Monitoring competitor activity has become crucial for organizations to stay ahead. By having a competitive monitoring strategy in place, you can make informed decisions that drive your success. It’s an easy way to get the most out of your marketing and attract new customers.
Here are the top 5 benefits you can gain by monitoring competitor activity:
- Learn marketing strategy
- Find backlink prospects
- Earn leads from dissatisfied clients
- Discover untapped market
- Assess any new threats
We have discussed them in detail in this article:
Table of contents
1. Learn marketing strategy
To successfully market your business, learn from your competitors. Monitor your competitor’s activities, like social media marketing campaigns. It will help in knowing how customers are responding to their brand.
Scan all the comments of the customers on all major social media channels, such as Facebook and Twitter. As a result, you might get a new idea through any of the comments.
2. Find backlink prospects for monitoring competitor activity
For the best ranking on Google, you’ll need a decent number of backlinks from authoritative sources. Do your research properly because the focus should be on getting more links than your competitors.
Backlinking is an important strategy and opportunity to monitor competitor activity because:
- Engaging in backlinking research will help you know what type of content is getting traction.
- This research will help you generate the same content for your website.
Use available online tools like Moz or SEMRush to find out what sites are linking to your competitor’s webpage.
3. Earn leads from dissatisfied clients
You will instantly learn about unhappy customers by constantly monitoring competitors’ online presence.
- Maximize this opportunity by reaching out to your competitor’s unhappy customers.
- Present the solution to the client in a very professional and subtle way.
It is one of the sure-shot ways to get more clients for your business. If the client is not interested, don’t get too pushy about it. However, if the customer agrees, it’s one more person you’ve stolen from your competitors.
Pricing is one of the primary reasons why customers choose your competitors, that is why offering specialized pricing for businesses and their bandwidth is a good practice.
At Birdeye, we have specific pricing plans for different categories of businesses. Schedule a call to get customized pricing.
4. Discover untapped market
The most important benefit of a competitive monitoring strategy is to know about your competitors’ products and customer avenues. It can help you in finding untapped prospects who you can benefit from.
These untapped avenues might contain those products or services that customers want but your competitor might not be able to fulfill. By catering to the untapped market, as a business owner, you have a good chance to increase your profits and get more customers.
5. Assess any new threats
With consistent competitor analysis, you will be easily able to evaluate any new or upcoming threats. These threats can be in the form of:
- The arrival of new competitors in the market
- A merger of an existing competitor with a much bigger competitor or a takeover
There could be many possible outcomes with the arrival of new competitors in the market. It could result in a decrease in the market share of your business.
- If earlier you were dictating terms in the industry, you could lose that authority.
- In case of a merger of your two biggest competitors, you could lose not only your loyal customers but your employees too.
Undoubtedly, the above-mentioned scenarios pose a valid threat to your market share. However, by competitive monitoring, you will be able to take action before it happens.
Best practices for effective competitor monitoring
To maximize the effectiveness of your competitor monitoring efforts, consider the following best practices:
- Regularly review and update your competitor list.
- Utilize a mix of automated tools and manual research.
- Build a culture of curiosity and continuous learning within your organization.
- Share insights and collaborate across teams to maximize the gathered information.
- Monitor emerging competitors and disruptive technologies that can reshape your industry.
Faqs on monitoring competitor activity
Monitoring competitor activity helps you gain insights, identify opportunities, and make informed decisions to stay competitive.
Conduct thorough research and analyze the companies operating in the same market segment and targeting a similar customer base.
Common challenges include information overload, data interpretation, and resource constraints. To overcome them, establish a focused approach and leverage automated tools.
Here are some ways to analyze your competitors:
1. SWOT analysis
2. Evaluate your competitors’ websites
3. Analyze the type and quality of content your competitors produce
4. Examine competitors’ social media profiles
5. Evaluate their SEO rankings
6. Study your competitors’ products or services
7. Compare your competitors’ pricing strategies with yours
How can Birdeye help your business?
Customer satisfaction is a key differentiator. So keep track of your competitors’ activities like customer feedback, reviews, and ratings.
With Birdeye’s Review monitoring tools, you can analyze their strengths and weaknesses in terms of customer service, product quality, and the overall customer experience in real-time.