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 huge group of people that are talking about you, your brand and your product. You will 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 does it pay to invest in Competitive Monitoring?
Without the necessary preparation, your business might fail. It makes a fundamental difference when a project directs 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
Then it allows you to go to market faster with less risk of failure by knowing the:
- Local Buying Patterns, Pain Points, Trigger Events
- Potential Bridgehead Clients in your target market
- Potential Bridgehead Partners (pre-, post-sales)
- Competition (global, local)
Based on our experience, we will be able to identify:
- local niches that are underserved.
- potential customers, already looking for services like yours.
- the opinion leaders & growth partners
- your initial bridgehead clients
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.