{"id":25922,"date":"2016-10-06T18:20:38","date_gmt":"2016-10-06T16:20:38","guid":{"rendered":"https:\/\/mention.com\/blog\/?p=9202"},"modified":"2024-11-07T16:51:36","modified_gmt":"2024-11-07T16:51:36","slug":"competitive-monitoring-strategy","status":"publish","type":"post","link":"https:\/\/mention.com\/en\/blog\/competitive-monitoring-strategy\/","title":{"rendered":"Competitive Monitoring: How to Build a Strategy in 4 Steps"},"content":{"rendered":"\n<p>Every smart brand knows the value of analyzing competitors. To really nail your own business strategy, it pays to have a sharp eye on your neighbors\u2019.<br>You can study their social media strategy, how they work with influencers, and their broader PR approach. Or you can get super precise and focus on the way they deal with customer complaints.<br>By doing this, you\u2019ll understand whether your own plan is sound or if you need to make some tweaks.<br>The good news is, once you\u2019re up and running, it\u2019s a piece of cake. Staying on top of the competition only takes <a href=\"https:\/\/mention.com\/en\/blog\/social-media-competitive-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">five minutes a day<\/a>.<br>So it\u2019s time to put a plan in place, and we\u2019re here to help. These are the four key steps to learn from your competitors and take a few shortcuts.<br>Let\u2019s get down to business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Figure out which competitors you\u2019ll analyze<\/h2>\n\n\n\n<p>I can already hear your response &#8211; it\u2019s obvious who our competitors are. They\u2019re the other companies doing what we do, making what we make. We\u2019re Coke; they\u2019re Pepsi. We\u2019re Nike; they\u2019re Adidas.<br>But you need to think not only about <em>direct<\/em>&nbsp;competitors &#8211; those brands whose products look just like yours &#8211; but also those chasing your same market.<br>There are three main categories of competitors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Direct competitors<\/strong>&nbsp;&#8211; These brands offer essentially the same product as you.<\/li>\n\n\n\n<li><strong>Indirect competitors<\/strong>&nbsp;&#8211; These have different products, but target the same need.<\/li>\n\n\n\n<li><strong>\u201cAvailable spend\u201d or replacement competitors<\/strong>&nbsp;&#8211; These compete for the same budget as your brand, even if the product is different.<\/li>\n<\/ul>\n\n\n\n<p>For example: a lipstick brand competes with other lipsticks (direct), lip balm and lip gloss producers (indirect), as well as eyeliner, eyeshadow, and mascara companies (replacements).<br>To understand your market, you need to watch what all types of competitors are doing. It\u2019s obvious that lipstick brands eat into each other\u2019s market, but what if buyers decide they don\u2019t need lipstick if their eyes steal the show? That\u2019s why it\u2019s important to consider replacement competitors too.<br>How many companies you monitor will depend on your resources. With a little imagination, your list could be endless. But you don\u2019t have the time to monitor every competitor, so it\u2019s important to prioritize which ones matter most. There are a few different factors to consider, so let\u2019s take a look at them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to choose the competitors you\u2019ll monitor<\/h3>\n\n\n\n<p><strong>Make a list of competitors<\/strong>&nbsp;including direct, indirect, and replacement examples. Choose a handful from each category, so that you have a range of brands to monitor. You\u2019ll receive insights into close opponents, but also your wider industry.<br>If you\u2019re confident you know your market inside-out, you could focus exclusively on direct competitors. You risk missing out on information about your broader industry, but you\u2019ll have a laser focus.<br>Now you should create a schedule for monitoring that\u2019ll give each competitor the necessary attention.<br>Break it down daily, weekly, and monthly: Monitor your top three (direct) competitors every day. Track your indirect competitors once per week. Finally, check in on your \u201cavailable spend\u201d competitors once a month to keep a wider view on the marketplace.<br><a href=\"\"><em><strong>For a step-by-step walkthrough of building a competitive monitoring plan, download our full guide now.<\/strong><\/em><\/a><br>Adjust this schedule to suit the time you have available. What\u2019s important is that you collect data about competitors to keep well informed.<br>But what kinds of data are we even talking about? It\u2019s time for step two.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Choose what you want to monitor<\/h2>\n\n\n\n<p>So what business information are you looking to find? How much competitors&nbsp;spend on office space? That\u2019ll be tricky, and it\u2019s not very useful. Their employees\u2019 tax returns and dental records? That\u2019s creepy and it sounds illegal.<br>What <em>is<\/em>&nbsp;available is information about their marketing and social media presence. The whole point of these things is that they\u2019re public, after all.