Competitive Intelligence for Businesses in a Pandemic Era

The image in the background shows an almost empty street with businesses closed. With the lockdown due to the COVID-19 pandemic in effect, there is no doubt that businesses, particularly small businesses, have been greatly hit. Many corporations have moved their transactions online, providing sales and services remotely. Adjusting to these changes can be hard for the businesses and the customers they serve. Can businesses stay competitive in retaining existing customers and gaining new ones in the era of a pandemic?

 In spite of the global pandemic, data continues to grow at an unprecedented rate. Social media sites like Twitter and Facebook offer platforms for users to freely express their opinions about companies, people, products, and services.  A business can monitor not only what is being said about its business, but also, what is being said about its competitors. By collecting and processing social media data, organizations can obtain useful information about what keeps existing customers and what attracts new ones. Negative customer opinions can be quickly addressed, and decision-makers will be well equipped with the intelligence to make competitive business decisions.

~By Linda M.