Harnessing AI for Competitive Analysis: Staying Ahead in the Market

AI has taken over the business world, and it’s your job to utilize new ways to boost your business! Don’t get left behind—use AI tools like web scrapers and GPTs to generate new ideas and strategies to keep you in front of your competitors.

How Can I Use AI for Competitive Analysis?

There are several ways to use AI programming for competitive analysis, from data comparisons to strategy. Here are a few of our favorites:

Market Segmentation and Targeting

AI allows you to keep tabs on customer purchasing patterns, preferences, and niche opportunities that develop in your industry through market segmentation and targeting…and there’s more than one way to tackle it.

AI can help with micro-segmentation, allowing you and your company to divide broad categories of ideal clients into even smaller, niche ones. You can refine your marketing strategy to include highly specific messaging to target clients, saving time on research and reducing the effort it takes to find what works.

Does it seem like the market is shifting faster and faster? That’s because it is. But thanks to AI, you can keep up even with the slightest changes in the market. Remember that you’ll need to analyze the data consistently to understand what changes.

Compare and Contrast

Need a quick side-by-side analysis of what competitors are offering versus what you bring to the table? AI does competitor benchmarking, showing how you rank against competitors in market share, product quality, and customer satisfaction ratings. This will show you where you dominate the market versus where you are falling behind. Do you have a product that truly stands out against your competitors? If not, it’s time to focus on where your business can fill the gaps.

Analytics

Want to monitor your business’s performance? In addition to other tools for tracking conversion rates, sales, views, and other stats, AI can show you the big picture. By scraping data from the web or the information you give it, AI systems can provide you with actionable insights on what to do next or how to improve current performance.

Content and SEO Analysis

What keywords are your competitors using? Which ones should you be using? AI can generate lists of keywords that you may be missing. If you ask AI for an SEO strategy, it can also suggest the best ways to execute additional keywords in your landing pages, blogs, and other marketing materials.

Predict Market Trends

The latest tips and trips harnessed in ONE place! AI combs new information and makes a solid list of how the latest trending topics can influence your marketing or the products and services you offer.

That said, it’s always worth searching to see how these trends are implemented. And we can’t say no to cute TikTok trends, either, so don’t deprive yourself of what could be a fantastic strategy!

Keep Tabs on Your Competitors

Have you always wanted a quicker, more efficient SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis?

We have some excellent news for you.

Instead of having someone keep their eye on your competitor’s website 24/7, AI updates you on significant new developments in real-time. AI will alert you if there’s a substantial change in a company’s marketing strategy, a new product launch, and their overall customer satisfaction rate.

For example, did they get a recent influx of five-star reviews? AI will let you pull the information to see what customers love about their services so you can offer something even better.

Monitoring and Alerts

While tools like Google Alerts can keep you updated on specific keywords, company names, and other essential aspects of your business, checking your email every time one pops up is annoying.

Why look for each keyword in separate places (and a million bajillion tabs) when there’s AI to put it right in front of you?

Another great way to use monitoring and alerts is through automated supply chain analysis. Getting low on specific inventory and don’t want to overpromise quantity? Stay way ahead of the game by letting AI keep track of inventory management, supplier relationships, and other vital parts of supply chain management.

Need Help?

Even AI can’t handle everything. Don’t know how to leverage AI for your business model? The information and innovations can be overwhelming for first-time users. Luneer Mgmt can tackle everything from project management to virtual assistant services.

Chat With Us to learn more about what we can do for you and your small business

WRITTEN BY: GRETCHEN GALES