Why competitive monitoring matters
The term competitive monitoring is often viewed as synonymous with competitor analysis, but competitive monitoring embraces the entire environment and stakeholders: customers, competitors, distributors, technologies, and macroeconomic data.
Competitive monitoring is the process of monitoring conversations around specific phrases, words or brands, and then leveraging them to discover opportunities or create content for those audiences. It’s more than watching mentions and comments pour in via your social profiles, mobile apps or blogs. If you’re only paying attention to notifications, you’re missing a vast group of people that are talking about you, your brand and your product. You achieve the best result by installing a set of activities plus corresponding workflows, which we call a competitive monitoring program.
Competitive monitoring is as well the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization.
Why invest in competitive monitoring?
Without the necessary preparation, your business might direct in the wrong direction. The implications are accelerating each other in a negative loop, called the Vicious Circle.
The Vicious Circle of Poor Preparation
- Missing vision => unclear objectives
- No strategic analysis => no standard business processes
- Limited attention to local competition & market dynamic
- Conflict of interest & organizational inaction
- Missing C-level commitment
- Poor project management
- Poor feedback loops and follow-ups
- Poor change management
- Poor communication guidelines
- Poor buy-in from team and
- Burn-Out project team
Done correctly and without conflict of interest you identify
- local niches that are underserved.
- potential customers, already looking for services like yours.
- the opinion leaders & growth partners
- your initial bridgehead clients
Stepping Out Of Vicious Cycles
As you can read from sources like CBInsights, Gartner, and Forrester Research more than 80% of the Startups fail. Better step out of vicious cycles with competitive monitoring.
Correcting a poor setup will cost a fortune compared to the efforts to find and address the important questions right from the beginning. Based on our learnings, we give you the insights and support to get things right from the start.
What are Competitive Monitoring Use Cases?
Competitive monitoring lets you identify and understand:
- Local Buying Patterns, Pain Points, Trigger Events
- Potential Bridgehead Clients in your target market
- Potential Bridgehead Partners (pre-, post-sales)
- Competition (global, local).
So you to make better business decisions and
- find local niches that are underserved.
- find potential customers, already looking for products and services like yours.
- find the opinion leaders & growth partners
- find your initial bridgehead clients
- validate your value proposition
Discover who you should be doing business with.
- Discover your next customer, competitor, or partner
- Discover their hidden agenda – an upcoming strategy
- Discover your acquisition or investment idea.
C84 monitoring is a set of activities
C84 monitoring gives you a clear understanding of the barriers to adoption in the new market. We will help you to tackle your key initiatives, save money with smarter partnering. It´s a coordinated and well-designed set of activities to achieve competitive monitoring objectives like strategic sales goals that define the competitive fitness of your products’ and are based on various characteristics of the product compared to others. One may follow different competitive monitoring programs according to the situation. In order to build strong customer relationships and maximize sales, organizations follow different marketing, sales, and loyalty programs.
A competitive monitoring program is designed to provide you with continuous insight into existing, newly emerging and potential competitive threats (which may arise from existing market actors or new entrants). The competitive monitoring program provides in-depth information on those competitors that feature highly on clients’ “threat register”, as well as tracking key changes to the competitive landscape or market environment. C84-competitive monitoring provides intelligence on competitor activity on a monthly or quarterly basis with a facility to receive near time “flash reports” on topics that require immediate action.
The program’s focus is continuously reviewed and adjusted in conjunction with the client, to ensure the research remains relevant and timely.
Competitive monitoring versus espionage
Competitive monitoring is a legal business practice, as opposed to industrial espionage, which is illegal. Competitive monitoring means understanding and learning what is happening in the world outside the business to increase one’s ability to compete with existing and potential new competitors. It means learning as much as possible, as soon as possible, about one’s external environment including one’s industry in general and relevant competitors.