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Using OANDA for Competitor Analysis

John A. Booth

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August 6, 2020

OANDAtrade-charts

Would you be surprised if I told you, highly competitive companies usually know the most about their competitors?  No you would not. You might be surprised by how many companies do not make consistently collecting information about their competitors a top priority. The fact is if you're in business, you need to be collecting data on your competitors’ strengths to inform your competitive analyses. When a business tracks it's competitors, it can deploy stronger market campaigns, deliver differentiated product offerings and better analyze strategic groups.

What is Competitive Analysis?
Competitive Analysis helps businesses understand the details and prices of competitors’ products, react to market shifts and create a marketing strategy that delivers. Of course, the most difficult part of any new venture is knowing where to start.

There are countless competitor analysis websites, each with their own specialties. Some create startup profiles and others configure market trends, inform SEO strategy or facilitate a SWOT analysis. The possibilities are endless and the benefits are enormous, understanding how these platforms work is the key to getting the most out of them.

Corporate Strategy teams are often overwhelmed with the sheer volume of data available today. Competitor analysis information like this includes, identifying a direct competitor, indirect competitor, social media sentiment and more found within your competitive landscape.

When a competitive analysis template isn’t built from a source of centralized data, it can result in information overload and missing data points. When companies lose crucial data that should be in a competitive analysis framework, they potentially weaken their corporate strategy.

Retrieving, organizing and interpreting competitive analyses is time-consuming when completed manually. Often companies have to sacrifice high value manpower and assign it to perform low value tasks to collect data. Recently, specially designed platforms have been built to reduce manpower and automate much of the heavy lifting for businesses.

With many competitor analysis programs to choose from, take a look at one of the leading systems in trading and currency: OANDA.

This article will explore:

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

Want a sneak peek into the best tool (in our humble opinion) for competitive analysis? Get a FREE demo of Knowledge360.

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How to Use OANDA

OANDA is a website that provides a competitive analysis for strategic groups in trading and currency. Companies can download the OANDA exchange rate app to remotely trade or convert currency. While this is extremely useful, we’re sure you’ve seen other websites with the exact same features.

So what gives OANDA a competitive edge? This tool has advanced analytic data on 200+ currencies. High quality data, real time updates and market value determinations are what set OANDA apart.

The website gives users access to an array of data, including:

  • Average daily exchange rates
  • Forward rates to track mark-to-market value
  • Real-time spot rates
  • Forex Order Book which is used to follow market movements
  • Tick-level data updated every millisecond

OANDA can be used as a search engine for competitor’s content, dive into the strategy and unique value proposition being marketed by a main competitor, illustrate a potential customer and round out a competitive matrix. It equips users with an assortment of functionality utilities.

"I regularly use OANDA data when I’m initially looking at market where some of the target companies report sales in currencies other than US dollars. I like to build up a 5 year picture of competitor sales to understand the top line dynamics of a market. If the annual or quarterly sales one of these products is not available in US dollars, I use OANDA historical Fx averages to convert them so I get a consistent picture in US dollars."

- Mike Ratcliffe

Their application programming interface guarantees that accounting software, electronic commerce platforms and enterprise resource planning programs are integrated. The website allows interested persons to test drive their API system and developer portals.

OANDA possesses an extensive historical exchange rate database going back 25 years. Available for download in a convenient and easy-to-read format, users will get a wealth of useful data for competitive analysis. With a highly secure format and ability to be emailed, users can customize bidding, asking and midpoint periods.

Market-driven statistics and possible future exchange outcomes are part of OANDA’s expert projections to inform competitive analysis. OANDA will send you updates, notifications and emails which are all customizable in your profile. This ensures that you will never miss the most important currency and trading data when it is most crucial to your company or implementing a market strategy in your target market.

OANDA Data

OANDA has excellent and reliable data sources using precise algorithms to create market and exchange rate predictions. You can rest easy knowing that the data you are relying on is highly accurate and processed with only the best analytic software. Utilizing this data enables your competitive analysis team to process your currency and trading strengths, weaknesses, opportunities and threats for SWOT analysis.

OANDA for Competitor Analysis

In the business of trading and currency, companies are always watching their competitors to activate the right marketing strategy and. Competitive analysis is the foundation of financial industries. The data that OANDA gives users provides competitive intelligence on:

  • Market trends and predictions
  • Risk assessment and management
  • Crucial currency comparisons
  • International activity
  • Accurate transcriptions of currency exchanges

Keeping track of the millions of competitor moves in the trading business is difficult. Knowing how to respond to market shifts and establish a consistent trading profit comes from what everyone else is doing. When a company is aware of the moves of the best in the business, they can strategize a way to leverage competitive advantage.

OANDA Automations and Other Features

When trading currency, companies often have to make snap decisions that could change profit margins. Businesses that rely on multiple sources for their currency analytics will spend more time trying to integrate these data points than they will spend actually using them. Companies that manually collect data may miss a crucial piece of information that could have led to success.

OANDA gives users the option to customize their automated updates. Users can build preferences on bid, ask and midpoint periods. They can also receive tick-level data and exchange rate updates up to the millisecond.

OANDA includes share and download options so that team members can pass information around. These features can be part of a competitive analysis template and allow users to get the data that they need, how and when they need it.

OANDA: Cost

OANDA offers three levels of membership with different benefits for each:

  • Basic: At $400 a month users have access to over 200 currencies, historical exchange rate data, daily average rates, direct integration, email updates and more. This is a great option for smaller businesses and companies.
  • Advanced: $750 a month provides users with all of the above features as well as over 25 Central Banks exchange rates, period averages, free licenses to the historical currency converter, customizable formats and more.
  • Custom: If you are only looking for certain aspects that OANDA offers, you can customize a plan. Pricing for this will depend on which add-ons you choose.

An Alternative to OANDA

You may be overwhelmed by the amount of data available. It’s understandable. How are you supposed to keep track of everything when there is such a vast competitive landscape? Even if you are using platforms that curate and streamline data for you, you may be using multiple to reach across fields. It can be frustrating to try to find the system that can provide you with multi-industry data analytic needs.

Platforms like OANDA certainly saves valuable time. With this program you have all of the necessary trading and currency data and historical rates at your fingertips. Even then, there are so many other competitive analysis platforms that can bring data straight to your mailbox. Some of these stretch across multiple industries to bring you the most pertinent data.

You can choose to use many independent data sources, like OANDA, 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.

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.

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.

You also have access to aggregated news from over 600,000 global sources. Get custom RSS feeds and Google Alerts. You want the most relevant and vital information that will actually make an impact on your company. Use Knowledge360 to rise straight to the top.

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.

Competitor analysis research guide

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John A. Booth
John A. Booth

John has more than 25 years of experience as an accomplished marketing and sales professional and is responsible for setting the strategic direction of the marketing function at Cipher. Prior to joining Cipher, John co-founded a national marketing agency providing companies with digital marketing and sales support, driving lead generation and increased sales for B2B and B2C clients.

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