Information is power only if you can take action with it. Then, and only then, does it represent knowledge and, consequently, powerDaniel Burrus
Above all, if a company has great internal strategies, they can still be threatened by outside forces from competitors.
If a restaurant serves the best tasting spaghetti in the whole city they may feel their business should be booming. They have the best product, don’t they? The problem is they are not aware that a smaller restaurant downtown serves spaghetti for half the price and has a customer loyalty program.
Competitive forces might be affecting your business without you even realising it. As you are now aware of these threats to your business, it’s time to take action. Consequently, doing so will help you rise above your competitors and competitor monitoring comes to light. This may seem difficult due to the intangible nature of competition, however, it has become easier thanks to advanced computer technology.
Competition monitoring is the process of monitoring all of the competitior’s moves, especially market and product prices. With this, a business can change their prices along with the market and the competition in order to retain or gain new consumers.
After a clear notice of what competitor monitoring is we can examine the top 3 benefits of competition monitoring:
1.Gain broader insight of the competitors
It is important to monitor competitors similar to your business and those the same target audience demographics. Consider looking at what less direct competitors are doing and how they’re speaking to your industry. In order to remain an industry leader, it’s imperative to stay up on the latest trends from across the gamut of your entire industry.
According to Business Insider, many industry leaders have developed tactics of analysing their competitors. Some of the other beneficial methods of monitoring include:
1.Attending a competitor’s conference.
2.Investing in industry research and reporting.
3.Asking your customers how they feel about the industry climate and your competition.
2. Understand the problems in your industry
It’s easy to get caught up in the weeds of every marketing trend and lose sight of potential industry problems or threats your company may face. Keep an eye on your competition to gain an understanding of the issues they are solving, and how your audience may be relating to those problems. Consistent competitor analysis enables you to evaluate any new or upcoming threats and provide various solutions to your consumers.
3.Make better content than your competitors
It is not recommended you copy the content that your competitors are creating and sharing on social media. Monitoring what your competition publishes provides an understanding of what your target audience’s interests are and what they’re engaging with.
Observing interactions with your competition’s content and marketing efforts can inspire you to find out what you can do differently. Are there problems you can highlight solutions for?
Competitor monitoring is an in-depth strategy that will keep your business performing at its very best despite the external changes in the market place. There are programs available to keep an eye on the competitive landscape.
If you are interested in implementing competitor monitoring for your business in order to get the best possible performance from your business, contact My Digital Ego.