Choosing the best software, system, or tool for a task is important for any business. The choice can be particularly challenging when it comes to competitive intelligence software as there are many software tools available today. Moreover, each one is different from the other in terms of features, pricing, and functionality.
This post will help you with the decision-making process. We’ve ranked the best competitive intelligence software of 2022, and the list comprises popular choices and some new entries to the market. We hope that this helps you find your perfect fit!
How We Created the List
For many businesses, competitive intelligence is a company-wide necessity. The ability to gather and analyze data on your competitors allows you to understand which strategies are working for them, and where you can improve on them.
It also helps you keep tabs on their strengths and weaknesses to see how they might change in the future.
With this in mind, we compile a list of the top competitive intelligence software to help you find the right tool for your business.
We looked up each product, two trusted sources of consumer reviews, and then selected our top picks based on user satisfaction ratings (or lack thereof). In addition, we looked into expert reviews.
We also evaluated pricing information to provide an informed recommendation of the best value for money based on your budget constraints.
We hope that our research will help you decide what competitive intelligence software is best for your business needs.
We hope you found our list of the best competitive intelligence software solutions helpful. Moreover, we base the list on our own experience and years of research. However, we would also like to hear from you.
Each solution is different, and there is no one-size-fits-all solution. Some solutions are full of features for small businesses, while others are ideal for large companies and enterprises. Being aware of your company’s structure, size, budget, etc., is critical for choosing the right solution.
To make sure that you make the right decision, it is essential to identify your business needs first. Most vendors give free trials and demo versions of their products to help you get started. Using these demos will allow you to test a couple of solutions before making a final decision.
Competitive Intelligence Software Overview
Below is a quick breakdown of what competitive intelligence software is. Also, it shows how the product is meaningful for you and your business.
What is Competitive Intelligence Software?
Competitive intelligence software is a tool that helps companies track, analyze, and monitor their competitors. These tools offer a wide range of features, from basic to advanced ones. This includes brand monitoring and social media monitoring, tracking customer satisfaction and competitor comparison, keyword research and data mining, and many more.
The main goal of this software is to help companies learn about their competitors to gain a competitive edge. They can then use this information to create effective marketing strategies. Also, improve their product quality, or increase their market share in the industry.
This article will explain what competitive intelligence software is and how it works. We will also provide an overview of some popular tools available today.
What Does Competitive Intelligence Software Do?
Businesses can use competitive intelligence software for monitoring and analyzing the actions of their competitors. The primary use of this software is to collect data on market trends and competitor performance to create the most effective business strategies. This is a step-by-step process that includes:
The collection of data from various sources to get a complete picture of the current state of the market, customer needs, competitor activity, and so on.
A thorough analysis of the collected data to identify potential opportunities and threats and extract relevant insights.
Using the insights gained from previous steps to craft an effective strategy will help you meet your company’s goals.
Competitive Intelligence Software (CIS) Meaning
CIS is a tool that helps business owners, marketers, and leaders to determine the best strategies for creating products, pricing, promotion, and distribution of their products or services.
This type of software has been in use since the early 1970s. However, it has only recently become popular and accessible to businesses of all sizes. It is a perfect solution for small businesses to have the edge over their competitors with up-to-date information on their market situation.
Any business needs to know what its competitors are doing. It must be able to identify potential threats that may affect their business operations and profitability. The information collected by competitive intelligence software will help them make informed decisions about their marketing campaigns and product development plans. This type of software also allows you to analyze your competitors’ behavior to develop better marketing strategies for your products or services.
Here are some of the main features that competitive intelligence software should provide:
As the name suggests, this feature enables users to track keywords related to their business interests or markets. You can identify trends based on keywords related to your brand, products or services, competitors’ names, industry issues, and more with keyword monitoring. Moreover, you can also use it to research potential customers’ needs by keeping an eye on what they are searching for online.
Most competitive intelligence software tools include a database where you can store all of your competitor’s information. This makes it easier for teams across departments (e.g., marketing, sales) to access the information they need. This is without searching through other sources like Google or LinkedIn profiles.
This feature tracks keyword rankings over time to discover how well you are doing compared with your competitors. Also, optimize your campaigns accordingly. Keyword tracking also helps users get an idea of their target audiences’ interests by identifying trending topics in their market.
Carrying out market research is the most crucial feature of competitive intelligence software as it is directly related to discovering new opportunities in the market. This feature helps you understand how customers react to your products and services.
You can also use this feature to learn about new trends in the industry. Competitive intelligence software will help you identify these trends and react quickly by making necessary changes to your products or services.
Benefits of Using Competitive Intelligence Software
CIS is a type of software that businesses use to gather and analyze data about their competitors and the market. Competitive intelligence software allows businesses to anticipate changes in demand and influence their product offerings accordingly. Below are some top benefits of using competitive intelligence software.
