Competitive intelligence, also known as corporate intelligence is the unique goal of studying, analyzing and using credible information collected on competitors in the market to gain a competitive edge in the market and increase the firm’s market share. Competitive intelligence is also influenced by various market factors that help the business rise above competition in the market.
NetbaseQuid incorporates corporate intelligence that helps an organization learn and understand their business environment and identify the opportunities and challenges it presents through social media marketing. The most crucial part during collecting competitive intelligence is carefully and effectively analyzing the data collected to adjust better business practices in your business.
How does Competitive Intelligence and social media monitoring work?
Consequently, competitive intelligence can also be defined as a long-term strategic intelligence plan on competitors. NetbaseQuid helps businesses develop tactical and myopic oriented skills to ensure the information collected is credible to gaining a competitive edge over other competitor. NetbaseQuid obtains corporate intelligence information from both published and non-published sources provided that the information has been obtained ethically and legally.
NetbaseQuid explains that corporate intelligence and social media monitoring is often mistaken with the phrase ‘know your enemy.’ However, this is not correct. Competitive intelligence seeks to gain more information on plans and operations of rivals and sometimes analyzes how some events may disrupt their competitors.
Competitive Intelligence Tools
Every business requires market intelligence, social media monitoring, competitive intelligence and a careful research and understanding of the trends in a respective marketplace. NetbaseQuid shows how competitive intelligence is made up of the results of competitor research and market research. These results help businesses identify opportunities and drawbacks in a given competitive environment.
Adoption of competitive intelligence tools helps a business incorporate better marketing strategies and have a strategic plan and direction towards surpassing competition and achieving their objectives. There are several tools of intelligence that play a huge role in securing a competitive edge in a market. They include; crunchbase and owler.
Crunch base is the top source of information on business insights covering all the way from start-ups to Fortune 500 companies globally. This website also provides company information on both public and private entities. The most ideal circumstance to use Crunch base is when an organization is looking in to a competitor’s information on stock trends, acquisitions and investments through social media monitoring.
How Crunch base works
Crunch base strategically and carefully collects a competitor’s data on aspects such as funding, investments, M&As (Mergers and Acquisitions) and leadership. This site banks on in house data programs that use various technologies together with its venture partner network to collect competitor information.
Crunch base remains to be the top site for information on numerous companies because it integrates and works together with other tools such as Owler and similar web hence gaining access to more information on respective companies.
Owler is one of the competitive intelligence tools that help a business specifically identify who their potential business rival is. It also provides information that is crucial in making decisions on how, when and how much to stack up to cope with competition.
How it works
NetbaseQuid shows how Owler obtains specific details on competitors in a market to identify a niche that will increase their competitive advantage. Consequently, Owler provides an email subscription service that will send businesses news and any alerts on competitors, vendors and players in the market at any time.
Owler is popularly used because it retrieves a lot of credible and useful information on competitors and also goes ahead to perform a detailed and comprehensive competitor analysis for a company. Owler is also preferred due to the use of open sourcing to gather information.