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The business environment has continuously changed over the years with the introduction of digital tools. Digital tools in the form of competitive intelligence software, help businesses in keeping track of competition. Competitive intelligence software gives businesses insight into the strategies of their competitors.
Competitive intelligence software is a digital tool that helps businesses gather, analyze, and interpret information from competitors. Competitive intelligence software helps businesses in monitoring and understanding competitors’ strategies, products, pricing, market positioning, and other relevant data. In this guide, you will discover the top best competitive intelligence software tools in 2023.
Best Competitive Intelligence Software
Quick View
- SEMrush: Best Overall Competitive Intelligence Software
- Ahrefs: Best Competitive Intelligence Software for Large Businesses
- Similarweb: Best Competitive Intelligence Software for Small Businesses
- SE Ranking: Best Competitive Intelligence Software for Medium-Sized Businesses
Real-time Monitoring and Alerts
SEMrush offers businesses robust real-time monitoring of activities, including that of competitors. The software also gives businesses notification alerts.
With Ahrefs, you can monitor offers businesses the ability to monitor
This software offers businesses real-time monitoring and notification alerts.
With SE Ranking your business will have real time monitoring of competitors. You can also get necessary notification alerts of important information.
Customizable Dashboards and Reporting
SEMrush had the availability of customizable dashboards and reporting tools.
With Ahrefs, you can customize your dashboard to best suit your business needs. This is possible with the dashboard and reporting tools.
With similarweb businesses can customize their dashboards for business operation efficiency.
With SE Ranking, users can customize their business profile dashboard to suit their needs.
Integration With Other Business Tools
With SEMrush, you can integrate to third party platforms using the competitor research tools provided by the software provider.
Ahrefs offers user’s a wide range of integrations to third party platforms. With ahrefs integration you can grow your business visibility.
Similarweb offers API integration more than business can keep count of.
With SE Ranking you can integrate your business to all your business’s major and minor competitors.
Quick Verdict
SEMrush: Best Overall Competitive Intelligence Software
SEMrush provides businesses with an all in one solution tool kit for improving business growth and development. With SEMrush, businesses can be able to greatly improve their online visibility, discover new market insights, from the research and analysis of industry competitors.
With Semrush tools you will be able to vastly expand your business marketing reach. The major services available on offer to users on Semrush include: SEO, PPC, SMM, Keyword Research, Competitive Research, PR, Content Marketing, Marketing Insights, Campaign Management.
Top Best Competitive Intelligence Software in 2023
SEMrush: Best Overall Competitive Intelligence Software
Semrush offers a wide range of services using its competitive intelligence tools and services such as the competitive research tool, smm tools, marketing campaign tools, and many more.
Real-time Monitoring and Alerts
With the competitive research tool provided by Semrush, businesses are able to have a real time monitoring of what is going on with competitors a.d the industry they operate in as a whole.
Businesses are also able to get notification alerts for preset information. The brand monitoring on Semrush helps you get relevant alerts alone, whenever your brand or that of your chosen brands are mentioned in real time.
Customizable Dashboards and Reporting
Semrush offers businesses a robust collection of tools and services that allow for customization of user dashboard and reporting for business analysis and growth.
With Semrush you can customize several aspects of your business operations to grow your business reach online and offline. Semrush allows users to do reporting and customization using the Semrush SEO reporting tools and several other dashboard customization widgets.
Integration With Other Business Tools
Semrush offers businesses the opportunity to integrate with third party platforms, especially in the analysis and monitoring of your competitors’ operation strategies and tactics.
Cost Of Semrush
Semrush offers four main plans for subscription monthly to its user’s, if you pay for an annual subscription you get a 17% discount. Each of the Semrush plans provides a free trial period of up to 30 days. The Semrush membership plans include:
- Pro – $119.95 monthly
- Guru – $229.95 monthly
- Business – $449.95 monthly
- Custom Plan – Contact Semrush
Why We Chose Semrush
We chose Semrush because it provides robust monitoring and overall competitive monitoring and analysis of your competitors in your industry.
- With Semrush you have access to more than 24 billion keywords across 130 countries to aid your competitor research
- You can run an in-depth website audit that is based on 130+ checks
- Semrush can help you improve your business visibility and search rankings
- Semrush helps you to track and analyze competitor websites and marketing strategies
- You can create and track your business PPC campaigns effectively on Semrush
- Semrush cost more for starter level plans compared to other competitive intelligence softwares
- The user interface can be improved for more suitability
- Semrush is expensive on a monthly subscription, hence not very suitable for start up businesses.