A competitive intelligence software aims to give your business an edge over the competition. By gathering and analyzing data about competitors, companies can make better strategic decisions. This allows you to quickly adapt to changes in the marketplace, giving you a competitive advantage.
One of CIS’s most significant advantages is saving valuable time for both staff members and managers alike. Instead of team members manually searching for competitor information, they can use CIS tools to quickly gather data from all over the internet to find what they need in seconds.
In addition, as they find relevant material, they can import it directly into the platform so that it’s easily accessible later on by other team members.
Improved market awareness
Competitive intelligence software helps businesses better understand their market and competitors. It improves market awareness by helping you understand how your company is positioned in the market and what other companies are doing.
This allows you to make informed decisions about your business strategy and position with your competitors. In addition, it enables you to identify what competitors are doing well to improve upon these areas for your brand.
What Companies Should Buy Competitive Intelligence Software?
All companies can use competitive intelligence software to inform their business practices. However, it’s especially beneficial for companies that operate in saturated markets.
These include both newer companies that want to get a foothold in the market and established companies that want to remain relevant. This is because it helps companies better understand the current market and anticipate market shifts. Competitive intelligence software can help businesses identify new opportunities.
This software can also help organizations foster innovation and growth by understanding the competition’s strategies and products. The data and insights provided by this software allow businesses to better satisfy customer needs and target different niches.
How Much Does Competitive Intelligence Software Cost?
Pricing for competitive intelligence software ranges from a few hundred dollars per month to thousands of dollars per month. Some providers charge a flat fee for the product, while others offer volume-based pricing. The most popular pricing structure relies on the number of users using the software.
On average, companies should spend between $10 and $20 per user per month. Some providers charge extra fees for additional features such as customer support, advanced analytics, and data collection tools. In these cases, the price can increase by 20 or 30%, depending on which add-ons are available.
Some providers offer discounted pricing based on the size of the business, industry, or number of users. For example, a small business with ten employees may pay 20% less than a large enterprise with 200 employees.
Other providers may charge more for customers in industries with higher demand, such as marketing and advertising agencies.
Pricing models vary widely depending on the provider, so obtaining a quote before purchasing is essential.
Types of Competitive Intelligence Software
There are different types of competitive intelligence software available in the market. Some main ones include:
Pricing intelligence software
The pricing intelligence software helps businesses collect and analyze pricing data from online resources. You can collect the pricing data from websites, blogs, forums, social media, etc.
Pricing intelligence software shows dynamic pricing trends of your products and competitors’ products on various channels. This helps businesses get an edge over their competitors by creating effective pricing strategies.
Competitor analysis software
This software helps businesses gather competitor product data from multiple online resources. It also provides detailed analysis and visualization of all the collected product data.
Competitor analysis software shows important insights about competitors’ products, such as product details, product images, reviews, ratings, etc. It shows how your product is performing against your competitors’ products.
One of the most common types of competitive intelligence software is market segmentation. This is where a company develops a product or service for a specific group of people, rather than for everyone in a larger market.
Sometimes this means creating a product similar to an existing product (such as an alternative toothpaste). Other times it means completely reimagining what the product is and how it works (such as with electric cars).
Competitive intelligence software helps you find ways to differentiate your business from other businesses in your market and identify potential new markets for your product’s services.
Trends in Competitive Intelligence Software
The world of Competitive Intelligence Software is constantly changing. New trends will affect which software suits you the best and impacts your decision. Here are the most important trends that you need to know about.
Integration with third-party apps
Software integration is an important trend in the market for Competitive Intelligence Software. Vendors are integrating their software with marketing, sales, service applications, and accounting platforms such as Xero and Quickbooks. This enables end-users to streamline operations and easily manage different aspects of their business from a single platform.
Cloud technology is transforming how companies run their businesses, lowering costs and enabling greater flexibility in workflows. It’s no surprise that cloud-based Competitive Intelligence Software is becoming more popular among businesses of all sizes. This particularly applies to startups, small businesses, and SMEs that don’t have the resources or expertise to operate on-site software.
AI (Artificial Intelligence)
Artificial intelligence is one of the most talked-about technologies today. Many predict that it will revolutionize industries in the coming years—and competitive intelligence is no exception.
AI tools can analyze massive amounts of data about markets and competitors at a level beyond human capabilities, providing insights that help organizations make informed market decisions.
What is the Best Competitive Intelligence Software?
When choosing the best competitive intelligence software, you are spoiled for choice. There are dozens of products on the market, and they all have their strengths and weaknesses.
Therefore, how do you know which is right for you? The best way to choose is by trying out as many as possible. However, that’s not always a realistic option which is why we created a comprehensive list of the top-rated solutions to help you get started.
The market intelligence tools market is increasing, and competition is intense. The best competitive intelligence software for you will come down to your specific needs as a business owner or marketer. Follow out the list of tools for the best picks currently available in the market.