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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 to keep you up to date and stay one step ahead of your competitors .
1. Monitor traditional and social media.
Media offer vast collections of information that you can track to obtain competitive intelligence. Chances are your competitors will have social media channels that you can use as timely resources. Twitter, LinkedIn, company pages and marketing blogs like HubSpot all offer data that enable you to follow along with major updates and product launches of your closest competitors. However, with the countless media channels available, there are some techniques you should be using to help you gather the right kind of competitive insight:
The right approach can give you an understanding of their current positioning and their marketing direction, which you can then turn into actionable insight for your marketing and sales teams. 2. Analyze for actionable insights.
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.
3 Ways to Apply This Information Now