Ahrefs: Best Competitive Intelligence Software for Large Businesses
Ahrefs is a competitive intelligence tool that provides businesses with the tools to perform competitor analysis, market analysis, competitive intelligence research, and general business analysis. Ahrefs help businesses grow with the best of understanding of what needs to be done.
Real-time Monitoring and Alerts
With Ahrefs your business is guaranteed real-time monitoring of competitors, which will essentially result in business gains for your business. With Ahrefs monitoring you will be able to gain insights from your competitors across the industry, which you can deploy to aid high rankings for your business website.
Customizable Dashboards and Reporting
Ahrefs offers businesses customizable dashboards and SEO reporting tools, these tools help businesses pursue to meet their business growth demands. Ahrefs offers a one stop solution for backlink tracking and domain referral using the dashboard customization and reporting of Ahrefs.
Integration With Other Business Tools
Integration on Ahrefs is robust as businesses can integrate and interact with other business tools on other platforms. The integration API feature on Ahrefs is very solid that user’s can integrate to more platforms than they can remember.
Cost Of Ahrefs
Ahrefs plans are priced with a wide margin of difference depending on your business size. The plans for Ahrefs include:
- Lite – starts at $99 per month
- Standard – starts at $199 per month
- Advanced – starts at $399 per month
- Enterprise – starts at $999 per month
Why We Chose Ahrefs
We chose Ahrefs given the robust tools and market research abilities it offers to users.
- You have report sharing ability
- You can perform Batch analysis using Ahrefs
- An updated database of extensive link index of competitors backlinks
- The enterprise plan is very expensive for small businesses
- Ahrefs does not have a robust site audit toolset
Similarweb: Best Competitive Intelligence Software for Small Businesses
Similarweb offers users behind the scene access to analytics of their competitors’ websites. Similarweb offers this service using its TrafficMeter tool in the form of a browser extension. Similarweb provides businesses with integration abilities to third parties, and easy access to competitors websites objective traffic data and strategy.
Real-time Monitoring and Alerts
Similarweb offers users robust monitoring of business activities in real-time using several tools. With similarweb you will also be able to get alerts on important notifications that need your attention for critical decision-making.
Customizable Dashboards and Reporting
With Similarweb you can customize your business profiles, to suit your business needs. You also get notified of important updates and upcoming business events.
Integration With Other Business Tools
Similarweb offers you integration capabilities for in depth analysis and benchmarking and reporting, on competitors web traffic.
Cost Of Similarweb
Similarweb requires you to contact the sales team for custom pricing according to the needs of your business.
Why We Chose Similarweb
We chose Similarweb because it is ideal for small businesses, given the pricing plan that allows businesses to negotiate and make payments according to their business needs.
- Robust digital marketing and research intelligence tool
- Excellent collection of competitor website data
- Robust analytics insight of collected website data according to demographics
- The user interface and usability can be improved to more efficient and easy to use
SE Ranking: Best Competitive Intelligence Software for Medium-Sized Businesses
SE Ranking is the go to platform for competitive intelligence analysis of business websites. The platform is an all in one software for business SEO deployment and analysis for your business growth.
Real-time Monitoring and Alerts
SE Ranking has a page changing monitoring tool that helps users of the platform to monitor any website and the changes made on the website in real time.
With the SE Ranking page monitor you will be able to receive notification alerts for every of your competitors websites change. This is possible if you already marked the competitors website for monitoring.
Customizable Dashboards and Reporting
SE Ranking offers users the opportunity to customize their reports and profile dashboards in the same process. This customization is made possible using a simple drag and drop builder provided by SE Ranking.
Integration With Other Business Tools
With SE Ranking integrating to your desired third party platforms is not a thing of worry for you. The integration feature of SE Rankin helps your business website ranking greatly.
Cost Of SE Ranking
SE Ranking offers three main plans to users, and offers a 20% discount to users who decide to pay for an annual subscription. The membership plans include:
- Essential – $39 per month
- Pro – $89 per month
- Business – $189 per month
Why We Chose SE Ranking
We chose SE Ranking because of its compatibility for use by mid sized businesses and the range of tools and features on offer on SE Ranking.
- SE Ranking can track your business website ranking up to city levels
- Super easy to navigate allowing you to customize your dashboard and profile how it suits your business
- Great backlink monitor
- Website ranking may be inaccurate sometimes, hence you need to periodically confirm from another platform
- Limited number of competitors 5 in tracked competitors within keyword groups
Key Features to Look for in Competitive Intelligence Software
In choosing the best competitive intelligence software for your organization, you have to consider key features that make up the software intelligence features. Here are the main key features to look out for in choosing a competitive intelligence software for your business:
Data Aggregation and Analysis
Data aggregation and analysis are fundamental features of any competitive intelligence software. Competitive intelligence software should be capable of gathering data from various sources such as websites, social media platforms, news articles, industry reports, and more. The software should provide robust data aggregation capabilities to collect and centralize information efficiently.
