A COMPREHENSIVE GUIDEON COMPETITIVEMONITORING

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What exactly iscompetitive monitoring?The significance ofcompetitive monitoringWhat should you do formonitoring?How do you keep track ofyour competitors?Conclusion

Table ofContents

Points for discussion

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Objectives

What exactly is competitive monitoring?The significance of competitive monitoringWhat should you do for monitoring?How do you keep track of your competitors?Conclusion

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No business operates in a void. Each business organization is part of a much largerglobal marketplace and smaller local markets with thousands (if not millions) oforganizations like them.

Therefore, knowing who your competition is — that is, who you are — is necessary foryour business to operate at peak efficiency and news data can be a good source toget data and insights on your competitors.

If continuous improvement is your goal as an organization, you need to know whatyour competition is doing so that you can do it better than them.

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Competitor monitoring is nothing new, organizations have been monitoring themovements of competitors since time immemorial. However, with the changing marketlandscape, competitive oversight has become more sophisticated.

According to Forbes, monitoring your competition is a great way to understand whythey are outperforming you in certain areas and what is getting them results.

In some cases, it’s also a way to find out what you’re doing better than yourcompetition — so you can keep improving. In this article, we will discuss whatcompetitive tracking is, its importance, methods to perform it, and other importantissues.

Ultimately, you will clearly understand how and why to monitor your competition. Let’sget started.

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Competitive monitoring can be defined as the ongoing monitoring of your competitorsas well as the market and business environment in order to gather information on thecompetition, competitive products and services, and market trends.

Usually, the goal of competitive monitoring is to define your own market position, butit is a process that can be used to make a number of strategic business decisions.

What exactly is competitivemonitoring?

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The information gathered during competitive intelligence, when it is analyzed anddeemed relevant and usable, is called competitive intelligence. Competitiveintelligence can be (and should be) a predominant basis for making strategic andtactical decisions that give your organization a competitive advantage.

This competitive intelligence obtained through competitive monitoring can also beused to perform competitive intelligence analysis (or competitive analysis), which canprovide a comprehensive understanding of a competitor’s products, services, valueproposition, capabilities, and weaknesses.

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Competition monitoring is important to any organization, small, medium, or large. Asmentioned above, analyzing the data collected during the process allowsorganizations to understand competitors’ products, pricing, marketing, and salesstrategies, which can help them inform their business strategies. Regular competitionmonitoring provides benefits such as:

The significance of competitivemonitoring

1. Relevant and Timely Business Information Intelligence is not good if it is nottimely. To be actionable, intelligence must be gathered before competitors act,which is why regular competition monitoring is essential.

2. Better knowledge of market developments and potential threats Competitormonitoring provides preliminary knowledge of market developments and potentialthreats, which helps an organization prepare for competitor movements, formulatea counter-strategy, and discover inappropriate market paths. any loss.

3. Improved Business Responsiveness, Business responsiveness can be measuredby asking the simple question “How long does it take your organization to answera business question?” For example, “when did our competitor start offering thisparticular feature?” But this is a reactive approach.

With regular competitive intelligence, the question would be “we know ourcompetitor is about to launch this new feature, what can we do to counter thismovement?”

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Competitive tracking will give you an edge over yourcompetition, but not unless you know what to track.What are the exact data points you should be lookingfor? Here is the answer :

What should you do formonitoring?

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When it comes to competition monitoring, a competitor’s website is a veritable goldmine of information. The information obtained from competitors’ websites contains alot of information that will give you an insight into their key investment areas,marketing strategy, product strategy, sales strategy, and overall business growth.

You can also find information about your executives, investors, news, events,products, pricing and packaging, thought leaders, etc. that will give you a competitiveadvantage.

In particular, getting to know key people in the company will help you figure out whatyour competitors really are like — the real people who run your business.

Competitor’s websites

When your sales team is on the phone with a prospect and knows exactly howyour competitor is positioned, pricing and features, equip them with the actionableintelligence they need to close a competitive deal.

News mentions

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News mentions are an important part of competitive monitoring, as knowingwhat’s being aforementioned regarding your competitors within the media couldbe an important supply of insights into their business. Get the news data related toyour competitors and industry with Newsdata.io news API and you can also getthe historical data with this news API that will help in competitive monitoring.

News mentions can reveal things like market positioning, popularity, direction,changes at the C-suite level, and product changes, which might inform your ownbusiness strategies.

News conjointly helps ascertain that angle and stories they’re pitching, and towhich media outlets, to determine if they’ll be convinced to write down regardingyou too. Knowing however your competitors are positioning themselves can assistyou to think about a novel angle to differentiate your own organization or brand.

Social media

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Social media presence could be plenty these days. corporations place up plenty ofknowledge on social media to push coming events, thought leadership, productupdates, worker updates, support, and so forth.

it’s best to observe the social media platforms that your competitors get theforemost engagement on, the type of conversations that they’re having there, andtherefore the content they share online.

This could assist you to formulate your own social media strategy, discover queriesthat are being asked in your field, and connect with the thought leaders who areproviding partaking insights on connected topics.

It’s thus, an avenue of knowledge that may facilitate closely monitoring each andfuture activity of their business and the way they’re partaking with theircustomers/clients. This could assist you to verify the various parts of your overallbusiness strategy, and create your next move with knowing confidence.

Review websites

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Review websites similar to G2, Capterra are another supply of data you ought topositively be monitoring. In addition to gauging your own client satisfaction, ithelps tons to grasp what your competitors’ customers consider} their product andservices. This may offer valuable insights into what your competitor's strengthsand weaknesses are, which may be wont to improve your own product or service.

Review websites may reveal what the previous or gift staff ought to say about anorganization. Whether or not smart or bad, this information is often employed byyour sales groups as ammunition to position your organization before purchasersby depicting their weaknesses as your strengths. accomplishment groups may useit to higher position your company’s culture in front of prospective employees.

Marketing Emails

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What’s better than letting your competitors tell you what’s going on in theircompany? By subscribing to your competitors’ marketing emails, you make sureyou have actionable information on the type of content they share, what eventsthey want to attend or sponsor, mentions of their news, and which webinars toattend. who can be of assistance for further information?

Job posting

Your competitors’ hiring activities can tell you a lot about what your business isfocusing on right now. Monitoring the post location, the number of vacancies,roles, and duration of the online post can provide insight into future strategicplans, growth, and direction.

Try to identify trends in the job posting. For example, if you see an increase in jobvacancies for product and sales-related roles in a particular location, yourcompetitor is likely working on developing a new product and about to launch it.

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The Internet is your best resource when it comes to tracking competitors andgathering competitive intelligence. However, if you try to manually gather competitiveinformation about your competitors and the market, you will be overwhelmed withinformation and will face many challenges that you will have to overcome, and thatsounds like a lot of work just for gathering data on your competitors and you stillneed to process it and there are more steps ahead waiting for you.

How do you keep track of yourcompetitors?

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Therefore, nowadays companies use BI tools orsoftware for competitive monitoring to gatherinformation on their competitors and to presentthat data into a meaningful presentation for betterdecision making.

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Competitive monitoring is simply the initial step towards creating yourorganization competitively intelligent. Get news data related to your market easilywith Newsdata.io news API and ensure you utilize the intelligence you collect to itsfullest potential, i.e. use it to make competitive analysis, share it together with yourkey stakeholders, use it in your sales enablement, and/or selling collateral, and usedifferent ways in which to remodel it into action. Hope this post has provided youwith a good picture on the topic of competitive monitoring, which can assist you tochart your organization’s journey to success.

Conclusion

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