You’ve created the best plan in the world, set a reasonable advertising budget, and assembled an enthusiastic, skilled crew. Your project is now ready to take off! But maybe you should wait a moment, Have you looked into what your competitors are up to? It is critical to be aware of what they are up to. It enables you to make use of this knowledge. You can identify their flaws and devise a strategy to outperform them. On the contrary, you could draw inspiration from their effective methods. Most importantly, you are aware of what is going on in your industry. It is useful, for example, if you wish to predict future scenarios, which you may do with what-if analysis. What you need is competitor analysis.
No individual, nor any business, is an island! The best method to plan your next step is to have a comprehensive image of your market. Don’t worry if you haven’t done it yet; it’s not too late. Can businesses use Artificial Intelligence to predict what their competitor’s next move will be or even by using machine learning & A.I. to offset possible adverse or negative publicity?
Mark Germishuys, CEO of NGA believes it’s possible. Using big data, AI, and ML any businesses utilizing this technology can access anything from competitor announcements about their revenues, operational issues, opportunities, new product launches, and positioning changes, in a matter of minutes.
With approximately 4.57 billion internet users worldwide, Artificial Intelligence is able to monitor what’s being said about your product be it positive or negative and it is recorded and analyzed as a source of Competitor Analysis.