When trying to determine the best ways to help your company grow, you need to know about your competitors. But as you know, getting the vital information you need is not always easy. However, if you are like other smart 21st-century companies and make NetbaseQuid competitive intelligence technology part of your company’s marketing plan, you can gain that edge over your competition much faster and easier than you anticipated.
Competitor Analysis
To pull ahead of your competitors, you need to have the resources available to conduct a thorough analysis of their strengths and weaknesses. Using the social and media analytics found in NetbaseQuid competitive intelligence, you can gain a real-time view of your competition and what consumers are saying about their products and services. Remember, perception is everything to consumers. Should you business be perceived to be one that is behind the times or a company that is delivering the wrong message, your competitors can pounce on this and send your profits plummeting. By using competitive intelligence to your advantage, you can understand consumer sentiment and track trends over weeks and months.
Your Competitive Presence
Along with knowing what your competitors are doing and what consumers think of their brand, you can also use competitive intelligence to gain insight into your own company’s competitive presence. In addition to the usual sets of demographics and psychographics, you will be able to use theme analysis to spot key differences within sub-segments of social media conversations. This can be critical in helping you identify market trends that may just be starting to emerge and take hold with consumers. If you can spot these trends first, you can create marketing campaigns that will get your company noticed by consumers and portray your brand as being cutting-edge.
Media Coverage of Competitors
If your competitors are always in the news, you need to know exactly how that media coverage is impacting your business. Competitive intelligence technology from NetbaseQuid can make this a reality, helping you understand why media coverage is going in a certain direction. By tracking how much coverage a company is getting in the news, on blogs, and across social media, you can analyze your competitor’s public narrative, examine the key narratives that seem to appear over and over, and understand the most important topics that seem to be concentrated on companies within your industry.
Real-Time Analysis
To stay on top in today’s business world, you need to know what is happening exactly at the moment it is occurring. Otherwise, it may only take an hour or two before your company is facing a major PR crisis. NetbaseQuid knows the importance of instantaneous analysis, which is why you can use this technology to stay informed of such things as new product launches by your competitors, up-to-the-second news about events or new partnerships formed between competitors, and much more.
Customer Behavior
Ultimately, you want to understand why customers choose one business over another. While many people assume it comes down to price and service, there are many other factors at work as well. Competitive intelligence can help you learn much more about customer behavior as it pertains to brands. If customers have a problem with a brand, be it yours or a competitor’s, you want to know the details immediately. If you partner with NetbaseQuid, knowledge will be the key to your success.
When you understand your brand position, you are then able to identify trends, create effective marketing campaigns, and snuff out any potential crisis that may start to form on social media, all of which will put your company ahead of the competition.