Competitive Intelligence (CI) may sound like just a new way of describing old business practices. But the words competitive intelligence are not new in the business world. But the ways of accumulating intelligence continue to change, according to Bob Goodman, the CEO of NetBaseQuid. NetBaseQuid is a social media analytics firm with an Artificial Intelligence-based CI platform.
CI Helps In The Price Decision-Making Process
Businesses have a golden opportunity to capture a new consumer base when they use all the tools available in an Internet marketing blitz, according to Mr. Goodman. Executives need to know what competitors have up their product building sleeves. And businesses must know the lifespan of those new products.
Pricing products in a competitive market turns into a juggling act for some executives. Gross profit has to be high enough to make a profit. But prices cannot be higher than consumers can support if the competition works on a lower gross profit margin that produces lower prices.
Gross profit information helps new businesses price new products, and it gives executives a measuring stick when developing a market strategy. Quality and delivery statistics also help startups get a handle on how similar businesses price their products with the same quality and delivery specs. For example, pricing a product made in Italy or the United States usually commands a higher retail price than the same product from China.
China products may be equal in quality, but China’s reputation as a price-driven manufacturing country taints consumers’ impression of products with the Made in China label. Some consumers have a negative impression of products produced in China even though product quality continues to improve.
Key Opinion Leaders Give A Voice To Competitive Intelligence
It’s easy to find key opinion leaders (KOL) in every sector of the economy. Every recognizable product on the Internet seems to have an expert on board to sing the praises of the products and services they represent. A key opinion leader can help keep track of the competition from a consumer acceptance, quality, and pricing point of view. And that information contributes to the marketing decision-making process.
Contact with consumers is a vital part of the competitive intelligence process. Key opinion leaders are the engines on that CI train, according to Mr. Goodman. KOLs can help bring Remain, Remove and Refresh, the 3R business principles, into focus. The key to keeping CI information current is using a key opinion leader who has credibility, staying power, and a ton of social media followers.
Gathering Valid Market Share Information Falls On The Shoulders Of Competitive Intelligence
Consumer satisfaction is the goal when CI information is on the table. NetbaseQuid’s tech-driven social media analytics platform creates real-world data and critical insights in real-time. The platform assigns data points to a consumer market’s landscape. Data points from secondary as well as primary research follow a precise checkpoint process.
The checkpoint process contains the information needed to make informed decisions. Informed decisions about what products remain and what products need a makeover, as well as the products that need removal. The AI-based platform also produces real-time product information and competitor profiling.
Plus, key opinion leaders and influencer strategies are also part of NetBaseQuid’s social media tools. Social media sites play a huge role in collecting CI, according to Mr. Goodman. But not all social media sites help provide the pertinent information to make a difference in the business decision-making process.