The Top 3 Benefits of Utilizing Competitor MonitoringOctober 8, 2020
Throughout the buyer’s journey, it is very common for customers to compare different companies and services within the same industry when deciding which one to ultimately give their business to.
At ReviewPush, we pride ourselves in knowing that we offer many features that can give your corporation a competitive edge over others in your industry. However, one feature in particular can assist you in keeping a scope on your competitors to ensure your business’ success. It’s two words: Competitor Monitoring.
Competitor monitoring has a number of benefits that it can provide your marketing team with. These are the top three benefits that competitor monitoring can aid your company with:
Gain Broader Insight
While it is important to monitor competitors who have similar offerings and the same target audience demographics, consider also looking at what less direct competitors are doing and how they’re speaking to your industry. In order to remain an industry leader, it’s imperative to stay up on the latest trends from across the gamut of your entire industry.
According to Business Insider, many industry leaders have developed tactics of analyzing their competitors. Some of the other beneficial methods of monitoring include:
- Attending a competitor’s conference.
- Investing in industry research and reporting.
- Asking your customers how they feel about the industry climate and your competition.
Understand Industry Problems
It’s easy to get caught up in the weeds of every marketing trend and lose sight of potential industry problems or threats your company may face. One of the most valuable reasons you should keep an eye on your competition is to gain more understanding of the issues they are solving, and how your audience may be relating to those problems. With a consistent competitor analysis, you will be easily able to evaluate any new or upcoming threats or issues and provide various solutions to your consumers.
Develop Better Content
We do not recommend you copy the content that your competitors are creating, but monitoring what they publish can give you a better understanding of what your target audience is interested in and engaging with.
By studying how people are interacting with your competition’s content and marketing efforts, you can find what you can do differently, what you can dive deeper into and what problems you can highlight solutions for.
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