Open-Source AI analytics platform for competitive intelligence and insights

Strategic business planning involves analytics in different areas of business for various reasons such as promoting the business brand name and value, looking for opportunities to grow and improve, cut down costs, prevent revenue leaks, etc. Yet, some businesses make the mistake of running purely internal analysis and forgetting the outside world. In lieu of that, we can say that one of the most effective areas of business analytics that remains untapped by many businesses is competitor analysis. Competitor analysis can bring in solid insights that can change the outlook of a business while helping it keep up with the market-best competitive marketing intelligence.

Unlike earlier, competitor analysis has come a long way from the time-consuming and painstaking processes that it involved. Information was scarce and some data had to be acquired by ‘brute’ force. Quite naturally, only a few businesses succeeded in getting results out of competitor analysis. However, today we have various competitive intelligence software and tools that use underlying powerful AI /advanced Machine Learning algorithms that can churn out fast analytical insights with high accuracy.

Sometimes, people confuse competitor analytics with trying to imitate the competition or rivalry to get ahead by any unscrupulous means. But competitor analytics isn’t about an unhealthy competition that leaves you fixated on the competitor’s success or failures. Rather, it is a healthy analysis of competitor markets that can help you deliver the best working models of their products to the customers. It helps the customers understand the unique value that your product can bring them, in comparison with the others.

Why should you do competitor analysis?

The benefits of customer analytics may be categorized as under, though there are many more not so obvious reasons to start using competitor analytics and competitve intelligence platforms.

With these advances that you can make in your industry, it is possible to stand out as a unicorn provider that caters to a spectrum of needs. You can align your strategies to suit the needs of a larger segment of people rather than a small niche that cannot sustain your business.

While you can bring in elements of uniqueness to your business, it will not profit to do the same things over and over again to ultimately see that a large portion of customers have moved on to other solutions. Let’s dive in!

Analyse industry trends

When brands are concentrated on their own product development and uniqueness, the larger industrial trends tend to be looked over. These trends or advances tend to resonate with the needs and desires of the audience and buyers. Even if a company succeeds in gathering users to their product in the initial phases and could experience huge successes, they cannot survive with the same business model. This fact has been proven by the rise and fall of many popular businesses.

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Much like MySpace or Pan-Am, to take a couple out, if companies fail to adapt to changing user needs, they eventually lose markets. When large amounts of investments go into the old business model, and there is resistance to change and modernization, it can turn out to be a recipe for failure. It hits especially hard when new challenges arise that threatens the industry as a whole.

For instance, when Pan-Am was hit with surging oil prices whilst trying to cater to a small niche of flyers that would use their services, it ineluctably pushed the company into declaring bankruptcy.

It can be thus said without a doubt that businesses need to pay attention to rising trends in their own industry and product landscapes. Of course, the decisions to follow these improvements should be taken with caution as investing too much into a passing trend can also be a venue for losing money.

Discover gaps in marketing

Read the full blog on AI and Competitive intelligence. Click on the below link

https://www.innominds.com/blog/staying-ahead-of-your-competition-with-tailored-competitive-analysis