What are Competitive Intelligence Tools?Competitive Intelligence Tools are used by businesses to help gauge how well their competition is performing within their particular field. This is done by data-driven research that analyzes, tracks, collects, and stores information on other businesses within the same industry. These types of tools track success outcomes for competing businesses such as traffic, market share, revenue, funding rounds, etc. Most B2B and B2C markets are already saturated ...
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Competitive Intelligence Tools are used by businesses to help gauge how well their competition is performing within their particular field. This is done by data-driven research that analyzes, tracks, collects, and stores information on other businesses within the same industry. These types of tools track success outcomes for competing businesses such as traffic, market share, revenue, funding rounds, etc.
Most B2B and B2C markets are already saturated with products today. This market saturation then requires businesses to keep pace with their competitors. A well-known example is Apple’s innovative creation of the iPhone, which launched the smartphone revolution. The iPhone spurred other companies like Samsung and Windows to develop their version of smartphones. Though this is an extreme example, Competitive Intelligence Tools use their data-driven analyses for market prediction as well and could be the difference between you or your competitor addressing a critical need in the market.
Competitive Intelligence Tools are not designed to steal ideas but rather to learn and research the competitor’s business methods and how well they are performing in the market, relative to your product or service. This is done by analyzing multiple sources of competitive data, including SEO and traffic data, social listening and monitoring data, and intent data. Some types of Competitive Intelligence Tools may specialize in one or more of these areas.
Most Competitive Intelligence Tools share standard features without the need to purchase extra features. They include:
Competitive Analysis
Competitor Price Tracking
Alerts/Notifications
Benchmarking
Keyword Tracking
Social Media Monitoring
Trend analysis
Website Monitoring
Data Visualization
Audience Insights
Custom Reports
Several factors go into the decision-making process before purchasing a Competitive Intelligence Tool. Some to keep in mind include:
Functionality: Be sure to keep in mind the product’s functionality, which includes overall data quality and integrity. Though most of the features listed can be obtained without the purchase of a premium plan, it is best to make sure these features will help you achieve your overall goals and will provide you with desired business outcomes.
Ease of Use: How easy or challenging to use is the particular tool for you and your team? This may involve the ability to set up the product and easily interpret the data that is being presented. Having a smooth transition saves the business time, while effectively understanding the data will result in more favorable outcomes and better overall results for the business.
Almost every Competitive Intelligence Tool will feature a free trial which should be taken advantage of before agreeing to pay. Some products, such as Ahrefs and Semrush, offer the option for a completely free account which is, of course, limited compared to the accounts with monthly subscriptions.
Monthly subscription plans can range anywhere from $99 to $1,000 a month, depending on the number of features and volume of data you’re looking for. The more expensive monthly plans will offer more advanced features such as knowing your competitor’s traffic sources, a content marketing toolkit, White label reports, API access, historical data, and more results per report and reports per day.
In a crowded B2B or B2C market, it's crucial to understand how your own online presence stacks up against your competitors’ online presence and success. Competitive Intelligence Tools do this by offering services such as:
Some popular Competitive Intelligence Tools include: