Multi-dimensional method of gathering competitive intelligence – SocialPeta
In the fierce market competition, gathering competitive intelligence is already a necessary business strategy. But have you really mastered the method of gathering competitive intelligence? Can you really grasp the trends of your competitors just by looking at the updated information on the competitor’s official website?
And do you really know what intelligence to gather from your competitors? For example, many companies have been hoping to explore more competitor’s trade secrets, which is wrong, and such competitive intelligence may not have much meaning. Even if we obtain the secret of Coca-Cola’s formula, we cannot create a national brand of Coca-Cola.
The most important thing to gather competitive intelligence is to gather information about facts and processes. Enterprises must gather valuable information from multiple channels and angles. And it is purposeful and targeted to collect information, will understand the business strategy of competitors faster.
Introduction to the method of gathering competitive intelligence:
1. Internet information
According to research, 66.7% of companies use the Internet as their main source of intelligence. The most difficult part of Internet information is how to gather useful information from a large amount of scattered information. Listed below are two commonly used methods of gathering competitive intelligence.
We should pay attention to the content displayed on competitors’ websites in real-time, because the competitor’s website information is the most direct, convenient, and accurate source of intelligence. However, where do we start to obtain competitor intelligence? Usually, competitive intelligence mainly includes competitors’ products, services, pricing, and customer information.
In addition to analyzing a series of basic information on competitors’ websites, it is also necessary to analyze the source of website traffic and the cooperative anti-chain platform. Because the competitor’s website not only presents product information, it also plays a role in attracting traffic. By analyzing and learning the traffic source of the competitor’s website, we can also enhance the way the website acquires customers.
We need to browse the competitor’s website frequently and pay attention to the changes in the positioning and news of the competitor throughout the website. General websites will launch some company activities and promotions in a large space, and the changes in competitors’ websites are the most direct manifestation.
Information in the company directory (company size, product introduction, product sales, etc.)
The information in the business directory, such as business scale, products, output, sales, sales, etc., not only helps to initially identify competitors and understand the general situation of their products, but also can use the information analysis of the business directory to extract more new information. For example, the product’s market share, market coverage, market sales growth rate, market expansion rate, competitive product distribution, competitive structure, comparison of the strength of similar enterprises, etc.
2. High authority news and magazine
Obtain competitor intelligence by collecting public publications, grey literature information, and confidential literature information.
Patent documentation is an important source of information for new product development and an important means of market competition.
Industry newspapers, economic information newspapers and local newspapers are important windows to understand the competitive situation of the industry. The industry publishes the scale or strength of industrial enterprises and the list of competing products; there is even experts’ analysis of the competition status of a certain industry or product. For example, reports on price wars and business wars are the hot spots of many newspapers. You can learn a lot through comments and other column analysis articles. Very useful competitive information.
Company annual report
The annual report of a listed company is an extremely useful source of competitive intelligence information, including almost all corporate financial information on the industrial census data as a business secret.
3. Company social relations
No enterprise is operated in a vacuum, it must deal with many organizations and individuals. Third-party cooperative agencies have a large number of actual conditions that are not disclosed on the Internet, and they may also be able to provide useful clues and intelligence. Here is a list of 4 best ways to gather intelligence from competitors’ networks.
Many company’s customers buy both the company’s products and the competitors’ products because they are in contact with two companies at the same time, and as consumers, they have a more direct experience of the competing products and the company’s products. Information obtained from quality customers is very valuable for product upgrades.
The information that the supplier can provide includes the production output or production plan of the competitor’s company, etc., through which we can calculate the competitor’s demand and production scale.
Information collection within the company
Perhaps 80% of competitive intelligence can be obtained from within the company. Many employees of the company have grasped this information intentionally or unintentionally through various channels, and have the knowledge and ability to analyze the information. Their professional knowledge, practical experience, business, and social relations are valuable sources of information.
However, because the company’s internal information is not circulated, there is a lot of information that has not been organized into standard documents and is well known to everyone. When gathering competitive intelligence, you can start from within the company. Perhaps you will have a deeper understanding of your competitors.
4. Third-party professional competitive intelligence tool – SocialPeta
Although there are many methods and techniques to help companies obtain competitive intelligence, these methods require a lot of manpower and data analysis to complete. With the development of science and technology, the development of big data technology has become more and more mature. There are now many third-party tools to gather competitive intelligence on the Internet. For example, SocialPeta, which serves medium and large enterprises, because it analyzes the detailed advertising information of competitors by capturing advertising data on 69 network platforms.
SocialPeta has a huge database and powerful search function, as well as 69 ad network big data crawling capabilities, helping you to easily obtain competitor information from the Internet. It helps companies gain more intelligence about competitors in terms of advertising, market, cost, application, audience, e-commerce, and brand.
SocialPeta’s competitive intelligence is divided into multiple dimensions, such as: advertising creative information, advertising cost information, brand information, App information, e-commerce information, game market analysis information, network platform analysis information, etc.
SocialPeta’s team and services provide each company with the number one dedicated competitor advertising and market intelligence analysis to help you make better decisions and develop faster.
According to the information source and information acquisition method divided by carrier and form, advertising is an indispensable channel. Because advertising is based on commercial profit as the ultimate goal, to show users the most valuable aspect of the product.
Compared with traditional media advertising, online advertising has unique characteristics and advantages, such as a wide audience, low cost, complex and diverse, etc. These advertisements contain a lot of product information, promotional content, company image promotion strategies, etc. Intelligence for competitive analysis.
As long as you are good at mining and use relevant tools (such as SocialPeta) for analysis, you can get rich intelligence content to guide your own company’s strategic decisions.
Analyze and organize competitive intelligence:
The process of data acquisition is complicated, and the data samples obtained usually contain a large number of repetitive and useless conclusions. If we want to get the final intelligence results, we need to analyze and organize the gathered data in detail. Constructing a competitor’s file and storing their intelligence will form a complete system and will also facilitate long-term intelligence gathering.