<br>The great thing about competitive&nbsp;monitoring is it pulls in all this data without you having to go searching. Your monitoring tools automatically collect a range of valuable information. This includes insights into:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Their marketing campaigns<\/h3>\n\n\n\n<p>This should be a major priority. One benefit of real-time <a href=\"\/?page_id=22975\">competitor analysis<\/a> 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.<br>Your analysis will also tell you just how successful these new campaigns were. Monitoring tools give you the reach of a campaign and&nbsp;how many people are sharing the content&nbsp;on social media and forums.<br>Finally, you\u2019ll be able to track the response to these campaigns online. <a href=\"https:\/\/mention.com\/en\/blog\/social-media-sentiment-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sentiment analysis<\/a>&nbsp;will give you a good overall idea of whether people liked a campaign, or you can look more closely at individual responses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Their social media presence<\/h3>\n\n\n\n<p>You want to see where they\u2019re the most active, and what their social media marketing consists of. That means tracking the content and themes of their posts, as well as where they\u2019re posting them.<br>Some of this won\u2019t surprise you. They\u2019re bound to be on Twitter, Facebook, and probably elsewhere. Take a look at the images they use, the tone of their messages, and whether it seems to be working. If they\u2019re seeing good engagement, you may want to take a similar approach.<br>They may also see success on social networks you\u2019d never considered. Some companies have a strong presence on Reddit, for example, and yet many of us don\u2019t think of it as a suitable marketing space. If a competitor succeeds on Reddit, you need to think seriously about doing the same.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Their customer service<\/h3>\n\n\n\n<p>We\u2019re mainly focused on social media here. Since these are public spaces, a company\u2019s customer service there can reach more than the individual they respond to. In fact, particularly sharp responses have been known to <a href=\"https:\/\/blog.bufferapp.com\/social-media-customer-service\" target=\"_blank\" rel=\"noreferrer noopener\">go viral<\/a>.<br>To make sure your own customer service is up to scratch, take a look at what others are doing. Check the tone of their messages, and see how they\u2019re received by customers. Be ready to share these with your own customer support staff, to make sure your service is as good as (or better than) the competition.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Their content<\/h3>\n\n\n\n<p>This includes their website and other content,&nbsp;like their blog. Watch for major website changes like a new design or restructure. Since many customers\u2019 first impression of each company&nbsp;will be its&nbsp;homepage, you need to make sure that yours is the clear winner.<br>If you\u2019re focused on content marketing, your blog will be your pride and joy. Watch what they\u2019re producing, and ensure your own content is even better. Monitoring will also show you where their content is being shared, and how they\u2019re sharing it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Influencers talking about them<\/h3>\n\n\n\n<p><a href=\"\" target=\"_blank\" rel=\"noreferrer noopener\">Influencer marketing<\/a>&nbsp;is now a staple strategy for successful businesses. Chances are your competition has reached out to influential people to help spread the word. These could be paid agreements (like endorsements), a favor for a favor, or simply because they like the product.<br>These could be reviewers, industry bloggers, or just fans&nbsp;with social media accounts. By finding these people,&nbsp;you can make sure they\u2019re aware of your own offerings. They may be happy to talk about you once you\u2019ve put yourself on their radar.<br>Decide which of these elements are most important to track&nbsp;based on your own marketing strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Choose the tools you\u2019ll use<\/h2>\n\n\n\n<p>You may be planning to do all this analysis with just your own fabulous mind&nbsp;and a new browser window. Stop right there.<br>There\u2019s too much to monitor for you to possibly do this without help. Besides, your time is more valuable than a computer\u2019s, so let it&nbsp;do the hard work. There are a range of different tools you could choose. Pick&nbsp;something that works for you, and collects the right data.<br>Here are a few suggestions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Web tracking tools<\/h3>\n\n\n\n<p>Want to see what\u2019s&nbsp;being&nbsp;said about your competitors online? Of course you do! That\u2019s why you\u2019re reading this. Web tracking shows you where they\u2019ve been discussed in the news, in reviews, and on forums. For this, you need a <a href=\"\/?page_id=22893\" target=\"_blank\" rel=\"noreferrer noopener\">media monitoring tool<\/a>&nbsp;like Mention.