A Competitive Monitoring Program is a set of activities
A monitoring program is a coordinated and well-designed set of activities to achieve competitive monitoring objectives. Competitive monitoring objectives are 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, the organizations follow different marketing, sales, and loyalty programs.
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.
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.