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Competitor analysis is crucial to any marketing and production strategy. Competitive analysis promotes better market reactions, product price setting and marketing strategy. Performing SWOT analysis and using a competitive analysis tool helps define the market and clarify each step your team takes. This process has numerous outcomes, from identifying an indirect competitor versus a direct competitor and tying their activity to the all-important competitive benchmarking.

Knowing competitors' strengths is only possible with comprehensive competition analysis. While competitive analysis is a great tool to possess, there are almost too many areas to keep track of. Any competitor analysis tool should inform digital marketing, SEO and competitor keywords, and product development within your target market.

There are dozens of competitor analysis websites. Many are suited for specific industries such as the medical field or industrial technology. Competitive intelligence websites can range from clinical trial databases to technology startup profilers. Some companies use these programs to complete a SWOT analysis or analyze competitors' websites. Even though it may sound as simple as heading to a website, knowing how to use data tools will ensure that you get the most out of them. 

There is so much information for market strategists to work with. Information overload can set in. Tools like this analyze the available data, competitors, and indirect competitors to identify exactly what you need for your strategy. 

When companies try to do this work manually, important data points often fall through the cracks. These data points could spell success or failure for your products. It’s easy to drop the ball when there is so much to juggle. Competitive intelligence websites take on the work for you. Instead of sifting through data, your marketing teams can construct better strategies using the data that these programs have already analyzed and interpreted. 

If you’re looking for a solid competitor analysis source for financial data and software sectors, check out FactSet.

This article will explore:

  1. How to use FactSet
  2. What kind of competitive intelligence information you get from FactSet
  3. How FactSet works for competitor analysis
  4. FactSet features, including automations
  5. How much FactSet costs

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How to Use FactSet

FactSet is a program that companies use for financial data management and enterprise launches. FactSet offers companies a competitive edge with research solutions, data analytics and portfolio analytics. 

FactSet’s research solutions take aggregated competitive intelligence and use that to inform investment strategies. One of the ways that FactSet does this is through data insights and testing. Using their screening tools, you can test your financial theories against specific criteria (pulled from their databases) to find worthwhile investments. Curating and filtering functions ensure that only the most important and market-driven news ends up in your inbox. 

FactSet offers data analytic software that pulls from hundreds of databases. The program allows you to track your biggest competitors and keep an eye on the industry as a whole. With custom alerts and interactive charting software, you can act on the most relevant and crucial data for marketing and investment strategies. Take a look at the variety of data that FactSet provides:

  • Bonds and loans
  • Debt capital structure
  • Estimates and filings
  • Private company and equity
  • Geographic revenue exposure
  • Shipping transactions
  • Supply-chain relationships
  • Mergers and acquisitions
  • Corporate activism
  • Exchange rates
  • Risk models and benchmarks

The above list does not even cover half of the types of data FactSet can provide for you. With their portfolio solutions, you can measure your company’s performance, risk and more. Through interactive charting, you will be able to visualize how your company is doing in comparison to key competitors.

Portfolio analysis takes all of your competitive intelligence and shows you how to benefit from it. Predictive technology based on competitors' data shows how your investments may be impacted or influenced. FactSet will enable you to increase your profit margins based on competitive data, market trend configuration and SWOT analysis. 

FactSet Data

When using a website for competitive data analysis, one of the first things you should ask yourself is: “Is this data reliable and accurate?”  Using innovative technology such as data Lakes, APIs, artificial intelligence and cognitive computing, FactSet pulls their data from hundreds of databases. 

To maintain integrity, FactSet has employees whose only job is to monitor and clean data so that there are no redundancies or inaccuracies. These precautions ensure that FactSet is offering high quality, reliable data so that all you have to worry about is success.

Read the Guide: What is Competitive Analysis and How to Do it?

