Posted by: Michael Poston, Product Manager

As a rule of thumb, you should gather competitive intelligence (CI) for your business. Doing so will allow you to better understand current and potential competitors, industry trends, and possible threats. As a result, you will be empowered to make more informed decisions about your product and strategic initiatives.

To do this effectively, you should implement a process designed to filter large volumes of data into clear and actionable insight. For instance, using a RSS parser such as Jawfish to receive, organize, and redistribute feed content can automate CI data mining and distribution. Simply take the repurposed RSS feed content and display it on an intranet or wiki page, and voila, you have a CI portal.

Similarly, you can use Web page monitoring tools to ensure you are “in the know” regarding your competitors’ activities. For example, you can use a tool like TrackEngine, InfoMinder, or WatchThatPage to notify you every time your competitors’ news or press release pages are updated. Review the content as you are notified, identify if it is significant, and redistribute within your company as necessary.

Lastly, use tools like Twitturly or Twitterfox to easily monitor popular links being tweeted for subjects related to your competitors, your industry, or possible threats to your business. Doing so will give you nearly real-time visibility into their activities and the community’s response to it. You can also use the tool Tweet Scan to get emailed updates on tweets for particular keywords. It delivers information less frequently than the other tools, but can be good for receiving summaries if you don’t have a lot of time to monitor the other tools.

In conclusion, the Internet has changed the meaning of “readily available information.” If you haven’t already, you need to leverage tools like these to help you capture this information and organize it in a fashion that makes sense for your business. Taking the time to do so will lead to greater success.

Happy selling, friends!

Please note that all applications mentioned in this post are not affiliated with ClickBank and should be used at your own risk.

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