Three steps to conduct competitive monitoring:
Step 1. Choose which competitors you’ll analyze
But you need to think not only about direct competitors – those brands whose products look just like yours – but also those chasing your same market.There are three main categories of competitors:
- Direct competitors – who offer the same product as you.
- Indirect competitors – who target the same need with a different product.
- Replacement competitors – who compete for the same budget.
Step 2. Choose what you want to monitor
One benefit of real-time competitor analysis is you’ll 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. Decide which of these elements are most important to track based on your own marketing strategy.
Step 3. Choose the tools you’ll use
Your time is more valuable than a computer’s, so let it do the hard work. There is a range of different tools you could choose. Web tracking tools, Social listening tools and finally monitor backlinks let you find sources that link to your competition and tell you their best-performing pages.
Here´s how we conduct competitive monitoring:
1. Crawling reports
We crawl the web, social media, and premium databases for reports, collecting information about your clients´ needs and competitors´ value propositions. You understand disruptive threats, new technologies, and your competitor’s strategy on a local level.
2. Expert Interviews
We interview buyers, competitors, users. We talk to the key stakeholders to understand their expectations and experiences with existing product and service concepts. We identify areas that are suffering from too many suppliers and underserved areas, still open for attractive new entrants
3. Social Web Audits in Real-time
Our social web audits deliver updates about any individuals, product or company mentioned on the real time web. Powerful filters and search functions allow us to monitor and target your audience as individuals and deliver with precision.
/ De-constructing Twitter & Co.
We monitor what people are talking about within your community and the whole of Twitter by searching for a hashtag, keyword or URL. You can use this as a way of targeting specific users which can then be followed or added to a list where their tweets can be monitored. You also have the option to view detailed stats about these users such as the languages they speak, their level of influence and their interests. If you choose to target and engage with these users you can also create the Best Time to Tweet report to make sure your tweets reach the maximum audience.
Hashtags can be monitored to find people talking about something related to your industry who may be interested in your business. These users can then be added to a list and engaged with. Using popular hashtags in your tweets can increase your reach so it is useful to be able to see if your target audience are using them. Hashtags can also be used to find people tweeting about an event you are hosting or going to allowing you to interact with them beforehand. Similarly to hashtags, we can also monitor who has been tweeting a specific word or phrase e.g. your brand name, the name of one of your products or one of your competitor’s names and use this as a way of finding users to engage with. You have the option to perform a geolocated search to find users nearby tweeting about a certain subject.
We can also show you, users who are talking about or showing an interest in a URL, for example, a news story related to your industry or those users who are sharing your content e.g. blog articles. Again these users can then be targeted by you