3 Reasons to start monitoring your competitors
Every day most of our people are busy with monitoring and analyzing activities.
That’s why for us it’s natural to use the same approach to all the areas that we feel related. On a daily basis, we classify each article, broadcast show or social media post from the massive media landscape that we cover to organize the work and make it easy for our clients.
So, why not start monitoring your competitors? Regardless of your company positioning, knowing what others do might teach you many things.
1 Learn from their mistakes
Nowadays corporate and small business cannot hide anymore behind an “artificial” image like before. It’s amazing how many information can be found monitoring everything that happens online and offline about a specific company.
The first thing you may want to know is which errors they are doing. When you see something like that, take note and work to make sure that it will not happen to you.
2 Model what is really working
While searching through your competitors it’s important to understand what is really working well. It’s very important to model it without falling in the trap of copying from them. It’s also useful to understand the strategies behind and the level of involvement of their marketing department.
Not everything about your competitors is great. You need to keep focused and don’t let your judgement be conditioned by bias.
3 Let them do the work for you
If you look at all your competitors, you might be able to understand which market segment they are focusing on and which type of client are they targeting. That can open many opportunities.
Focusing your company strengths and go on a new untouched market is a formula for success!
Make it a daily routine
If you really want to grow your business exploring new opportunities, it’s key to activate a full scale media monitoring of the whole media landscape: press, radio, TV, web and social media.
Thanks for reading!