Home – Two Ways to Improve How You Track Competition

Two Ways to Improve How You Track Competition

Posted on 08-24-2015 by Megan Burnside

 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:

  • What keywords are they using in marketing campaigns?
  • Do they link to external content? What types of external content?
  • Are there any emerging trends occurring on their social media accounts?

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:

  • Is your positioning distinct and different from your competition?
  • Are there keywords and trends on which you compete head-to-head?
  • What potential threats could your competitors pose to you in the future?
  • What opportunities have they presented?

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

  1. Review an example of how monitoring media gave a glimpse into Amazon Prime Day competition and consumer sentiment
  2. Read our white paper on how to make use of all the data that’s available in today’s media-rich business world.
  3. Check out the LexisNexis Newsdesk video overview to learn more about this powerful media-monitoring and analytics solution.

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