Competitor tracking is employed by many businesses because no company can afford to ignore the actions of their rivals.
If you want to discover your competitors secrets to success, keep reading.
What is competitor tracking?
Competitor tracking is the process of actively monitoring and analyzing the actions of your rivals.
The aim is that by monitoring the competition, competitive advantages can be acquired.
For instance,Sprout Socialis an example of a competitor tracking tool that focuses primarily on social media management.
Another suite of popular competitor tracking tools comes under the umbrella ofGoogles SEO tools.
These include:
1.
Identifying industry trends
By monitoring the activity of your competitors, you may start to identify industry trends.
Perhaps you notice that multiple rivals are launching a new range of sustainability-focused products, for example.
This could be the cue to start developing your own products on a similar theme.
If you let emerging trends pass you by, your company may struggle to regain any lost market share.
Industries change fast, which is why its essential that businesses continually scan the competitive landscape for new developments.
By evaluating how your competitors are conducting their marketing, you could finetune your own strategies.
Are they starting to withdraw certain products?
Has there been a noticeable shift in strategy recently?
Perhaps, their actions are in anticipation of coming regulatory or consumer shifts.
IncorporatingAI toolswithin your competitor tracking can be an effective way of predicting future challenges.
By analyzing your competitors, they could help you pursue proactive risk-mitigation strategies.
Better than this, however, is letting data drive your decisions.
This means they are underpinned by clear, verifiable information.
Benchmarking performance
How is your company doing really?
As with any solution, support is important.
What happens if your chosen solution is experiencing a period of downtime?
Is it clear who you should contact and what is the best method for reaching them?
Similarly, ease of use is another important factor.
Is the competitor tracking tool intuitive and clear?
Perhaps an underappreciated factor is privacy.
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