<br>The obvious web sources to monitor are major news and review sites. You\u2019ll quickly get a sense of the kind of PR they\u2019re doing. When you find stories about them in the news &#8211; especially success stories &#8211; ask yourself why your brand isn\u2019t being featured. If you find a glowing review in an industry publication, find out what you need to do to be reviewed also.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Social listening tools<\/h3>\n\n\n\n<p>If you\u2019re only interested in social media, you may want a tool just for that. The best media monitoring tools also cover social, so you\u2019re able to achieve both goals.<br>If you\u2019re only monitoring social media, <a href=\"https:\/\/hootsuite.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Hootsuite<\/a>&nbsp;is a good option. <a href=\"https:\/\/tweetreach.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tweetreach<\/a>&nbsp;is also great if you\u2019re focused on Twitter.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">SEO tools<\/h3>\n\n\n\n<p>Everyone\u2019s caught on to the importance of good SEO strategy by now. By its very nature, SEO is competitive. To be number one, you need to knock someone else down. To get ahead of your competitors, you need to see the keywords they\u2019re targeting and backlinks they\u2019re generating.<br>There are countless great tools for monitoring your competitors\u2019\u00a0SEO strategy. Tools like <a href=\"https:\/\/www.spyfu.com\" target=\"_blank\" rel=\"noreferrer noopener\">SpyFu<\/a>\u00a0make it simple to figure out which keywords your competitors target. You enter a website URL and you see all the site\u2019s organic search keywords, as well as what their top competitors rank for.<br><a href=\"https:\/\/majestic.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Majestic<\/a>\u00a0and <a href=\"https:\/\/monitorbacklinks.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Monitor Backlinks<\/a>\u00a0let you find sources that link to your competition. Majestic will also tell you their best performing pages\u00a0and\u00a0<a href=\"http:\/\/www.linkresearchtools.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkResearchTools<\/a>\u00a0alerts you when competitors gain new backlinks.<br>Figure out what you want to watch in your competitors, then select the tool(s) to match. Chances are you\u2019ll want more than one anyway, so shop around a little.<br>For more help choosing the right monitoring tool, get our quick cheat sheet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Pull the trigger<\/h2>\n\n\n\n<p>All you have left to do is actually get started. You\u2019ve got a plan in place, so it\u2019s time to put it into action.<br>Choose the competitors you want to monitor, the activities you\u2019ll track, and get the best tool for the job. Set up alerts for your competitors and see what comes back.<br>You\u2019re looking for information that\u2019ll help you improve your own brand. By <a href=\"\/?page_id=22975\">tracking your competitors\u2019 strategies<\/a>, you ensure your business is the best is can be.<br>But be flexible. Your plan will change as you modify your own strategy, or as new competitors enter the market. If you aren\u2019t ready to adapt, you\u2019re doomed to fail.<br><strong>So get cracking!<\/strong><br>For a more detailed guide to creating a competitive&nbsp;monitoring plan, <a href=\"\">download our free ebook<\/a>. It walks you through this process and gives you all the information you need to put a comprehensive strategy in place.<br><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/1896803\/98430c38-a568-45bb-b89e-0d183a115b94\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every smart brand knows the value of analyzing competitors. To really nail your own business strategy, it pays to have a sharp eye on your neighbors\u2019.You can study their social media strategy, how they work with influencers, and their broader PR approach. Or you can get super precise and focus on the way they deal &hellip; <a href=\"https:\/\/mention.com\/en\/blog\/competitive-monitoring-strategy\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Competitive Monitoring: How to Build a Strategy in 4 Steps<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":27626,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"inline_featured_image":false,"footnotes":""},"categories":[319,657,340],"tags":[],"class_list":["post-25922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-monitoring","category-competitive-monitoring","category-competitive-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Competitive Monitoring: 4 Steps to a Killer Strategy<\/title>\n<meta name=\"description\" content=\"Learn the key steps to create a competitive monitoring plan. Track your competitors to see their marketing and PR strategies, and improve your own product.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mention.com\/en\/blog\/competitive-monitoring-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Competitive Monitoring: 4 Steps to a Killer Strategy\" \/>\n<meta property=\"og:description\" content=\"Learn the key steps to create a competitive monitoring plan. 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