Competition is inevitable in any market locally, internationally or even globally. Firms have a responsibility to ensure as their brand grows, it is protected, their reputation is upheld and feedback is always streaming in. This is where competitive intelligence creeps in.
Competitive intelligence is defined as the unique process of collecting, compiling, analyzing and coming up with findings that will bear numerous insights on how to effectively dominate a given marketplace. Some of the competitive tools discussed in article include Ocean Frogs and Slintel.
The law, however, stipulates that any firm collecting competitive information on a competitor should do so in such a way that is ethical ad legally abiding to the law. Brand growth and performance is also enhanced by competitive intelligence and ensures that big and growing brands are closely monitored and protected from losing value in a market.
The Social media analytics Process
Corporate intelligence, also known as competitive intelligence by NetbaseQuid is a process that is comprised of a set of steps that guide businesses to collect accurate and useful information on their competitors in the market.
Some of the information collected is crucial and very impactful during the making of complex business decisions by the executive. The first step of the competitive intelligence process as discussed by NetbaseQuid is identifying the specific firms in the market that are a company’s top competitor. Identifying firms that are close competitors in a similar field of business is important in ensuring effective and focused planning in extracting both competitive and consumer intelligence.
The second step involves identifying certain areas of interest that greatly bring about stiff competition between respective firms in a market. Identifying such areas and aspects helps to improve on the weak areas and perfect on the strong areas.
Competitive and social media Intelligence Tools
- Ocean Frogs
Ocean Frogs is a corporate intelligence tool that specifically helps companies and brands develop sales intelligence. Businesses can accrue a lot of advantages from sales intelligence in that they can be able to identify and source for the right buyer through digital consumer and sales intelligence.
Ocean Frogs has a commendable reputation in the digital marketing world. This tool has helped businesses cover a market area which is now global. Firms have also been able to plan, launch and benefit from ad campaigns. Consequently, the corporate intelligence tool received great recognition and appreciation globally. This is after it was ranked as a high performer in market satisfaction and digital presence by the G2 2021 summit.
The main objective of Ocean Frogs is to build a holistic sales pipeline almost immediately! This tool is fully technologically advanced and also has artificial intelligence also in use as modern technology.
Slintel
Slintel is a unique competitive and social media intelligence tool that does away with assumptions and stays afloat to impactful business insights. This unique tool analyzes a number of factors including technological adoption patterns, buyer journeys and possibly other digital aspects to deliver the most accurate and promising insight in to the future of a business.
Slintel is mostly popular for its ability to analyze technographic data. Technography is described as the process of profiling accounts solely based on the amount of technology stack they carry. Slintel takes good advantage of Slintel’s technographic abilities to help measure the powered buyer intent in the market. This helps a company effectively discover and identify the over 3% of active buyers that they had no knowledge about.
Slintel remain to be a top competitive intelligence tool due to the fact that its users have access to information on more than 15 million companies around the globe.