Competitive intelligence software should offer powerful analysis tools to make sense of the collected data. Competitive intelligence software should be able to analyze large volumes of data using advanced analytics techniques and provide useful data insights.
Data aggregation and analysis tools of competitive intelligence software should also have data visualization features. Some data visualization features include charts, graphs, and heatmaps; they are used in presenting the software analysis in a user-friendly digestible format.
Competitive Analysis and Benchmarking
Ensure a competitive intelligence software has competitive analysis and benchmarking features. Competitive analysis and benchmarking help in the evaluation and comparison of business performance against the competitors of the business.
The competitive intelligence software should allow users’ profile priority to create detailed profiles of competitors. A detailed competitor profile should include information about products, services, pricing, market share, and more.
The competitive intelligence software should provide tools for side-by-side comparisons using competitive analysis and benchmarking, this is to identify strengths, weaknesses, and areas of differentiation of competitors.
A good competitive intelligence software should also allow for benchmarking against key performance indicators (KPIs). The benchmarking feature enables businesses to understand their competitive position, this helps businesses to make data-driven and informed decisions to improve their performance.
Market Trend Analysis and Forecasting
Market trend analysis and forecasting capabilities help businesses stay ahead of industry changes and anticipate future developments.
The software should provide tools for analyzing market trends, identifying emerging opportunities, and understanding customer preferences. It should allow businesses to track market dynamics, competitor strategies, and customer behavior.
Furthermore, the software may offer forecasting features to predict market trends, demand patterns, and potential shifts in customer preferences. These capabilities enable businesses to adapt their strategies proactively and capitalize on market opportunities.
Real-time Monitoring and Alerts
Real-time monitoring and alerts are essential features for competitive intelligence software. Businesses need to stay updated on competitors’ activities, industry news, and market events. The software should offer real-time monitoring capabilities to track changes, updates, and new developments.
The software should allow users to set up alerts and notifications based on predefined triggers or customized criteria. These alerts can include competitor price changes, product launches, news mentions, or social media activities.
Real-time monitoring and alerts ensure businesses have timely information to make quick decisions and respond effectively to competitive moves.
Customizable Dashboards and Reporting
Customizable dashboards and reporting features are very crucial hence they cannot be missing from competitive intelligence software. Customizable dashboards provide businesses with flexibility in accessing and visualizing business competition intelligence data.
A competitive intelligence software through customized reporting and dashboards, should allow users to create personalized dashboards. Such personalized dashboards should be able to display the most relevant information and metrics.
The personalized dashboards for competitive intelligence software should be tailored to individual roles or teams within the organization. The software should also be able to offer customizable reporting options.
With customizable reporting, you can generate comprehensive reports and share insights with stakeholders. The reporting functionality should also allow users to create professional-looking reports. The professional-looking reports have to include visualizations, analysis, and actionable recommendations.
Integration With Other Business Tools
Integration with other business tools is a valuable feature of competitive intelligence software. Seamless integration with existing software systems is a very important feature that every good competitive intelligence software should have. Seamless integration enhances the usability and effectiveness of competitive intelligence software.
Integration offered by competitive intelligence software should enable data sharing, automation of tasks, and a holistic view of the landscape of businesses.
For example, when you integrate competitive intelligence software with a CRM system, you get insights into your competitors’ activities directly from the CRM interface.
How to Choose the Right Competitive Intelligence Software for Your Business
Choosing the appropriate competitive intelligence software for your business requires a critical analysis of your business goals and objectives. When choosing the right competitive intelligence software for your business consider these factors:
Identify Your Business Needs and Goals
Before selecting a competitive intelligence software, it’s crucial to clearly define your business needs and goals. Determine what specific insights and information you require to gain a competitive edge. Consider questions such as: What market trends do you need to monitor? What competitors do you want to track? What are your key objectives for using competitive intelligence software? To understand your business needs and goals, it is crucial to identify the features and capabilities required by your business from a competitive intelligence software.
Evaluate the Software Features and Capabilities
Once you have a clear understanding of your business needs, evaluate the features and capabilities of different competitive intelligence software options. Look for features such as data aggregation and analysis, competitor profiling, market trend analysis, real-time monitoring, customizable dashboards, and reporting. Assess whether the software offers specific functionalities and tools that align with your business requirements. Consider if the software has advanced analytics capabilities, visualization options, and the ability to handle the volume of data you anticipate working with.
