of your industry will expand and your business will definitely prosper as you look towards the future.

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