What is competition monitoring?

Competition monitoring (also competitor observation or competitive intelligence) refers to the process of continuous reconnaissance of the market and the business industry environment in order to define your own market position and leadership. CI Process involves the systematic collection and analysis of information on the competition, competitive products and services, competitive landscape and trends. You can use this as a basic for taking strategic and tactical decisions and thus always be one step ahead of the competition

Regular market research & monitoring is followed if necessary by a market analysis or competitive analysis during which the collected data is interpreted and linked.

Competitive intelligence as a pillar of corporate strategy

How do you tackle your strategic planning and case studies? You probably monitor trends and ongoing developments and market research. It’s good if you also listen to feedback from your customers. But where do your competitors feature in this? Do you know how your competitors are moving in the market? Competition monitoring provides you opportunities you to avoid unpleasant surprises, to respond quickly and to modify your company’s strategy promptly.

Is competitive intelligence (CI Process) or competition monitoring part of your strategy?

Identify crucial competitive factors: Why strategic competition monitoring is so important

In the certification course of your media monitoring, you should not ignore the competition and competitors stakeholders in any of your business areas in industry. Successful competitive intelligence enables you to uncover important information and thus gain valuable information advantages for your corporate business strategy.

Does the competition give rise to risks?

Can you fill supply gaps in the competition?

Are your competitors more successful than you in social networks?

How do company reputations compare?

By keeping an eye on your competitors and stakeholders you can leverage key competitive advantages. Especially in times of digitization, the market is fast-paced: Within a short time, a competitor can gain a competitive edge unnoticed.

However, if you keep an eye on the market financial services, you will be aware of certain developments and new innovation more quickly and can react accordingly. Because in the business environment: knowledge is ahead.

The quality and timing of the analysis are crucial

Restricting market intelligence to searches in the freely accessible Internet is risky. The information there is often incomplete. And you always need to check the source of the information and analytics leadership.

To cover all important aspects, you should base the business intelligence of your organization on up-to-date information from a number of valid sources, competitive landscape such as:

Information on people connected to the company

Subsidiaries

Press information

The competition’s marketing activities

Entries in commercial registers

Information from company databases

The challenge is not just to get general access to this data and analytics. You also need the right tools to evaluate them. Only by the right analysis you clarify important questions:

  • Where is the competition expanding or financial services of competitors?
  • Which new products are developed?
  • Which marketing and advertising activities are being rolled out?
  • What attention do the media pay to the competition?

But all these insights are of little use if you learn them at the wrong time. Automated and customized e-mail alerts ensure that you are always up to date and stay informed about new developments. Because the information advantage brings the greatest opportunities if you act early.

Brand Monitoring and Brand Perception

The big well-known brands in particular are constantly fighting for the favor of (potential) customers. The process of Continuous monitoring of the target group’s brand perception delivers important analytics for financial or strategic business orientation or concrete marketing campaigns.

In the certification course of brand monitoring, the researched data must be examined thoroughly. A purely quantitative comparison of media reports may suggest that the competition is in the lead. However, the tonality analysis may come out in your favor if reports on the competition are couched in more negative terms.

In connection with online reputation management you should not ignore social media monitoring and market research. You should therefore combine various metrics from different sources in order to obtain robust results for your business growth. Graphics make the analysis easier.

Frequently Asked Questions

Answers to some popular questions

What is competition monitoring?

A continuous reconnaissance of the market and the business environment to monitor & evaluate the competitors and their activities and innovation.

What is Brand monitoring?

Competition monitoring (also competitor observation or competitive intelligence) refers to continuous reconnaissance of the market and the business environment in order to define your own market position.

What is Brand monitoring?

Brand Monitoring is the continuous monitoring of the target group’s brand perception by analyzing the brand's reputation and brand case studies on different channels and media delivers important insights for  strategic business orientation or concrete marketing campaigns.

Why is it important to monitor competitors?

It enables a company to uncover important information about the competitors, respond quickly and modify the company’s strategy promptly. Monitoring competitors also allows the company to improve business responsiveness & growth and gain better knowledge of potential threats and come up with contingency plans to counter it.

What are the advantages of strategic competition monitoring?

In the course of your media monitoring or market intelligence, you should not ignore the competition in any of your areas of business. Successful competitive intelligence enables you to uncover important information and thus gain valuable information advantages for your corporate strategy.

  • Understanding the Market
  • Focused targeting of customers
  • Market forecasting
  • Tracking Economic development
  • Tracking competition's products
  • Tracking competition's pricing/ analyzing its strategy
  • Tracking competition's customer behaviour
  • By keeping an eye on your competitors, you can leverage key competitive advantages. Especially in times of digitization, when the market is fast-paced, and can change every quickly. 

How do I monitor my competitors?

You can monitor your competitors from a number valid sources:

  1. Subsidiaries
  2. Press information
  3. The competition's marketing activities
  4. Information from companies database
  5. Information

 

Which marketing and advertising activities are being rolled out by my competitors?

Here is how to study marketing and advertising activities:

  1. Study competitor's marketing pages and activities on all platforms
  2. Track competition's Marketing strategy
  3. Tracking competition's products
  4. Tracking competition's pricing/ analysing their business strategy
  5. Tracking competition's customer behaviour
  6. Tracking competition's Brand Reputation

 

What are competitive intelligence tools?

Competitive intelligence tools give a deeper understanding of various digital marketing campaigns that your direct competition is working on, whether it is SEO, social media, advertising or content marketing. It helps you figure out the areas where your competition is thriving. With knowledge of the areas you maybe weak in, you can take decisions to improve your campaigns and supersede the competition.

What is competitive intelligence analysis?

It involves the systematic collection and analysis of information on the competition, competitive products and services, and trends. You can use this as a basic for taking strategic and tactical decisions and thus always be one step ahead of the competition.

What are the sources of competitive intelligence?

To cover all important aspects, you should base the business intelligence of your organization on up-to-date information from a number of valid sources, such as:

  • Information on people connected to the company
    Subsidiaries
  • Press information
  • The competition’s marketing activities
  • Entries in commercial registers
  • Information from company databases

 

Get in touch

E-Mail: information@lexisnexis.com
Telephone number: +31 (0)20 485 3456