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LexisNexis is a media monitoring database that provides resources for competitive analysis. This platform extracts data from all kinds of news and reporting outlets, streamlining and sorting the information. Users can sidestep information overload and the tedium of manual processes by using this platform to research and analyze data on competitors.

This article will explore:

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

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How to Use LexisNexis

LexisNexis provides competitive intelligence and market analysis data. Users should be able to leverage this data to accurately position themselves amidst a marketplace full of competitors. Then, regularly collecting and analyzing competitor data will provide real time updates into this positioning. Teams can be empowered to make strategic decisions.

LexisNexis is an enormous platform that requires some specialization and configuration to get right. Teams can enter the platforms that are most relevant to their industry by qualifying whether they are law firms, corporate legal teams, corporate teams, government organizations, news and media organizations or academic institutions.

Within these global delineations, accounts will further have to specify whether they intend to use the platform for a variety of functions, each of which are unique to the team category. This allows the system to create customized dashboards, which will immediately begin to retrieve and display the right data points.

Lexis Advance is a leading database for legal analytics. There are other databases that address some of the categories listed above. All of the more advanced functions of the software are available from each specialty and the company has a robust support team to help set up and troubleshoot.

LexisNexis Database

LexisNexis is a large platform that has research opportunities from over 60,000 sources. These include public records, news and other legal information. There are multiple subsections to this platform that can help your business hone in on specific areas of interest.

By way of illustration (not a full list), LexisNexis hosts the following kinds of databases, which are accessible to users:

  • Applications and Data Hosting
  • Banking Law Research, Compliance Guidelines and Risk ASsessment
  • BatchNameCheck
  • Commercial Due Diligence
  • Corporate Affiliations
  • Diligence spotter
  • Expert Witness Content
  • General Counsel
  • Hosted Litigation Solutions
  • IP DataDirect
  • Juris
  • Media Intelligence Solutions

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Other proprietary solutions include things like LexisNexis courtlink, LexisNexis diligence, Nexis Metabase, Nexis Entity Insight and Nexis Social Analytics. The sheer scope of this information means that it is an incredibly useful opportunity for intelligent competitive analysis.

LexisNexis is also focused on information from social media and other media outlets. They have data streams that flow from:

  • Corporate blogs
  • Press releases
  • Online media
  • Official communications
  • Online news outlets
  • Twitter
  • User blogs
  • Social networks
  • Forums
  • YouTube

They also glean additional info from commercials, radio ads and TV ads. Gain a competitive advantage by using this data to create a competitive analysis template. You can plug and play the harvested data to identify a target market, refine a marketing strategy, perform SWOT analysis and more. All of the data sources coalesce into an enormous repository of useful info for competitive analysis.

LexisNexis for Competitor Analysis

Some of the overarching benefits of this kind of data include identifying a direct competitor, indirect competitor and having an analysis framework for the competitive landscape. Corporate Strategy best practice is steeped in an understanding of a competitor's strengths. LexisNexis has plenty of data contained in the online presence of your competition.

Some competitor analysis tools have limited scope. That is definitely not the case with LexisNexis. This analysis tool provides insight into where a competitor is investing time and messaging, whether or not they are being featured on news outlets, and access to internal and external communication is a powerful opportunity for competition.

LexisNexis makes competition analysis easy by illustrating competitor strengths, giving insight into their target audience and giving you the tools to develop a competitive analysis framework. The platform combines this data in an easy-to-use database, with user portals that funnel information to you that is of the highest relevance.

Competitor analysis happens both through the many news outlets and public feeds and also from some of the more specific distribution vehicles, including:

  • Emails
  • Spreadsheets
  • Feed readers
  • Company intranets
  • Company portals

Getting a peek at all of these types of information can create powerful insight into how a brand is functioning and how your business can best compete against it.

LexisNexis Automations and Other Features

LexisNexis is a sophisticated platform with advanced analytics, AI and visualization. This technology works end-to-end to help industry leaders with competitive analysis. Lexis Advance and some of the other specialized platforms have practical guidance, service integrations and proprietary analytical tools. Depending on which body of information you want access to, you can get reporting on key metrics, leverage customized distribution tools, RSS feeds and alerts.

LexisNexis: Cost

A primary customer base for LexisNexis is attorneys and legal firms. There are a few pricing models that users can choose from, depending on the size of their team. These are:

  • State Primary, for one to two users, with limited functionality for $75/month per user (term of three years)
  • State Enhanced with Full Federal, for midsize teams and with more functionality for $125/month per user (term of three years)
  • National Primary Enhanced, for larger teams and with the most functionality for $200/month per user (term of three years)

Customized bundle options are available for larger teams with more needs.

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

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An Alternative to LexisNexis

Analyzing your competitors is critical to identifying opportunities and developing your business strategy. Knowledge360 is a premium tool for competitive analysis. It is an enormously comprehensive platform, wherein users access relevant business information from around the world. Automating this process removes the potential for human error and accelerates the pace of retrieval and delivery.

Knowledge360 pulls from too many data source on the internet to list, including: FACTSET, Crunchbase, SEC Filings (EDGAR Database), Job Boards (Indeed), Company Reviews (Glassdoor), live stock ticker feeds, Food and Drug Administration Adverse Event Reporting System (FAERS), National Institutes of Health (clinicaltrails.gov), U.S. Patent and Trademark Office, and more.

You also have access to aggregated news from over 600,000 global sources and can pull in customized RSS feeds and Google Alerts. When intelligent competitive analysis is activated, you and your team can accomplish more. Creating a system where you are ahead of the competition changes the trajectory for business growth and comprehensive planning requires comprehensive information sets.

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

Trying to stay on top of too many data sources is the most common reason most competitive intelligence practices fail. In our experience, market 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.

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.