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FactSet for Competitor Analysis

When you are in the business of investing and asset management, knowing the latest market trends is crucial to being successful. Competitive analysis maximizes managed assets and profits. FactSet’s data can provide you with the competitive intelligence you need to:

  • Optimize investment opportunities
  • Analyze market data and competitor moves
  • Monitor and research private and public companies
  • Gain important global insight
  • Build portfolios detailing your company’s capital gains
  • Predict market changes and plan accordingly

In the financial industry, you have millions of competitors. It is virtually impossible to manually track even your top fifty competitors. Competitor analysis programs like FactSet make it easy to monitor competitors so that you can increase profits and lead the pack. 

FactSet Automations and Other Features

When it comes to investing, companies have to make crucial decisions that could greatly impact their clients. If you are relying on many different websites to provide you with important data, something is bound to get lost eventually. 

Even the smallest dataset could indicate a high-impact market shift. Fortunately, FactSet offers a couple different features that can aid in your data collection and management:

  • Automated real-time updates delivered straight to your inbox. 
  • Customizable alerts and filters so that you only receive the most relevant and pertinent information.
  • News filtering capabilities with industry-specific headlines and keywords.
  • Interactive charting software.
  • Research management tools to aggregate all of the data sets you have saved.
  • Permissioning capabilities to ensure that only the right people can access your information. 
  • Platform interoperability.

Automation is one of the most important features that any competitive analysis website can offer. FactSet offers this and more as shown in the list above. With so many features and tools, FactSet provides an incredible amount of competitive intelligence on one platform. 

FactSet: Cost

FactSet does not list pricing on their website. Price points vary with the products you use. There are over 50 data analytic products, each with their own specialties and provisions. This enables users to mix and match datasets. Click to try a free Factset download with a free trial

An Alternative to FactSet

If you’re overwhelmed by the amount of data that is available, you’re not alone. There is so much to keep track of and so little time. Even with the vast selection of FactSet data, you won’t be able to reach across multiple industries. This can be frustrating, especially if you’re a company that provides products and services for a variety of industries. 

FactSet definitely helps to decrease information overload. With FactSet, you have all of the tools that you need to analyze your competitors and keep track of market trends. But it doesn’t have everything you need. FactSet alternative data comes from other financial and business-related platforms. 

You can choose to use many independent data sources, like Factset, but combining many data sources in one tool is a force multiplier for you and your team. It's easier to spot trends, it means fewer places to look for information, fewer subscriptions to manage, less moving of data and lower costs. 

The Complete Guide to Competitor Analysis Research, Data and Information Sources

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Trying to stay on top of too many data sources is the most common reason most competitive intelligence practices fail. In our experience, marketing and competitive intelligence initiatives often tend to be implemented reactively, rapidly become unmanageable, rarely deliver meaningful insights, and ultimately end because of the lack of meaningful results delivered at the end of a budget cycle. 

That is, until the next surprise market event, merger or acquisition has executives calling for more intelligence and better insights. And then the cycle begins again.

What is missing on most stand-alone competitive analysis websites is the ability to pull data from different industries and make it available on one platform. Fortunately, there is one now.

FactSet and FactSet alternative data is all available with Knowledge360Ⓡ. This is the ultimate competitor analysis platform. With crucial news and data collected from thousands of global sources and curated specifically for your needs, Knowledge360Ⓡ has the tools that you need to get on top of the competition.

Knowledge360Ⓡ is a thorough and reliable system that sources diverse data from every available platform, including: FACTSET, Job Boards (Indeed, Glassdoor), Crunchbase, SEC Filings (EDGAR Database), Company Reviews (Glassdoor), National Institutes of Health (clinicaltrails.gov), Live stock ticker feeds, Food and Drug Administration Adverse Event Reporting System (FAERS), U.S. Patent and Trademark Office, and more.

With Knowledge360Ⓡ you will have access to curated news and data from over 600,000 global sources. You will also receive Google Alerts and custom RSS feeds. You want information that will actually help your company grow, not bog your team down in useless data. If you want to get on top of the competition, you need Knowledge360Ⓡ.

Go here to learn more about this incredible opportunity to receive full-scale, multi-industry competitive analysis information. 

Use our Ultimate Guide to Competitive Intelligence Research and Data Sources to learn more about our comprehensive data streams and how they will empower your team to conduct competitive benchmarking and analysis, in addition to downloading a pre-built competitive analysis template.