With competitor datasets, you can access critical information related to your biggest competitors in the market. By simply analyzing their datasets and seizing loads of business insights, you can elevate your operations and improve main services.
While some are skeptical about buying competitors’ datasets, others know the vast benefits they can grab from collecting competitor data.
What are competitor datasets?
According to McKinsey, 100 terabytes is the volume of data stored by most US companies, and this number is growing rapidly. A competitor’s dataset is a basic dataset that is put together by another company.
The dataset can contain various segments of information, including documents, files, images, videos, insights, and other structured data. Such companies assemble these datasets in order to expand their outlook on business decisions. They obtain competitor data from all business processes and then analyze it to become better and smarter.
After scraping and analyzing as many insights from datasets, companies often sell or exchange these datasets to get their worth back because making such datasets can be expensive.
Datasets you can use for competitive analysis
As you gain access to competitor datasets, it’s important that you study all segments of data. However, there are three essential datasets that can bring the most insights and are the most crucial.
- Customer reviews. Even though you can find a lot of statistics and performance analysis in competitor datasets, the best way to truly analyze the performance of various campaigns and products is through customer reviews. You can answer many questions, such as what’s working, what aspects need improvement, and what customers seek most in products.
- Press releases. Press releases are a great source to detect the latest advancements and business directions of a company. A quality release can reveal new clients, partnerships, products or services, financial reports, analysis reports, etc. Correlate press releases with company datasets to see how their business is reacting to certain directions and landscapes.
- Job listings. Analyze recruitment plans of competitor companies to figure out what plans they have. For example, if they are looking for many marketers, then it’s clear that they are getting ready for a big campaign, or if they are looking for workers in one specific region, then they are probably planning to expand in that region.
Key benefits of collecting competitor’s datasets
Getting your hands on competitor datasets is a guarantee for improved business decisions. In fact, 59.5% of executives claim that they are guiding innovations through extensive use of data. Let’s take a closer look at how to apply competitors’ data and what benefits it brings.
Learn about other customer groups
Each brand works for a specific customer group that they form at the start of their career, its groups of people with similar tastes, ages, educations, and lifestyles. To expand your customer market you must clearly understand the dynamics of other customer groups, and what better way to do so than by analyzing another company’s customer base?
Competitor databases include data about their customers, their likings, and how they react to various campaigns and products. You not only get all of this information, but you also get a fixed database of contacts with all further details.
Discover new innovations
Conducting an analysis of competitor data helps identify new innovations and tools that the competitor uses. You can study which tools bring the most profit to your competitors and start implementing them in your business.
Another big aspect of competitor innovations is that you do not have to go through the trial era. You won’t have to experiment with company money, success, and time to figure out what innovations work, all you have to do is analyze competitors’ experiences with the tools.
Marketing strategies
If a company has become extremely popular within a short period of time, they have probably discovered a new marketing strategy that covers the wants of people and customers.
Find out the strategies and marketing plans of your competitor by simply analyzing their datasets. Spot which campaigns were a hit, which failed totally, and what campaigns had a good plan but needed some revising and advancements. Stats prove that leaders are 166% more likely to make most decisions based on data, and in this case, competitor data can bring many insights.
Final thoughts
Competitor datasets are crucial for businesses that aim to gain competitive inelegance and discover new customers, marketing strategies, innovations, and tools. As the industry grows and new experts get introduced, competitor datasets allow you to be a step ahead of others and know all about the newest innovations and strategies first.
