{"id":10494,"date":"2017-03-27T20:07:30","date_gmt":"2017-03-27T20:07:30","guid":{"rendered":"https:\/\/mention.com\/blog\/?p=10494"},"modified":"2024-07-29T15:24:53","modified_gmt":"2024-07-29T15:24:53","slug":"competitive-monitoring-tips","status":"publish","type":"post","link":"https:\/\/mention.com\/en\/blog\/competitive-monitoring-tips\/","title":{"rendered":"5 Competitive Monitoring Tips to Stay Ahead of Your Competition"},"content":{"rendered":"\n

Competitive analysis. Another one of those business jargons that sound vague and intimidating.<\/p>\n\n\n\n

But it really isn\u2019t.<\/p>\n\n\n\n

Competitive analysis<\/a> is basically just tracking and researching your competitors, and gathering information that can help you make more informed decisions for your own brand.<\/p>\n\n\n\n

That can be looking into their marketing and PR campaigns, following their product launches, and tracking which influencers they\u2019re BFFs with. There are a million reasons to spy on your competitors<\/a>, and now that everything is online and public, competitive analysis has never been easier.<\/p>\n\n\n\n

\"giphy<\/a><\/figure>\n\n\n\n

With a simple yet powerful monitoring tool<\/a>, you can gather any information you need on your competitors, and improve your own business strategies.<\/p>\n\n\n\n

We know that strategy blog posts can sometimes sound \u201ctoo good to be true\u201d and leave you feeling \u201calright, but it\u2019s easier said than done.\u201d<\/p>\n\n\n\n

That\u2019s why we\u2019ve asked one of our power users, Leetchi<\/a>, to share their tried-and-tested competitive monitoring tips. In this blog post, we’ll explore exactly how they use monitoring on a daily basis to stay informed, anticipate what\u2019s coming, and outshine their competitors.<\/p>\n\n\n\n

Read the full success story here.<\/a><\/em><\/p>\n\n\n\n

Ready? Let’s get to it.<\/p>\n\n\n\n

Here are five ways Leetchi stays ahead of their competition with monitoring, and how you can do the same:<\/p>\n\n\n\n

1. Identify your competitors<\/h2>\n\n\n\n

Before you can find out what your competitors are doing, you need to know who they are.<\/p>\n\n\n\n

You may think that\u2019s fairly obvious, but if you want to become the industry leader, you have to go beyond the biggest and most direct competitors.<\/p>\n\n\n\n

Leetchi not only uses Mention to track their existing competitors but also to keep an eye out for new entrants. This includes competitors who were targeting different markets than them but expanded to their territories.<\/p>\n\n\n\n

They do so by keeping a tab on all their known competitors, and also on industry keywords so that they\u2019ll be alerted whenever a new player comes into the picture.<\/p>\n\n\n\n

\u201cWe\u2019re monitoring our competitors in Spain, in Germany, the UK, and all over the world. [For example,] We have a new competitor from the US who\u2019s coming into France, so I\u2019m able to figure out very quickly what is being said about them. It\u2019s very easy to see that information with Mention.\u201d<\/p>\n\n\n\n

2. Follow their marketing strategy<\/h2>\n\n\n\n

This is an obvious given. Since online marketing by definition puts all the information you need online<\/em> – ads, website content, social media, SEO – you can easily keep tabs on your competitor\u2019s every move.<\/p>\n\n\n\n

Leetchi uses Mention to pull in all this data without having to go searching. As they said, \u201cit\u2019s market research on steroids.\u201d<\/p>\n\n\n\n

Depending on your competitive monitoring goals, the exact things you\u2019re tracking will vary. Some examples may be:<\/p>\n\n\n\n

Your competitors\u2019 marketing campaigns<\/strong><\/p>\n\n\n\n

This should be a major priority. One benefit of real-time competitor analysis is you\u2019ll know when they launch new campaigns and products. It goes without saying that if a competitor produces something exciting or innovative, you need to know right away, and see how successful they are.<\/p>\n\n\n\n

Your competitors\u2019 social media presence<\/strong><\/p>\n\n\n\n

Remember, you\u2019re fighting for your potential customers\u2019 attention. So wherever your competitors are, you want to be there. You need to see where they\u2019re the most active, and what their social media marketing consists of. That means tracking where they\u2019re posting, when they\u2019re posting, as well as the content and themes of their posts.<\/p>\n\n\n\n

Influencers talking about your competitors<\/strong><\/p>\n\n\n\n

These could be reviewers, industry bloggers, or just fans with social media accounts. By finding these influential people who\u2019re talking about your competitors, you can make sure they\u2019re aware of your own offerings. If they\u2019re already interested in your industry, they\u2019re very likely willing to talk about you too.<\/p>\n\n\n\n

3. Track their PR presence<\/h2>\n\n\n\n

Leetchi uses Mention to track \u201cpress releases or interesting articles [of their competitors] in newspapers or the web.\u201d This helps them assess if there\u2019s media interest in their competitors.<\/p>\n\n\n\n

Tracking your competitor\u2019s campaigns and coverage basically builds a PR strategy for you.<\/p>\n\n\n\n

You can see which angle and stories they\u2019re pitching, and to which outlets. Are they highlighting their company culture or innovative products? Knowing how your competitors are selling themselves can help you think of a unique angle to differentiate your brand.<\/p>\n\n\n\n

And track who then covers the competitor helps you build a media list of journalists, influencers, and bloggers who write about companies similar to yours, and to an audience that\u2019s the most relevant.
Questions you need to ask:<\/p>\n\n\n\n