3 Underused, Highly Effective, Ways to Use Competitive Intelligence. See how you can learn from your competitor's mistakes, use real-time data to...
Increase competitive advantage: Using CI tools to improve efficiency
Manually researching competitors is inefficient. Read how you can use competitive intelligence solutions to maximize your time instead of getting lost in a new tool.
Competitive intelligence solutions are a great way to automate the research and reporting process and stay informed of the latest happenings in your market. Scouring billions of data sources can, however, result in an overwhelming number of competitor updates. Often, the greatest challenge is understanding how to use a solution best and prioritize efforts with limited bandwidth. How can you be more efficient with a solution, so you can spend more time analyzing and acting on insights?
Here are some ways to optimize your time and maximize productivity with the Kompyte competitive intelligence solution:
- One of the most effective ways to leverage your CI solution and cut through the noise is to establish early on which KPIs to track, how you wish to segment your competitive landscape and identify the most critical insights. From here, group your competitors and save custom filters to suit your needs. Leverage machine learning to fine-tune your results over time.
Example: If you’re a product marketer focused on updating your product feature analysis, customize a feed of your direct competitors’ product, and feature page updates. Alternatively, if your goal is to improve website conversion rates, create a feed specifically for your top-ranking competitors’ calls to action. Identify the winning variations of their A/B tests and incorporate those findings into your strategy.
- Cut through the largest wave of irrelevant updates by refining your platform set up and data sources. Only track the data points that matter most to you and your organization
Example: Only track the competitor webpages that relate to the offerings and market that you compete in. If the company has multiple social handles, track those that post content relevant to your workflows. Optimize your keyword lists to ensure you get high-value alerts.
- Enable integrations with the tools you use every day, such as Slack, MS Teams, Trello, Salesforce, HubSpot, Google Drive, and MS One Drive to simplify collaboration and distribution to stakeholders.
Example: Help your sales reps compete more effectively by providing them easy access to up to date competitor Battle Cards and sales assets directly within their CRM, or link additional competitive intel in a shared Google drive. If you spot a highly engaging topic idea, share it with your marketing Slack channel or hand it off to directly to your marketing backlog Trello board.
- Create shortcuts using Kompyte’s proprietary (and powerful) organizational tools:
- Label your web pages and leverage ML and AI
- Filter your insight feeds
- Save your go-to filters
- Pin your saved filters
- Save time and maximize the visibility of competitor updates by enabling and customizing alerts specific to your use cases.
Example: Set automatic alerts for your search marketing team if a competitor’s ad copy includes one of your branded keywords or if there is a new keyword opportunity. Check out how LegalZoom stopped competitors from capitalizing on their brand name with Kompyte’s automatic alerts.
- Continuously collect internal and external intel by enabling others within your organization to collaborate.
Example: If sales reps encounter a new objection in a competitive deal, they can provide feedback directly on the competitor Battle Card for an Admin’s review. If someone outside of your sales and marketing team learns of a competitor update, they can share this intel directly through Slack or a Chrome extension.
- Generate efficiencies by automating key reports.
Example: If your corporate brand marketing team wants to prove to executives, their social efforts are paying off, rather than spending hours manually extracting data and having to repeat the process, automate. Start with their social media monitoring and OKR tracking with scheduled reports. Also, keep your product marketers informed with automated reports specific to a competitor’s product, pricing, and promotion updates in the form of a weekly digest.
- Set aside time to review competitor updates regularly.
Example: This one seems obvious, but even with automated alerts and reports, it is crucial to spend some time in the platform regularly. Depending on how dynamic your space is, commit to blocking out a few minutes each day, or perhaps an hour per week, to skim through recent updates. When you spot a critical update, be sure to share, highlight, or give it a quick tag to streamline the process of indexing and searching competitor intel.
Sign up for a free trial to see how Kompyte can change the way you compete and produce great opportunities to create and sustain a competitive advantage.
Product Marketing Director