“If you know the enemy and know yourself, you need not fear the results of a hundred battles.” – Sun Tzu.
Smart companies know they can learn a lot by investigating the competition.
Keeping up with what your competitors are doing not only helps you understand what you’re up against, it can also help you formulate your own winning marketing strategy.
Learning about the competition’s successes and mistakes can help you find new areas of inspiration and evolve your strategy―it can even help maximize your marketing budget.
So why does carefully researching the competition often fall to last place on your to-do list?
Monitoring your competition can be time consuming and haphazard. That’s why implementing media monitoring is a good strategy for understanding the impact of your competitors’ online marketing and campaigns.
Here are four critical business insights competitor media monitoring provides.
Unlike manual searches and monitoring which rely on historical data, online media monitoring can help you discover relevant mentions the moment they are published online—including on your competitor’s own media channels.
Media monitoring allows you to effortlessly gather updates on your competitor’s new products and upgrades, campaigns, new hires, corporate social responsibility projects, cooperation with other partners, and more. These updates can help you adapt your marketing strategy so that you’re not falling behind.
Because of social media, customers have gained the power to influence brands. If customers are having any issues with a brand or business, they will likely post comments online—whether it’s on their personal Facebook profile, the company’s Instagram feed, or on an online review site, such as Yelp or Glassdoor.
While negative reviews can hurt your brand’s reputation, they are also opportunities for your business to tailor your marketing efforts toward addressing problems. In addition, you can spot customers who are unsatisfied with other brands in the industry, and use that insight to stand out from your competitors.
It’s easy to miss the online communities and networks where your customers and competitors are spending their time. Competitive analysis gives you a window into how your online presence compares to your competitors. Below are some important metrics to think about:
Your top competitors have influencers and brand advocates who promote a particular product on online communities such as Instagram, Twitter, and LinkedIn. Tracking the activities of these brand advocates can help you better understand your customers, and why they may choose a rival over your brand.
Much like understanding your competition’s weak spots, tracking brand advocates will give you an idea of your competitor’s strengths. Better still, tracking these brand advocates will give you a sense of how well competitors’ product launches and marketing campaigns are performing at a grassroots level.
Influencers can even provide you with potential ideas for your own brand campaigns and strategies.
Knowledge is power. The more insight and data you can gather about your competitors, the better you will be able to understand and compete against them.
A competitor’s web presence provides a treasure trove of information that your company can benefit from, both in terms of marketing and making strategic business decisions. By strategically monitoring their online presence, you can understand the impacts of their online marketing.
Most importantly, you can stay current with changes and trends in your industry and create a stronger game plan. Don’t let implementing a clear process for monitoring the competition fall to the bottom of your to-do list.
Remember, your competition is probably already monitoring you. Learn more about our media monitoring and social listening solutions.
Notified was founded in 2010 and quickly became a disruptor in Sweden and across the Nordics. From the beginning, our goal has remained the same: to create a truly unique platform for PR and marketing professionals; one that delivers deeper, more actionable insights from social data and earned media, and brings the entire communications workflow into a single platform. In April 2019, Notified was acquired by Intrado, a global leader in digital communications.