The business environment is characterized by constant change. The strategies that are required to make one successful in the market always transform and one has to keep up with them to avoid being eliminated from the market. One of the effective strategies the companies adopt is monitoring their competition. Various tools allow for one to monitor their competition and one such tool is the competition analytics tool. These tools allow you to watch the strategies that your competitors have adopted and look to possibly implement them. The analytics also give you a chance to measure your efforts against those of your competitors.
This post by Guttulus highlights the possibilities that competition analytics provide.
Knowing more about your competition
Who gets the most mentions in the market?
Competition analytics allow you to know the companies or businesses that are mentioned the most in your market. When a company employs the right strategies and becomes a favorite for customers or clients looking for a particular line or products or services, the company tends to get a lot of mentions from the customers through their reviews and feedback, from market analysts and other operators in the market. Competition analytics grants one the chance to know the top brands in their market, monitor their marketing strategies and make necessary changes in their marketing and operational strategies by adopting the right practices while dropping the non-beneficial ones.
What do customers say about you compared to what they say about your competition?
Knowing what your customers say about you compared to what they say about other brands in the same market is important in knowing how your business performs. Competition analytics allow one to compare the sentiments of their brand to that of their competitors by knowing who is the most loved among the competing brands. If the customers are more inclined towards another competitor, then that should be an indicator that new strategies have to be adopted to make the customers love your company, its products or services, and its operations more.
What are the customer growth patterns for you and your competitors?
Also, apart from knowing how much love your company gets from the customers, the analytics give you a chance to monitor the overall growth and engagement with the audience. Get to monitor how product or service preferences have shifted over time and who among the competitors has experienced the most growth regarding the number of customers. Get to compare that with what your company data indicates and get a feel of whether the clients are favoring you more or less with time. Knowing this can help you identify the best practices currently existing within your company and, also, the poor practices. You get to understand better the phenomena and cycles that impact the business most.
Analysis of campaigns run by your competitors
As highlighted at the beginning, the market is constantly changing, and one has to change their marketing strategies too in order to survive. One of the best ways to know the best strategies to adopt is by analyzing what your competition is doing and replicating their campaigns. You can also know the strategies that they have left out to avoid pitfalls. It is, however, important that only the winning strategies are adopted, and careful consideration is put on one’s unique business environment. This is because while some of the strategies may seem to work for your competition, they may not be the best strategies to adopt for your business.
Monitor conversations your competitors dominate
Competition analytics allow you to know the subjects and conversations that your competitors focus on the most. Everyone is trying to get a bigger share of the market, and most company conversations are usually geared towards increasing the company’s dominance in the market and increasing their revenue. Knowing these conservations will give you a chance to take back your share of the market. In marketing, having the right information and knowledge of implementation is key. Competition analytics grants one the chance to know what direction to look when sourcing for information and the main areas to focus on.
Getting to own the market
Knowing the strategies employed by your competitors is not enough. You have to make your own moves to own the market with the help of information about your competition from competition analytics. Competition analytics allows you to know the areas your competitors have invested in the most and, also, the areas that are still untapped. Ensure that you get to these areas, dominate and own them before your competitors do. Get to know the most important and trending conversations in your market at any given moment and be swift to dive in by being vocal.
Also, knowing what the audience wants and what segment of the market your competition is trying to reach the most from competition analytics data, you can now improve your brand awareness by identifying identity influencers to reach out to this segment of the market. Create a good first impression to have a strong grip on them.