But companies must take stock of their resources and focus on the data that best serves them. Having the most appropriate data allows for the most meaningful analysis. Vivek Sharma. Entrepreneur Store. Peter Mulford. Eric Hanson. Skip to content Profile Avatar. Subscribe to Entrepreneur. Magazine Subscriptions. By Deren Baker November 22, Opinions expressed by Entrepreneur contributors are their own. He has previously held senior roles at Travelocity and Switchfly.
More About Data Analysis. Vivek Sharma Nov 9, Data Analysis. SEMrush offers over 40 tools to monitor digital marketing performance. The SEMrush platform provides a comprehensive all-in-one toolkit for exploring marketing strategies. Analyze qualitative metrics on organic search, SEO, social media, advertising, content marketing, public relations, and more.
Admittedly - SEMrush is not a free tool, but they offer a 7-day free trial. SEMrush holds a place on this list because you can glean a lot of competitive data in a week if you have a clear framework for what information you seek. Visualiping audits websites and alerts you to any changes. This information is handy when monitoring sales and promotions or pertinent updates to website content or services offered.
Keep an eye on big announcements like product launches and smaller changes like additions to website layout or navigation changes. Visualping provides information that is best gathered over time to monitor combined effects, such as year over year web traffic growth or the number of subscribers to a new blog.
Marketing agencies use Sprout Social worldwide to increase engagement and gather competitive data. Because of the nature of social media, utilizing a social listening tool for your own company will reveal information about your competitors.
Since you share an audience base, social media monitoring gives you premium intel on your target audience by observing trending hashtags, social mentions, sentiment, and behavior.
With Sprout Social, you'll turn metrics into opportunities to fill gaps in the market and meet the needs of your customers. While not entirely free, Sprout Social offers a day free trial to get you started. MOAT, created by Oracle Data Cloud, aggregates competitive data on paid search campaigns, giving you insider access to your competitors' digital advertising strategies.
In a continually changing digital ad landscape, MOAT saves you precious time and money by helping you more effectively place your digital ads and track their progress.
In the absence of sound data, your CI program will not only prove ineffective—it may even prove detrimental. When the responsibility of gathering intel falls on the shoulders of just one or two people—who may very well have full-time jobs on top of CI—data collection is going to prove difficult. For now, bandwidth limitations help to explain why the initial part of the CI process poses such a significant challenge. With the modern internet age has come an explosion in competitive data.
And, obviously, the challenges of ballooning data are going to be compounded by the challenges of limited bandwidth. Admittedly, referring to the collection of intel as the initial part of the CI process is slightly misleading. What do you and your stakeholders hope to achieve as a result of your efforts? Who are your competitors, and which ones are more or less important? What kinds of data do you want to collect, and which ones are more or less important? Nailing down answers to these questions—and others like them—is a critical prerequisite to gathering competitive intelligence.
The competitors you track and the types of intel you gather will be determined, in part, by the specific goals towards which you and your stakeholders are working. It follows, then, that different stakeholders have different needs from a competitive intelligence perspective.
Depending on the size of your organization and the maturity of your CI program , it may not be possible to serve each stakeholder to the same extent simultaneously. In theory, every brand is capable of developing their own unique data assets, because every brand has to be slightly different to compete.
This means that a brand's customers are, at the very least, slightly different from those of their competition, which means that they have a unique angle that they can utilize. Every piece of data you get on your customer or potential customer is therefore another piece of information you can use to craft an effective marketing or advertising strategy. In order to use this information effectively, you must first decide what your goal is.
Are you looking for more sales? Are you trying to achieve higher foot traffic in stores? Is your goal to have higher market awareness of your product? Once you've done that, you can look at the data to see if it is in the right format for use with deep learning.
This is something that is hard to explain simply, but fundamentally, data has to be in a disaggregated state - that is to say, it has to come from multiple sources so that more in-depth conclusions can be drawn from it. That means you don't really need to know only how many people visited a store, but instead when exactly each person visited. You no longer need to look at just how many sales you made, but also what each sale was and to whom.
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