Competition monitoring - can it be a way to be at the forefront?
Is it worth monitoring the competition? What are the benefits of this? Why is it worth looking at? We will try to answer these questions below.
Competition monitoring gives you knowledge about the industry
In any industry, it can happen that one player with a single campaign can suddenly gain a significant advantage. Even if only temporarily, it is still an unnecessary donation of a piece of the sales cake. That is why it is extremely important to constantly monitor the competition and react to its activities on an ongoing basis - both in terms of advertising campaigns and possible innovations that it introduces. You admit that it is better to find out about it soon after the competition starts to operate, and not much later and by pure chance.
Price monitoring gives you an insight into your competitors' pricing strategy
One of the elements of competition monitoring is keeping track of its prices and promotions. Thanks to this, you can find out which products the competitor wants to promote, or what products he wants to clean the warehouse from.What's more, upon careful analysis, you can also come to conclusions about how far the competitor is lowering from its own margin. Of course, these data will be burdened with a certain amount of imprecision, but some conclusions can be drawn from this.
Checking strengths and weaknesses
Accurate monitoring of the competition allows, among other things, to verify information about its strengths and weaknesses. It may turn out that completely new opportunities will open up in some fields - for example, if we discover that a competitor has problems with supplying a specific type of product,
Discovering niches
This is another interesting aspect of monitoring competitors. In some cases, it can be noticed that one of them has developed a niche that still leaves room for one more player or ... does not allow, but this competitor has not yet fully settled in this niche.
Competition monitoring and website positioning
Interestingly, monitoring of competitors' activities can also bring benefits in the area of SEO. By keeping track of mentions of other companies in your industry, you may find places where it is easy to get links to your site.
What's more, by tracking your competitors' pages with Google's visibility analysis tools, you can identify areas where competitors are increasing your visibility in the search engine - perhaps thanks to this you will discover key phrases on which your page has not been promoted before, and which seem really promising whether it's in terms of the number of searches or a match for your offer.
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Competition monitoring and PR benefits
Competition monitoring can be useful in one more way. Well, with its help, you might be able to identify journalists who write extremely often on topics related to your industries and who are not afraid to name companies. This knowledge can be used by sending him personalized press releases, interesting enough to have a good chance of publication - which will probably have a much greater chance of success than sending similar information to general editorial boxes.
