Competitor analysis: why is it necessary to have competitors and how to monitor them?
One of the actions to be taken to stay up-to-date with one’s market and avoid being caught unawares is to monitor competitors.
Why do media and social media monitoring?
Monitoring means observing in order to develop a different strategy that fits into the context, without overlapping with what our competitors are already doing. It is therefore not a question of copying, but of developing a communication plan that covers the market failures of our competitors.
The prejudice that may strike you following a quick first reading of the material collected is in fact the trap to be avoided when monitoring one’s competitors. Taking nothing for granted is the fundamental condition for taking advantage of this type of activity, because whatever type of communication is chosen, it will necessarily have an upstream strategy and a medium to long term objective.
So where is it best to focus our attention when consulting this monitoring? Certainly we should pay particular attention to those contents that have been most shared and appreciated by the public, all the contents generated by others that talk about our competitors, the most active users within their organisation, the least appreciated contents in general and the most used keywords, online and offline.
A reasoned study of all these aspects can lead us to define new practices, new activities, tasks, procedures or services that could affect not only the field of communication, but also all other strategic areas of our work.
How often should these monitoring operations be carried out?
While in the early stages of building a business it seems essential to keep an eye on the competition, as time goes by and you acquire your first customers, you tend to stop monitoring your competitors, which is wrong because it is always important to stay up to date with their developments. What we can advise you to do is to concentrate your content and metrics in a monthly report so that you never lose sight of anything.
In a world where information has become redundant, the press review is therefore an essential tool for keeping a company’s profile under control as much as possible and monitoring the real progress of its own communication and that of its competitors. It is a complex task, which must necessarily be well articulated and adapted to the different needs of each company. This is why it is essential to turn to professionals in the sector, such as the Mediability team, which offers you a complete press review for national and multinational companies.
Contact us for a personalised quote and get your brand under control… and more!