Competitive Intelligence is the process of identifying market trends and understanding industry dynamics, which allows companies to engage more effectively and understand customer needs and desires. Companies should understand their competitors and how they operate. When you are launching a new product, you may have a sense of your competitors, you might lack the understanding of what they are doing. In order to gain a competitive edge, you need to understand what other companies are doing and what they may be doing. The insight from competitive intelligence can provide insights into who your customers are, where they are, what they think about your brand.
NetBase Quid’s suite of tools allows users to view all of the consumer behaviors and insights on a competitor or industry, as well as perform specific customer research using the Business Analytics Platform. NetBase Quid provides a robust base for comprehensive competitive analysis, positioning the company as a market analyst that can be used by executive management for effective decision. It is easy for anyone to connect their social network accounts and use social listening tools, no marketing team is left untouched.
Why did NetBase Team up with Accenture to Launch Quid?
Research and Markets estimate that the consumer intelligence market will reach $5.4 billion by 2022 and studies indicated that over 60% of all the companies in the North America, Western Europe and Asia Pacific regions are investing in it. The ecommerce players are using data-driven, AI enabled It’s becoming one of the key ways companies are accessing information to win. Although the scope of analytics has increased greatly, there remains a gap between marketing technology’s capabilities and those of traditional corporate intelligence tools.
Why Is Competitive Intelligence Important?
It allows you to be more competitive and gives you insight into why your competitors are doing what they are doing. You can see what their strategy is and develop a plan to bring your business up to speed. Competitive intelligence aids your brand to do the following:
Identifying new and/or existing competitors by analyzing their branding, competition, marketing, pricing, market share, product line, customers and more.
- Analyzing industry segments and competing against rivals by identifying potential threats and competitive advantages.
- Committing time and resources to studying competitors and to reporting on their information.
- Tracking and reporting on the strengths and weaknesses of market
Using Competitive intelligence from NetBase Quid
NetBase Quid is a huge leap forward in the field. It enables marketers to access rich, real-time data that provides connections between customer behavior and behavior of competitors, measuring brand perception, loyalty, and purchase intent. It also provides detailed analysis to help marketers understand the drivers of their customers’ behavior, in turn identifying sources of competitive advantage.
The NetBase Quid platform provides marketers with a powerful tool to conduct data driven analysis, create campaign scoring and extend their platforms to explore the customer’s preferences and behavior. In an age of connectivity, it is important that companies are equipped with the tools and resources to properly understand their business. Understanding the competitive landscape and the key consumer insights within it are key drivers of success for a company. NetBase Quid helps you:
- Identify the actions needed to close the gap in your advantage in a competitive market
- Identify trends that can help you understand consumer behavior
- Know the “voice” of your customer to drive decision making
NetBase Quid uses data and information to understand and leverage competition in the marketplace. It helps you understand competitive dynamics, identifying new products and features that can potentially impact your customer’s choices, and even competitors’ future actions. By analyzing data strategically, you can uncover business insights in an immediate, meaningful way, and make better decisions.