3 Reasons Monitoring Competitors Boosts Your Brand
Every day, millions of posts, articles and releases are published which hold insights that your brand can leverage. But sorting through all that information is an impossible task for your brand to do on its own.
That’s where real-time monitoring comes into the picture.
With the right media monitoring tools, your brand can identify emerging opportunities, leverage your audiences’ conversations and learn more about the competition. Listening to your competitors and observing how your audience responds to their communication will help you improve your brand’s strategy to stay ahead of the pack.
Here are three ways monitoring competitors benefits your brand:
Understand competitors’ tactics
Your competitors are after the same target audience as your brand, and they’re often on the same platforms as your brand. Listen to their messaging and see what’s working and what isn’t. How is their audience responding?
Pay attention to what your competitors are saying and doing both online and in traditional media. Monitor them just as you would your own brand. Identify the communication channels they use, follow their campaigns and read their press releases.
Don’t limit yourself to only the big competitors. Keep up with small competitors, too. They may be doing something innovative that you can apply to your own communication.
Predict product development
Besides insights on communication, monitoring can also give your brand a sneak peek at your competitors’ product road maps. Often, a brand’s communication leading up to a product launch will provide clues on what they will announce.
Listen to your competitors’ thought leaders, such as executives, managers and others. To prepare their audience, these individuals may begin speaking about the future of the industry or a new pain point, which will clue you in to what’s in store.
Once you have an idea of where your competitors may be headed, use that information to adapt your communication and combat their plans.
Inform future strategy
Once you have information on your competitors’ communication, you can compare their progress against how your own. How does the effectiveness of your brand’s communication stack up?
Use the insights you gain from your monitoring efforts to inform your own communication strategy. For example, perhaps one of your competitor’s social posts is gaining a lot of attention. You may want to try and model a few of your own social posts after it.
By monitoring your competitors, you can better compete with them and gain insight on how to relate more effectively with your target audiences.
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Thought leadership and communications strategy for the C-suite written by the C-suite.
A blog for and about the media featuring trends, tips, tools, media moves and more.