Consider the Software’s Compatibility with Your Existing Tech Stack
It’s essential to consider how the competitive intelligence software will integrate with your existing tech stack. Evaluate whether the software can seamlessly integrate with your current systems, such as CRM, marketing automation, or analytics platforms. Compatibility ensures smooth data sharing and enables you to leverage the full potential of your existing technology investments. Consider factors such as data synchronization, APIs, and the ease of integration to avoid potential compatibility issues and data silos.
Read Customer Reviews and Compare Pricing
In getting a competitive intelligence software for your business go through customer reviews. Going through customer reviews will give you insights into the software’s performance and user experience. Also read reviews from other businesses of the competitive intelligence software, as this will provide you with valuable insights into the software’s strengths, weaknesses, and suitability for your industry use case.
In reading, reviews pay attention to factors such as ease of use, data accuracy, and customer support responsiveness. You should also compare the software’s package pricing plans, this is to ensure the packages and plans align with your business needs and budget.
Consider the Vendor’s Customer Support and Training Resources
The level of customer support and availability of training resources should not be overlooked. Evaluate the vendor’s customer support channels, response times, and availability of dedicated account managers or support teams.
Consider if the vendor provides comprehensive documentation, training materials, and user guides to help your team effectively use the software. Strong customer support and accessible training resources can significantly impact your experience with the software and ensure a smooth implementation and adoption process.
Implementing Competitive Intelligence Software: Tips for Success
In implementing competitive intelligence software for your business, successful implementation is important. To successfully implement your business competitive intelligence software, here are useful tips to deploy:
Communicate the Benefits to Your Team
To ensure successful implementation, it’s essential to communicate the benefits of the competitive intelligence software to your team. Clearly articulate how the software will help them in their roles and contribute to the overall success of the organization. Emphasize how it will enhance decision-making, provide insights into competitors’ strategies, improve market positioning, and drive business growth. Highlighting these benefits will generate enthusiasm and encourage buy-in from your team.
Set Clear Goals and Expectations
Before implementing the software, set clear goals and expectations for what you aim to achieve. Define measurable objectives, such as increasing market share, improving product positioning, or optimizing pricing strategies. Ensure that these goals align with your overall business strategy. Communicate these goals to your team and stakeholders, providing a clear roadmap for how the competitive intelligence software will support these objectives. Clear goals and expectations will help guide the implementation process and ensure everyone is working towards the same outcomes.
Train Your Team on How to Use the Software
Proper training is important if you wish to succeed in your competitive intelligence software deployment and implementation. As a business owner, you should provide comprehensive training sessions to your team, on the competitive intelligence software you wish to deploy. During the training ensure the team understands how to effectively use the software and leverage its features.
Train your team members on data collection, techniques for analysis, and report generation. During the training sessions, encourage your team members to participate actively. Answer any questions raised during training, and provide real-world examples to show the practical application of the software.
Provide Ongoing Support and Resources
Ongoing support is key to ensuring your team continues to utilize the competitive intelligence software effectively. Provide resources such as user guides, video tutorials, and documentation to serve as references for your team. Establish a dedicated point of contact or support channel for any questions or technical issues that may arise.
Encourage collaboration among team members and facilitate knowledge-sharing sessions where they can discuss best practices and share insights gained from using the software. Regularly check in with your team to address any challenges and provide guidance as needed.
Continuously Evaluate and Refine Your Competitive Intelligence Processes
Implementing competitive intelligence software is not a one-time event. It requires continuous evaluation and refinement of your processes. Assess the effectiveness of the competitive intelligence software, in delivering your business goals and objectives. You should frequently evaluate data quality, accuracy, and relevance of the data created by the competitive intelligence software.
Solicit feedback from your team to identify any areas of improvement or additional training needs. Stay updated with new features and updates from the software vendor and explore how they can enhance your competitive intelligence efforts. Continuously refine your processes to optimize the use of the software and adapt to changing business needs and market dynamics.
Frequently Asked Questions
Conclusion
Competitive intelligence software has made business analysis more data-driven, and trackable in real time and helped swift strategy implementation. This we have seen from the discussions on the competitive intelligence software in our guide. Given the importance of business analysis and competition tracking, competitive intelligence software has become a mainstay for businesses in 2023.
Therefore ensure whichever software you decide to use for competitive intelligence analysis offers a large chunk of the key features as we have discussed earlier. If you wish to deploy competitive intelligence software, use SEMrush or any of the other software we have reviewed.
