We live in a very competitive world and the area of business doesn’t escape this rule. Thus, it is essential that companies know their competition well, in order to know which tools to use and which strategies to take to win in the market. The social media have facilitated the monitoring of our competition, because it is very easy to know in which products or services are betting and what the reactions of the consumers to these same products and services, for example. In today’s article, we talked about the types of analysis to better understand the competition!
Predictive analytics is an advanced form of Data Analytics that aims to answer the question “what will happen?”. It is a type of analysis that makes predictions through probabilities. This analysis is possible thanks to techniques like regression and progression analysis, pattern matching and various types of statistics. This type of Data Analytics is widely used in stock market and investment companies. It is a very important type of analysis because it allows us to understand the performance of companies in the markets and to anticipate problems and trends.
Diagnostic analysis will explain us why something happened. This type of analysis will relate all available data and information to find patterns of behavior that may explain the results. It is an important analysis to find problems and above all to avoid repeating them in the future. It allows us to relate our performance to the performance of our competition, which makes it possible to find improvement points and minimize harmful actions for the company image.
This is a very simple and very easy to tool. If you want to be alerted every time your competition is cited in the Web world, simply monitor the keywords related to the competition. You can always know in which areas your competitors are highlighting and this could be a great way to discover market trends!
Benchmarking is an instrument that aims to improve performance in order to position itself ahead of the competition. The process is based on learning from the best experiences of companies operating in the same industry: it is called “learning from the best”. Competitive benchmarking aims to analyze direct competition and focuses on the comparison of products and services, methods, strategies and campaigns used. The objective is to overcome the good performance of the competition by improving the methods used by it.
This tool allows you to follow everything that goes on in blogs, videos and social networks. When searching for a term, be it a keyword or the name of a company, the tool shows you everything that’s being said about that term in blogs and social platforms. Its use is very similar to Google Alerts, but in addition to publishing on websites, it also shows us sharing on social networks and on video platforms, thereby increasing its breadth.