Sources of Free Competitive Intelligence to Keep You Ahead of the Game

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Sources of free competitive intelligence to keep you ahead of the game

You must keep your eye on the competition when you’re in business. To do that, you need information; without it, you lose ground. Armed with the right competitive intelligence, you’ll be able to see what your competitors are up to and know where their threats and opportunities lie. That way, you’ll be able to adjust your marketing plan or product strategy accordingly and stay ahead of them all the way. Keep reading to find out how competitive intelligence can help your business succeed, as well as tips on how to get it for free.

What is Competitive Intelligence?

Competitive intelligence is the process of collecting and analysing information about your competitors. This information can help you assess your competitors’ strengths, weaknesses, opportunities and threats. If you’re a business leader, you need to know what your competitors are doing and why so that you can adjust your strategy accordingly. This way, you can stay ahead of them and have a more substantial, profitable business. Competitive intelligence is not just about knowing what your competitors are up to but also how your customers respond to your competitors’ products, services and marketing campaigns. You can factor this information into your marketing strategy to stay ahead.

Why is Competitive Intelligence Important?

You must keep tabs on your competitors to stay on top of your game. To do that, you need to know everything they are up to. This will allow you to adjust your strategy as necessary to stay ahead. You need to understand what your competitors are doing and how your customers are responding to it. This allows you to keep a finger on the pulse of your industry and know where you can improve. To be the top dog in your industry, you must keep up with your competitors’ every move. This way, you’ll know what they are doing right, as well as what they are doing wrong. You can then use this information to stay ahead of the game. This will put you in a stronger position and allow you to remain profitable.

How to Get Free Competitive Intelligence

One of the best ways to get competitive intelligence for free is to network with people in your industry. When you meet people, ask them about their business. Then, follow up with emails asking for more information. You can also join forums, groups, and associations related to your industry. Participating in these lets, you get to know people who can provide insight into your competitors. You can also take advantage of the many free tools that help monitor your industry. These include social media monitoring tools like Keyhole, Hootsuite, and Sprout Social. 

These allow you to track your competitors’ social media posts and mentions of your brand. You can also use media monitoring services, like NewsWhip and Google News. These allow you to track the media landscape to see what journalists are writing about. You can also use search engines, like Google Search and Bing, to track down information related to your competitors.

Paid Research for Free CI

While getting a lot of your competitive intelligence for free is important, you can also pay for some of it. A number of research firms offer competitive intelligence reports for a fee. You can also hire an in-house analyst to research for you. This way, you can get whatever competitive intelligence you need and have complete control. If you choose to go this route, make sure to ask for a sample report to evaluate the research’s quality. If you have a small budget, you can opt for a sample report from a lower-priced research firm. This way, you can still get the competitive intelligence you need without breaking the bank.

Company Product Reviews for Free CI

Many companies allow their customers to leave product reviews and ratings on their websites. This is a great way to get insight into how your customers respond to your competitors’ products. You can search for your competitor’s websites to see if they have a product rating system in place. You can also search for review websites in your industry to see if your competitors’ products have been reviewed.

Consumer Behavior Research for Free CI

Some research firms allow you to sign up for a free trial period, and you can access the same research reports you usually pay for during this time. Then, when the trial period is over, you can opt to continue with a reduced fee or cancel your membership. This way, you can get your hands on high-quality, competitive intelligence without paying full price. 

Sources of free competitive intelligence to keep you ahead of the game

Competitive intelligence is important for business leaders who want to stay ahead of the game and keep their companies profitable. This way, you can adjust your strategy accordingly and stay ahead of the competition. There are several ways to get competitive intelligence for free, and you can also opt to pay for some research to get the intel you need. For businesses to succeed, they need to keep tabs on their competitors. This can help you adjust your strategy to stay ahead of the competition.

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