Two simple steps that will improve the way you track your competitors
Competitor analysis is imperative to any business looking to stay a step ahead in a competitive environment. By exploiting the right kinds of information, you can gain insight into rival activity and improve your products and services based on market needs. Monitoring the right information will ensure that your company has the right intelligence needed to support strategic decision making.
With so much information available in the public domain how do you decide what to monitor? We've pulled together two simple approaches which will ensure you keep up to date with your competitors and stay one step ahead.
1. Media monitoring and social media
Social media offers a mass of information that you can track to obtain competitive intelligence. Chances are your competitors will have social media channels on the internet that you can use as resources. Twitter, LinkedIn company pages and marketing software like HubSpot all offer data that will let you follow major updates and product launches of your closest competitors. However, with the countless social media channels available, there are some techniques you should be using that will help you gather the right kind of competitive insight:
- What keywords are they using in marketing campaigns?
- What content are they linking too externally?
- Are there any emerging trends occurring on their social media accounts?
The right approach can give a perfect understanding of their direction which you can then turn into actionable insight for your marketing and sales teams.
2. Analysis into actionable insight
Now that you've collected all that important information about your competitors from the news and their social media channels, you need to turn it into meaningful and actionable insights. Ask yourself:
- What potential threats could your competitors pose to you in the future?
- What opportunities have they presented?
- How can you gain a competitive edge?
By forecasting their strategies, you can keep up to date and react to any change in the markets.
Other simple ways to monitor your competitors include:
- Subscribe to any mailing list, newsletter or blog they publish as these can alert you to any upcoming announcements or launches and reveal how they are messaging customers.
- Trade shows will reveal your competitors go-to-market and marketing strategies.
- Sifting through a mass of data can be difficult, so tools such as LexisNexis Newsdesk can help make sure you only get the most important updates and uncover relevant and reliable data.
- Making the leap to enhanced media monitoring and analytics
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p.s. 3 ways you can apply this information right now to better understand news monitoring and analytics
- Monitor industry conversations to keep track of what the press and internet are saying. Our innovative technology and premium content – including traditional and new media – will help you transform information into actionable intelligence. Find out more.
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