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:
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:
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:
p.s. 3 ways you can apply this information right now to better understand news monitoring and analytics