Competitive Intelligence Transcends The Old Know Your Business Enemy Philosophy

In 2020, COVID did more than send millions of people to their next life. The virus also changed the business playing field. The pandemic was a catalyst for emerging trends in technology because the old way of generating revenue was no match for the virus. 

Businesses around the world searched for new ways to reach consumers. Trying to identify with consumers who do not follow the crowd are the people businesses want to reach in 2021. Businesses want to use the right social media tools to win those consumers over. It takes research to reach consumers who lead rather than follow. 

Becoming a business leader that understands the challenges in the consumer market starts with using competitive intelligence. Competitor intelligence collects, analyzes, and then uses the information it receives from a reliable social media analytic platform with AI in its tech genes. 

 Competitive Intelligence Is A New Name For Knowing Your Business Enemy 

Knowing what competitors’ plans are in terms of new product development and services is a big plus in the business world. Gathering information about competitors is a key ingredient in developing future operating and business plans. Being one step ahead of the competition is a game-changer. The ability to gather tactical information and long-term strategic intelligence in the right way can be the difference between expanding revenue growth or just treading water in terms of revenue growth. 

Competitive Intelligence platforms can gather information in several ways. Gathering short-term tactical information helps increase revenue by capturing market share a business never had or lost for some reason. Strategic information also falls under the title of competitive intelligence. Strategic intelligence identifies potential risks as well as future opportunities. Businesses have to recognize what comes next, and one step in that process is to gather strategic intelligence. 

 Competitive Intelligence Transcends The Old Know Your Business Enemy Philosophy 

There is nothing illegal or unethical when it comes to gathering competitor information. NetBaseQuid, the social media analytics company, is a leader in gathering information about the competition. Some companies search online for information about businesses that go toe-to-toe with them from a product or service standpoint. But most online information is what investigators call low-hanging fruit. All the pertinent facts about the competition are hard to find without using an AI platform that covers all the search bases. 

The information that helps executives measure their performance is in the details like identifying company shareholders and analyzing important suppliers and distributors. It is also important to identify current clients as well as their buying habits. 

 Competitor Intelligence Is Important In Industry, Education, And Government 

Before the pandemic, the old method of accumulating competitor information was in fashion. But now that emerging tech trends changed the business playing field, social media platforms that use AI to do a thorough search on the competition are in vogue in the business, education and government. NetBaseQuid’s AI competitor search platform leaves no stone unturned when it comes to helping executives learn how to stay in tune with the competition in terms of quality, pricing, performance, and market share. 

The virus turned the business playing field into an online tech challenge. Key opinion leaders, social media tools, and the emerging trends that gained momentum during the pandemic will forever change the dynamics of economic growth. The number of tech startups continues to grow. And that makes it hard to keep up with the competition in all sectors of the economy. 

But NetBaseQuid makes it easy for businesses to get tech-savvy by using innovative visualization, vocal interaction, and analytic tools fueled by an Artificial Intelligence platform that has few peers.

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